Lakeside Apartments are a prime investment opportunity in the thriving market of Knoxville, TN. Located at 500 & 506 Lakeside Street, this multifamily property represents a golden prospect for seasoned investors looking to capitalize on the robust potential of the Knoxville market.
Key Property Details:
- Location: 500 & 506 Lakeside Street, Knoxville, TN
- Built: 1968
- Unit Mix: 11 Two-bedroom units, 1 One-bedroom unit
- Construction: Mostly brick exterior
- Utilities: Master water meter with RUBS in place; Individual electricity metering
Knoxville stands out as an exceptional market for multifamily investment, driven by a combination of economic, demographic, and lifestyle factors. Here’s why:
- Economic Growth: Knoxville has experienced steady economic growth, supported by diverse industries, including healthcare, manufacturing, and technology. This stability translates to a reliable tenant pool for multifamily properties.
- Population Growth: The city has consistently attracted a growing population, fueled by its affordability, quality of life, and a strong job market. More people moving to the area means increased demand for rental properties.
- Educational Hub: Home to the University of Tennessee, Knoxville is a hub for education, drawing students and faculty members. This ensures a consistent demand for rental housing in the vicinity.
- Proximity to Urban Amenities: Residents enjoy the benefits of urban living with a wide range of amenities, entertainment options, and cultural attractions. Proximity to recreational areas, parks, and the waterfront enhances the overall appeal of the location.
- Built-in Cash Flow: The property’s eleven 2-bedroom units and one 1-bedroom unit provide a stable and diversified income stream.
- Value-Add Opportunities: Unlock significant value by renovating older units to meet modern standards. Implementing strategic upgrades can lead to higher rental rates, increasing the property’s overall income potential.
- Water: With a master water meter and RUBS system in place.
- Electricity: Each unit is individually metered for electricity.
The Path to Profit: The investment strategy for 500 & 506 Lakeside Street revolves around capitalizing on the strong market fundamentals of Knoxville. Investors can achieve increased returns through targeted renovations and rent adjustments, aligning rental rates with the current market trends.
Seize the opportunity to be a part of Knoxville’s growth story. For detailed financials, renovation projections, and a personalized investment analysis, contact us today. This multifamily gem is poised to deliver long-term value and financial success in the dynamic Knoxville market.
Disclaimer: This offering is available to qualified investors. Due diligence is advised, and all interested parties should consult with their financial advisors before making investment decisions.