200/204/206 Watauga Ave 16 Unit Apartment Building $1,590,000 ($99,375/Unit) 9.71% Cap Rate Johnson City, TN 37601

Attention investors! This is a rare opportunity to acquire a three-property multifamily portfolio located at 200, 204, and 206 E Watauga Avenue in the heart of Johnson City. Together, these assets offer 16 total units with a strong rental history, professional management, and an impressive projected cap rate of approximately 9%.
The portfolio generates a combined gross annual income of $207,600 and is currently managed by Casa Haven Property Management, with the option to continue for a seamless transition. Each building has undergone significant updates, including modern kitchens, renovated bathrooms, new flooring, and upgraded appliances.
Building 200 features six 1-bedroom/1-bath units producing $77,700 annually, with separate electric meters and tenant-paid utility fees for water, sewer, trash, and internet. Building 204 mirrors this setup with six 1-bedroom/1-bath units generating $75,900 annually, also benefiting from recent renovations. Building 206 is a versatile quadplex with three 1-bedroom/1-bath units and one spacious 3-bedroom/1-bath unit, together producing $54,600 annually. Two upper units are fully renovated, while the 3-bedroom unit offers hardwood floors, tile bath, newer appliances, and a sunroom with a spiral staircase. The basement unit features a unique design and shared laundry/storage access.
Located just 2.6 miles from East Tennessee State University, 5 miles from Milligan University, and near Johnson City Medical Center, this portfolio sits in a highly desirable rental corridor with strong tenant demand. With updated interiors, structured utility cost recovery, and proximity to major employers and schools, this offering provides immediate cash flow and long-term growth potential in a thriving market.