6672 Roan Creek Road

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Address: 6672 Roan Creek Rd, Butler, TN 37640, USA
Created date: June 13, 2024
Date last updated: July 9, 2024
  • Recently renovated Quadplex, 2000 Builds!
  • Well maintained side-by-side Duplexes
  • Washer & Dryer Hook-Ups in each unit
  • Low maintenance units with working professional tenants
  • *Housing shortage in a supply constrained market
  • Spacious 2 Bedroom units with nature views
  • Central HVAC
  • Strong Rental Market
  • Furnished with refrigerators, dishwasher, stove, and oven.

Property Description

8 Renovated Units! Recently built in 2000, 2003, and 2008. Completely renovated apartments on the market for the first time since the remodel. Everything is new (Quadplex only) including AC/Heat, plumbing, appliances, flooring, Hunter ceiling fans, lights, bathroom, and fixtures. The property features a Quadplex along with well-maintained (2) side-by-side Duplexes situated on 3.31 Acres. The opportunity is comprised of ALL spacious 2 Bed / 1 Bath units each with their own washer & dryer hook-up and an average rent of $1,212 within the renovated quad and $1,000 for the duplexes. Each individual unit is metered for electric and there's no gas. The building is serviced by well water, a septic system, along with individual water heaters. There's onsite parking for 2 cars plus water and trash pick up are included in the rental rate. High speed internet available from the new Skyline fiber at speeds from 300 mbs to 2 GB mbs. The units are leased by working professionals and require minimal maintenance or repairs. Well maintained apartments are easy to rent, since there's a severe housing shortage in this supply constrained market. The Boone sub-market is significant to the region. Boone is home to Appalachian State University with 22,000 students which has created a housing shortage due to the explosive growth of the University and other major employers. Boone housing cost is 50-75% higher than Butler so renters migrate to the lower rental rates. The ownership made the following renovations to the Quadplex: - New Metal Roof - New Pex Plumbing lines - Fresh paint - 2.5 Ton Heat Pumps - Dual Pane windows - Electrical along with High speed internet. Duplex Renovations include $8k per unit: - New metal roof (1) building. - Paint, Flooring, and lighting. Below is a summary of the extensive CapEx the ownership has invested into renovating the property: $13,000 painting inside and outside with top of the line Sherwin Williams paint $ 9,000 driveways and parking expansion and graveling $24,000 new roof $ 8,125 new appliances in all apartments $24,000 new AC/Heat pump 2.5 ton systems in all apartments $18,500 new flooring in all apartments $60,000 labor for all remodeling work completed *Total = $156,625 Employment in Butler and surrounding areas. In and around Butler, Tennessee, several notable employers offer diverse job opportunities. Here are some of the major ones: *Northeast Correctional Facility – large prison in Mountain City currently under extensive expansion of employees. Direct relationship established to refer employees to rent at the subject. *Parkdale Mills Plant – large textile production facility in Mountain City with housing shortage for employees. * Ballard Health – Johnson County Community Hospital – regional hospital in Mountain City. Direct relationship established to refer employees to rent at the subject property. Additionally, the education sector, including public school systems in various counties such as Carter and Watauga Counties which are neighboring to Butler, provides substantial employment opportunities. The Tennessee Valley Authority (TVA) also plays a critical role in regional employment, particularly in power and utility services. For more localized opportunities, various smaller businesses and services within Butler and Johnson County also contribute to the employment landscape such as: * Johnson County Schools - The local public school system employs a significant number of people, providing jobs in teaching, administration, and support services. * Retail and Small Businesses - Various small businesses and retail establishments in Mountain City and other parts of Johnson County provide numerous employment opportunities in retail, food service, and general commerce. * Government Services - Local government offices, including the county courthouse and municipal services, offer employment in public administration and community services. * Agriculture and Forestry - These industries also play a role in the local economy, providing jobs in farming, logging, and related activities. Medical & Hospital Services * Johnson County Community Hospital in Mountain City, TN o Offers a 24-hour emergency department, outpatient and primary care services, cardiac rehabilitation, respiratory care, diagnostic imaging, and laboratory services. - Sycamore Shoals Hospital in Elizabethton, TN o Provides a range of services including emergency care, surgical services, and inpatient care (Ballad Health). - Watauga Medical Center in Boone, NC o Offers comprehensive medical services including emergency care, surgical services, maternity care, and specialty services.

Key Property Information

Listing Status: Available
Listing Type: Call for offers
Property Types: Apartment Buildings
Price: $1,040,000
No. of Units: 8
Average Occupancy: 7.41
Lot Size: 3.31 Sq ft
Opportunity Zone: No
Price per unit: $130,000
Property Website Click Here
Address: 6672 Roan Creek Road, Butler, TN 37640, USA
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