Magnolia Ridge
1433 Stratford Road
Kingsport, TN 37664
Highlights
- Below market rents
- $150k in Capex: Flooring, Fixtures, Appliances, Painting, Security Cameras & Equipment, Pavement Upgrades, Upgraded Bathrooms (vanities/ toilets/ tubs/mirrors), Lighting, Plumbing.
- Seller is in the process of replacing all windows, all patio doors (french doors), gutter guards and painting exterior.
- 11 units with opportunity to acquire a total of 22
Description
SVN | Accel Commercial Real Estate is pleased to bring to market an 11 unit opportunity in Kingsport, TN. This property allows an investor to take advantage of the rapid growth in this region with little inventory coming to market and demand from incoming residents continuing to rise. There are 11 units with a mix consisting of 1 unit - 3 bed 2 bath, 4 units - 1 bed 1 bath, and 6 units - 2 bed 1 bath. All units are separately metered, water and trash is shared with the adjacent property and is billed back to the tenants. The adjacent property is identical and is also for sale allowing the new owner to combine the two properties to acquire a total of 22 units.
Located along the Tennessee and Virginia border - Kingsport, TN is a rapidly growing city in East Tennessee known as the Tri-Cities. A U-Haul Growth Index examining one-way customer moves throughout 2023 placed Tennessee as the No. 5 growth state in the U.S., with the Tri-Cities named as a “notable net-gain market.” Furthermore, one-year population growth in Northeast Tennessee reached levels last year — 6,275 people — that it hadn’t seen in a quarter century, U.S. Census data shows. That’s more than the entire period from 2010 through 2019 when the seven-county region grew by just 5,891 people. Kingsport is located in Sullivan county which is the largest county in the Kingsport-Bristol MSA at 160,000 residents.
