Magnolia Ridge
1433 Stratford Road
Kingsport, TN 37664
Highlights
- 11-Unit Stabilized Multifamily Asset
- Fully Renovated – Approx. $250k+ in CapEx Completed
- Unit Mix: 1 × 3BR / 2BA, 4 × 1BR / 1BA. 6 × 2BR / 1BA
- Electrical Separately Metered
- Water & Trash Billed Back to Tenants
- Turnkey Operations with Minimal Near-Term CapEx
- Opportunity for Future Rent Growth
- Located in a Growing Kingsport Market with Limited Inventory
Description
SVN | Accel Commercial Real Estate is pleased to present Magnolia Ridge Apartments, an 11-unit multifamily investment opportunity located at 1433 Stratford Road in Kingsport, Tennessee. This fully renovated and stabilized asset offers immediate in-place cash flow with continued upside through future rent growth in a market experiencing strong demand and limited multifamily inventory.
Magnolia Ridge features a balanced unit mix of:
(1) 3BR / 2BA
(4) 1BR / 1BA
(6) 2BR / 1BA
All units are separately metered for electricity, with water and trash billed back to tenants, providing operational efficiency and expense recovery. Ownership has invested approximately $250,000+ in capital improvements, delivering a true turnkey opportunity. Renovations include new flooring, fixtures, appliances, interior and exterior paint, upgraded electrical and plumbing systems, water heater replacements, windows, patio doors, pavement improvements, enhanced site lighting, security cameras, gutter guards, and full bathroom upgrades.
With major capital improvements completed and the asset stabilized, Magnolia Ridge presents investors with a low-maintenance opportunity featuring durable cash flow and embedded rental upside in a supply-constrained Tri-Cities market.
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.
