NOT LISTED FOR SALE

131 Bob Fitz Rd Unit 29 Johnson City, TN 37615

Estimated Value: $1,089,461 - $1,788,000

-- Bed
15 Baths
-- Sq Ft
1.84 Acres

Last Sold July 01, 2019

Last sale price $1,200,000

Est. 20% increase in value since last sale

Current estimated payment $8,324/month

28 Days on Market

Highlights

  • 1-Story Property
  • Central Air
  • Heating Available

About This Home

As of July 2019

Investment opportunity! This is two properties sold as a portfolio: 1st property in the portfolio are the Cascade apartments, at 131 Bob Fitz, 15 units in 3 buildings. 12 units have 2 bedroom and 1.5 bath, and are two level townhomes. Two units have 2 bed/1 bath. One unit has one bed/1 bath. Those are one level. All but the one bedroom has Washer/Dryer hookups. The second property is 2806 2804 Plymouth Rd, located in south Johnson city, just off of S. Roan St. well maintained, and has 14 units, all one bed/one bath, all same floor plan. NOI for whole portfolio in 2018 is $95,675. But in 2019 first quarter, NOI actual, as of March 30th, NOI actual is at $26,319.71.Multiplied by 4 quarters puts 2019 NOI at $105,279, which puts cap rate at current listing price at 7.6% cap rate for both properties. Excellent investment property, stays rented, good locations. tenants pay electricity and water at Cascade (Fitz) and tenants pay electricity at Plymouth. All information subject to change, and to be verified by buyer and buyer's agent.

Last Agent to Sell the Property

Jay Goodson

REMAX Checkmate, Inc. Realtors License #329807 Listed on: 03/20/2019

REMAX Checkmate, Inc. Realtors

Last Buyer's Agent

Skylar DeJesus

Century 21 Legacy License #336234

Century 21 Legacy

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $8,251

Year Built

  • Built in 1996

Lot Details

  • 1.84 Acre Lot
  • Property is in good condition

Home Design

  • Brick Exterior Construction

Interior Spaces

  • 1-Story Property

Schools

  • Ridgeview Elementary And Middle School
  • Daniel Boone High School

Utilities

  • Central Air
  • Heating Available

Listing and Financial Details

  • Assessor Parcel Number 019 027.04

Community Details

Overview

  • 5 Buildings

Building Details

  • Gross Income $95,675
  • Net Operating Income $95,675

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$8,251

Year Built

Built in 1996

Lot Details

0

Listing Details

  • Directions: Cascadeis in Gray, left off exit, right on Bob Fitz, property on left. Plymouth is south JC, heading south on S Roan St, turn left on Plymouth, property is on the right. (no Sign)
  • Prop. Type: Residential Income
  • Year Built: 1996
  • Property Sub Type: Multi-Family
  • Architectural Style: Townhouse
  • Unit Levels: One
  • New Construction: No
  • Location Tax Legal Info Parcel ID: 019 027.04
  • Contract Info Foreclosure: No
  • Contract Info Short Sale: No
  • Contract Info Auction: No
  • General Property Description Acres: 1.84
  • General Property Description Zoning2: R
  • General Property Description Elementary School3: Ridgeview
  • General Property Description Middle School2: Ridgeview
  • General Property Description High School3: Daniel Boone
  • Property Condition Above Average: Yes
  • Water Public: Yes
  • Sewer Public Sewer: Yes
  • General Property Description Lot Dimensions: 1.84
  • AC Central Air: Yes
  • General Property Description # Buildings: 5
  • Levels One: Yes
  • Style Townhouse2: Yes
  • Special Features: None

Exterior Features

  • Property Condition: Above Average
  • Acres: 1.84
  • Construction Type: Brick
  • Exterior Finish Brick4: Yes

Utilities

  • Sewer: Public Sewer
  • Cooling: Central Air
  • Cooling Y N: Yes
  • Water Source: Public

Schools

  • Elementary School: Ridgeview
  • High School: Daniel Boone
  • Middle Or Junior School: Ridgeview

Lot Info

  • Zoning: R
  • Lot Dimensions: 1.84
  • Lot Size Sq Ft: 80150.4
  • ResoLotSizeUnits: Acres
  • Parcel #: 019 027.04
  • ResoLotSizeUnits: Acres

Multi Family

  • Vacancy Allowance Rate: 3.0

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Mar 20, 2019
Closed on
Jun 28, 2019
Sold by
B I C Enterprises
Bought by
Skymax Properties Llc
Seller's Agent
Jay Goodson
REMAX Checkmate, Inc. Realtors
Buyer's Agent
Skylar DeJesus
Century 21 Legacy
List Price
$1,389,000
Sold Price
$1,200,000
Premium/Discount to List
-$189,000
-13.61%
Current Estimated Value
$1,438,731

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$238,731
Avg. Annual Appreciation
2.92%
Original Mortgage
$578,000
Outstanding Balance
$249,184
Interest Rate
4%
Mortgage Type
Future Advance Clause Open End Mortgage
Estimated Equity
$1,189,547

Purchase Details

Closed on
Jun 3, 2008
Bought by
B I C Enterprises

Purchase Details

Closed on
Mar 25, 2005
Bought by
B I C Enterprises Llc

Purchase Details

Closed on
Dec 1, 2004
Sold by
Jtl Partnership
Bought by
Painter Jonathan R

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$630,000
Interest Rate
5.57%
Mortgage Type
Commercial

Purchase Details

Closed on
Oct 26, 1995
Sold by
Housewright Clyde E
Bought by
Jtl Enterprises Llc
Source: Public Records

Range of Values:

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Average Value
Not Available
List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Skymax Properties Llc $650,000 Classic Title Ins Co Inc
B I C Enterprises -- --
B I C Enterprises Llc -- --
Painter Jonathan R $700,000 --
Jtl Enterprises Llc $38,000 --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Skymax Properties Llc $578,000
Previous Owner Jtl Enterprises Llc $630,000
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
07/01/2019 07/01/19 Sold $1,200,000 -13.6% --
04/18/2019 04/18/19 Pending -- -- --
03/20/2019 03/20/19 For Sale $1,389,000 -- --
Source: Tennessee/Virginia Regional MLS

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2024 $8,251 $482,520 $24,000 $458,520
2023 $6,287 $292,400 $0 $0
2022 $6,287 $292,400 $12,800 $279,600
2021 $6,287 $292,400 $12,800 $279,600
2020 $6,287 $292,400 $12,800 $279,600
2019 $5,107 $292,400 $12,800 $279,600
2018 $5,107 $214,600 $9,600 $205,000
2017 $5,107 $214,600 $9,600 $205,000
2016 $7,206 $302,800 $9,600 $293,200
2015 $5,995 $302,800 $9,600 $293,200
2014 $5,995 $302,800 $9,600 $293,200
Source: Public Records

Agents Affiliated with this Home

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Map

Source: Tennessee/Virginia Regional MLS

MLS Number: 418921

Tennessee/Virginia Regional MLS

APN: 019-027.04