J
Seller's Agent in 2024
Jon Roosen
SVN I Wood Properties
1319 Bell Ridge Rd Johnson City, TN 37601
Estimated Value: $7,317,000 - $7,847,000
--
Bed
129
Baths
80,240
Sq Ft
$95/Sq Ft
Est. Value
Highlights
- Wood Flooring
- Liberty Bell Middle School Rated A
- Central Heating and Cooling System
About This Home
As of June 2024Introducing Park Place Apartments, an apartment community comprising 64 units nestled in Johnson City, Tennessee. Positioned within the dynamic Tri-Cities area, this complex enjoys a strategic location in close proximity to downtown Johnson City, East Tennessee State University, as well as sought-after employment hubs and retail hubs. Originally established with rent restrictions under the LIHTC program, the transition of Park Place to Market Rate apartments commenced on May 24th, 2023. This evolution presents a compelling opportunity to acquire a premium asset with minimal outstanding maintenance requirements. New ownership can build upon the established value-add initiative in place, pursue market-aligned rent adjustments on average of $517 a crossed all unit types, and unlock further potential for enhanced returns. Current ownership has transitioned 36% of the property to market rate in less than 7 months since transitioning to Market Rate.
Park Place Apartments is a multifamily property located at 1319 Bell Ridge Rd in Johnson City, TN. The complex is situated on top of Cherry Hill and is easily accessible from Legion Street. Built in 2001, the property features 64 units, consisting of 2, 3, and 4 bedroom units, all equipped with washer and dryer hookups. The galley kitchens in each unit are fully-equipped with a refrigerator, dishwasher, range/oven, and a dining area overlooking the living space. The master bedroom has an attached bathroom. LIHTC requirements required an onsite laundry room even with laundry hook ups in every unit. New ownership will have the opportunity to convert this space into something more functional and attractive for residents like a fitness or media center.
Current ownership has invested over $649,300 in capital expenditures, which includes upgrades and improvements to the property. Overall, Park Place Apartments offers comfortable and spacious living with convenient amenities and easy access to local attractions.
Highlights and Updates:
-Current ownership is aggressively pushing the property to market-rate rents
-Currently 10 vacant; with 7 of these already pre-leased at market rate
-23 units / 36% of the property to have been converted to market-rate in the first 7 months of being out of QC
-The next owners will not have an issue keeping up with this momentum, and will not have to underwrite for 2 more years at LIHTC rates.
Last Agent to Sell the Property
Jon Roosen
SVN I Wood Properties License #366234 Listed on: 08/30/2023
Last Buyer's Agent
Non Member Non Member
Non-Member Office
Property Details
Home Type
- Apartment
Est. Annual Taxes
- $13,286
Year Built
- Built in 2001
Lot Details
- 9.66
Home Design
- 80,240 Sq Ft Home
- Brick Exterior Construction
- Shingle Roof
Flooring
- Wood
- Laminate
- Tile
- Vinyl
Parking
- Driveway
- On-Site Parking
Utilities
- Central Heating and Cooling System
Community Details
- 64 Units
Listing and Financial Details
- Assessor Parcel Number 047O A 006.00
Ownership History
Date
Name
Owned For
Owner Type
Purchase Details
Listed on
Aug 30, 2023
Closed on
Jun 6, 2024
Sold by
1319 Bell Ridge Partners Llc
Bought by
Bell Ridge Apartments Llc
Seller's Agent
Jon Roosen
SVN I Wood Properties
Buyer's Agent
Non Member Non Member
Non-Member Office
List Price
$8,320,000
Sold Price
$7,250,000
