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200/204/206 Watauga Ave 16 Unit Apartment Building $1,700,000 ($106,250/Unit) 9.08% Cap Rate Johnson City, TN 37601
INVESTMENT HIGHLIGHTS
- Close to ETSU campus
- Laundry On-site
EXECUTIVE SUMMARY
Attention investors!
200, 204, and 206 E Watauga Avenue are being offered together as a rare investment portfolio in the heart of Johnson City.
Combined, these properties feature 16 total units with a strong rental history, professional management, and an impressive overall cap rate of approximately 9%.
200 E Watauga, Six (1BR/1BA) apartments generating $77,700 gross annual income. Units have been updated with kitchens, bathrooms, flooring, and appliances. Separate electric meters; tenants cover electricity plus a utility fee for water, sewer, trash, and internet with fees structured to offset expenses for owner.
204 E Watauga, Six (1BR/1BA) apartments producing $75,900 gross annual income. Similar to building 200, units are individually metered for electricity with tenants paying a utility fee. Many updates including new kitchens, new bathrooms, flooring, and new appliances.
206 E Watauga – A versatile quadplex with three (1BR/1BA) units and one spacious (3BR/1BA) ground level unit, together producing $54,600 gross annual income. Two upper units are fully renovated; the 3BR features hardwood floors, tile bath, newer appliances, and a sunroom with spiral staircase. The basement unit offers a stylish, unique design and easy access to a shared laundry/storage area. Utilities are shared, with fees structured to offset owner expenses.
Combined Highlights:
16 total units across three properties
Gross annual income: $207,600
9% cap rate fully rented
Professionally managed by Casa Haven Property Management (with option to continue for seamless transition)
Majority of units updated with modern finishes and appliances
Strong tenant base with utility cost structures in place
Close proximity to schools and hospital.
2.6 miles from ETSU campus
5 miles from Milligan campus
2.6 miles from JCMC
This portfolio is ideal for investors seeking immediate cash flow with long-term growth potential in one of Johnson City’s most desirable rental corridors.
200, 204, and 206 E Watauga Avenue are being offered together as a rare investment portfolio in the heart of Johnson City.
Combined, these properties feature 16 total units with a strong rental history, professional management, and an impressive overall cap rate of approximately 9%.
200 E Watauga, Six (1BR/1BA) apartments generating $77,700 gross annual income. Units have been updated with kitchens, bathrooms, flooring, and appliances. Separate electric meters; tenants cover electricity plus a utility fee for water, sewer, trash, and internet with fees structured to offset expenses for owner.
204 E Watauga, Six (1BR/1BA) apartments producing $75,900 gross annual income. Similar to building 200, units are individually metered for electricity with tenants paying a utility fee. Many updates including new kitchens, new bathrooms, flooring, and new appliances.
206 E Watauga – A versatile quadplex with three (1BR/1BA) units and one spacious (3BR/1BA) ground level unit, together producing $54,600 gross annual income. Two upper units are fully renovated; the 3BR features hardwood floors, tile bath, newer appliances, and a sunroom with spiral staircase. The basement unit offers a stylish, unique design and easy access to a shared laundry/storage area. Utilities are shared, with fees structured to offset owner expenses.
Combined Highlights:
16 total units across three properties
Gross annual income: $207,600
9% cap rate fully rented
Professionally managed by Casa Haven Property Management (with option to continue for seamless transition)
Majority of units updated with modern finishes and appliances
Strong tenant base with utility cost structures in place
Close proximity to schools and hospital.
2.6 miles from ETSU campus
5 miles from Milligan campus
2.6 miles from JCMC
This portfolio is ideal for investors seeking immediate cash flow with long-term growth potential in one of Johnson City’s most desirable rental corridors.
DATA ROOM Click Here to Access
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Net Operating Income |
-
|
-
|
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
PROPERTY FACTS
| Price | $1,700,000 | Building Class | C |
| Price Per Unit | $106,250 | Lot Size | 0.54 AC |
| Sale Type | Investment | Building Size | 8,942 SF |
| Cap Rate | 9.08% | Average Occupancy | 90% |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1925/2022 |
| Property Subtype | Apartment | Parking Ratio | 1/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | RO1 | ||
| Price | $1,700,000 |
| Price Per Unit | $106,250 |
| Sale Type | Investment |
| Cap Rate | 9.08% |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.54 AC |
| Building Size | 8,942 SF |
| Average Occupancy | 90% |
| No. Stories | 2 |
| Year Built/Renovated | 1925/2022 |
| Parking Ratio | 1/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RO1 |
AMENITIES
UNIT AMENITIES
- Microwave
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 14 | $950.00 | 500 - 558 |
| 3+1 | 2 | $1,300 | 1,000 |
1 1
Walk Score®
Very Walkable (75)
PROPERTY TAXES
| Parcel Number | 046K-N-018.00 | Improvements Assessment | $130,680 |
| Land Assessment | $8,520 | Total Assessment | $139,200 |
PROPERTY TAXES
Parcel Number
046K-N-018.00
Land Assessment
$8,520
Improvements Assessment
$130,680
Total Assessment
$139,200
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200/204/206 Watauga Ave
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