412 Watauga Drive
- Recent renovations — Updated interiors and property improvements reduce near-term CapEx needs and enhance overall tenant appeal.
- Prime Fountain City location — Quiet neighborhood setting just minutes from Downtown Knoxville, with convenient access to parks, retail, dining, and major employment hubs.
- Rental upside potential — Current rents remain below market, providing a clear opportunity for revenue growth through strategic increases over time.
Property Description
SVN | Wood Properties is proud to present 412 Watauga Drive is a prime 9 unit North Knoxville property in Fountain City, combining a quiet neighborhood with quick access to downtown and major routes. Units are renter-ready, currently earning an average rent of $1,057/unit per-month with a market average rent of $1,245, offering immediate cash flow and upside. The property features an additional unrented 3-bedroom, 2-bathroom unit with a connected garage. Full renovation of this unit represents an opportunity to significantly enhance NOI and cash flow performance. Current ownership has redone all water and sewer lines leaving this property in great condition with very little capex needed. With its location, strong performance, and growth potential, 412 Watauga Drive is a sharp investment for savvy buyers looking to capitalize on Knoxville’s rental market. 412 Watauga Drive is being offered as part of a 95-unit multifamily portfolio that includes 3014 Forestdale Avenue, 1900 Dutch Valley Drive, and 2626 Tecoma Drive. The portfolio is being offered as a package and all four properties must be purchased together, providing an opportunity to acquire a diversified multifamily portfolio in the Knoxville market. The portfolio qualifies for a loan program offering interest rates well below current market rates. Financing terms are subject to property and buyer qualification, underwriting, and lender approval. Contact SVN | Wood Properties for additional lender and financing details.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $1,100,000 |
| No. of Units: | 9 |
| Average Occupancy: | 7.49 |
| Year Built: | 1969 |
| Lot Size: | 0.57 Acres |
| Opportunity Zone: | No |
| Price per unit: | $122,222 |
| Property Website | Click Here |
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