Premium/Discount to List
-$1,070,000
-12.86%
Views
369
Current Estimated Value
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$389,252
Avg. Annual Appreciation
3.70%
Original Mortgage
$5,500,000
Outstanding Balance
$4,697,454
Interest Rate
7.22%
Mortgage Type
New Conventional
Estimated Equity
$2,941,798
Purchase Details
Closed on
Aug 27, 2021
Sold by
Bell Ridge Associates Llc
Bought by
1319 Bell Ridge Partners Llc
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$3,710,000
Interest Rate
2.7%
Mortgage Type
Construction
Purchase Details
Closed on
Mar 19, 1999
Bought by
Bell Ridge Associates Llc % D & K Management
Purchase Details
Closed on
May 28, 1997
Sold by
Hawk William C
Bought by
Mark Wood
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$12,000
Interest Rate
8.13%
Mortgage Type
Commercial
Purchase Details
Closed on
Jul 15, 1996
Sold by
Begley Gerald W
Bought by
William Hawk
Purchase Details
Closed on
Aug 25, 1992
Bought by
Gegley Gerald W and Begley Jeffrey S
Purchase Details
Closed on
Feb 22, 1988
Bought by
Gounaris James M and Gounaris Bruce Gibson
Create a Home Valuation Report for This Property
The Home Valuation Report is an in-depth analysis detailing your home's value as well as a comparison with similar homes in the area
Home Values in the Area
Average Home Value in this Area
Purchase History
| Date | Buyer | Sale Price | Title Company |
|---|---|---|---|
| Bell Ridge Apartments Llc | $7,250,000 | None Listed On Document | |
| 1319 Bell Ridge Partners Llc | $4,000,000 | Proper Title Llc | |
| Bell Ridge Associates Llc % D & K Management | $147,500 | -- | |
| Mark Wood | $15,000 | -- | |
| William Hawk | $85,000 | -- | |
| Gegley Gerald W | $25,500 | -- | |
| Gounaris James M | $24,500 | -- |
Source: Public Records
Mortgage History
| Date | Status | Borrower | Loan Amount |
|---|---|---|---|
| Open | Bell Ridge Apartments Llc | $5,500,000 | |
| Previous Owner | 1319 Bell Ridge Partners Llc | $3,710,000 | |
| Previous Owner | Gounaris James M | $12,000 |
Source: Public Records
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 06/12/2024 06/12/24 | Sold | $7,250,000 | -12.9% | $90 / Sq Ft |
| 03/03/2024 03/03/24 | Pending | -- | -- | -- |
| 01/19/2024 01/19/24 | For Sale | $8,320,000 | +14.8% | $104 / Sq Ft |
| 01/03/2024 01/03/24 | Off Market | $7,250,000 | -- | -- |
| 08/30/2023 08/30/23 | For Sale | $8,320,000 | -- | $104 / Sq Ft |
Source: East Tennessee REALTORS® MLS
Tax History Compared to Growth
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 | $41,402 | $2,421,160 | $90,440 | $2,330,720 |
| 2023 | $16,512 | $768,000 | $0 | $0 |
| 2022 | $29,798 | $768,000 | $69,400 | $698,600 |
| 2021 | $29,798 | $768,000 | $69,400 | $698,600 |
| 2020 | $29,645 | $768,000 | $69,400 | $698,600 |
| 2019 | $15,343 | $768,000 | $69,400 | $698,600 |
| 2018 | $27,528 | $644,720 | $69,400 | $575,320 |
| 2017 | $29,301 | $686,240 | $69,400 | $616,840 |
| 2016 | $29,164 | $686,240 | $69,400 | $616,840 |
| 2015 | $26,419 | $686,240 | $69,400 | $616,840 |
| 2014 | $24,703 | $686,240 | $69,400 | $616,840 |
Source: Public Records
Agents Affiliated with this Home
-
-
Cohl Morgan
Seller Co-Listing Agent in 2024
Cohl Morgan
PWA Properties
(865) 603-9887
53 Total Sales
-
N
Buyer's Agent in 2024
Non Member Non Member
Non-Member Office
Map
Source: East Tennessee REALTORS® MLS
MLS Number: 1238192
APN: 047O-A-006.00
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed.
Listing Information presented by local MLS brokerage: Ten-X, LLC dba Homes.com, local broker - Arlene Richardson - 888-952-6393.
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