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MLS® ID: 586492

8160 Rutledge Pike

Rutledge, TN, 37861

$199,900 active
  • 11 Beds
  • 9 Baths
  • 6256 SQFT

Great Investment Opportunity!   This 7 unit apartment complex was the old "Rutledge Inn" in previous years.  Located on Rutledge Pike/Highway 11W this building is in the heart of Rutledge and convenient to everything.  $2700 per month gross rental income.  Building has an additional 2858 sq ft in the basement that could be converted into additional units or office space.  Mix of 1 and 2 bedroom units.  Apartments have public water and public sewer.  Tenants pay for their own water and electric.  Approximately $27,000 net income per year.  Numerous updates in 2019.

1 bed/1 bath          $375/month
1 bed/1 bath          $400/month
1 bed/1 bath          $375/month
2 bed 2 bath          $475/month
2 bed/ 2 bath         $500/month
2 bed/ 1 bath         $475/month
2 bed/ 1 bath         $500/month
TOTAL:  $3100 / month   $37,200 per year
 
EXPENSES:
Insurance             $2900/year
Taxes                   $1882/year
Water                   $180/year
Electric                $1800/year
Lawn Care           $650/year
Pest Control        $300/year
Maintenance       $2400/year
TOTAL              $10,112/YEAR
 
NET INCOME:  $27,088   Cap Rate of 13.5%
 
Some units do have pets and they are charged an additional amount, normally $25 extra per month for every 2 pets.  The electric bill covers the expense of electric in basement and security lights inside and outside the building.  Owners will have electric cut on in individual units when improving.

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