Villas on Sunrise

33 Sunrise Ln |, Ringgold, GA

$2,225,000

Price

7.79%

Cap Rate

$173,221

NOI

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Street
Map
Overview
Cap Rate
7.79%
NOI
$173,221
Building Size
12,650 sqft
Lot Area
4.2 acres
Units
19
GRM
8.7
Average Room Size
666 sqft
Year Built
1971
Price Per Sqft
$175.89
Price Per Unit
$117,105
Year Last Renovated
1982
Description

Matthews Real Estate is pleased to present this offering of the Villas on Sunrise located in Ringgold, GA. This is a quiet suburban submarket of the Chattanooga MSA with strong demographics and only 20 minutes from Downtown Chattanooga. The property has seen significant capital infusion over the past 12 months having the exteriors painted, new doors, and 17 of the 19 units being fully renovated with LVP flooring, new countertops, cabinets, etc. It also comes with an assumable owner financing note from the previous owner that will provide a 10% cash on cash return day one with some additional remaining upside on that deal.

Highlights
  • 17/19 units renovated with cabinets, countertops, vanities, LVP flooring, etc.
  • Washer & Dryer hookups in all units
  • Turnkey with little to no capex needs
  • Located on a large, well-maintained ±4.20 acre lot
  • 15% readily available upside
  • Strong collections and very little turnover
  • Unit Mix: 1+1 Units (8), 2+1 Units (10), 2+2 Units (1)
  • Electrical: Copper
  • HVAC: 1BR units – Wall Units / 2 BR units - Central
  • Plumbing: Septic
  • Metering: Individual Metered Electric | Master Metered Water | No Gas
  • Roofs: Pitched
  • Exterior: Brick/Vinyl
Documents
Title
Offering Memorandum
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Location
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