128 Van St
Madisonville, TN 37354
Crosscreek w 20 Year Government Contract · Multifamily Property For Sale · 27 Units

Property is in Sweetwater and Madisonville Tn. 1 Site has 24 Town home units sitting on 4 acres. 13 (2) bedroom units and 11 (1) bedroom units. The other location has 27 units and is made up of 8 duplex's and 3 quad buildings. There are 11 (2) bedrooms, 4 (3) bedrooms and 12 (1) bedrooms. These were build in 1980. Some tenants have been there since it was built. They stay 95-100% occupied and usually have a waiting list. These are all tenants that the rent is paid by the government under a THDA 20 year contract. Contract goes thru 10-27-32. Income is increased every year. Contract has recently been renewed for another 20 years. HUD used to audit the complex's every year but no longer does due to budget cuts. There is a laundry room and office on site at both locations. Crosscreek- 1 bed- 850sq ft 2 bed- 1000sq ft. Crestview 1 bed- 800 sq ft 2 bed- 900 sq ft 3 bed- 1125 sq ft. Maintenance is diff every depending on the weather and depending on inspections. Utilities goes up every yr, at least from the fee standpoint. ** Seller has an additional 6 acres located at the Sweetwater location (by new highway 68) that he is willing to sell for $125,000. Local bank willing to finance them for the right buyer. Great area of town and nice smaller town. Not a typical lower income property, must see to appreciate! Crestview Location is at: 128 Vann St. Madisonville, Tn. 37354 Crosscreek Location is at: 1205 New Highway 68 Sweetwater, Tn. 37874