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Multi-Family/Student Housing 924 E 8th St

25 Unit Dormitory $3,200,000 ($128,000/Unit) Chattanooga, TN 37403

Investment Highlights

  • Within walking distance to UTC
  • Opportunity Zone
  • One block from bus stop

Executive Summary

This multi-family property is an opportunity to own a great investment in an ideal location. Located in a vibrant neighborhood, these two buildings are strategically positioned for maximum rental appeal. Located just steps away from the UTC campus, one block from the campus bus stop and close to restaurants and other amenities. With multiple units available, you can enjoy a steady stream of rental income while building equity. The property features modern amenities, spacious layouts, and a welcoming atmosphere for tenants. Both buildings have been completely updated in 2016 with new plumbing, HVAC, electrical, new drywall and many more updates. The original charm of the two units has been preserved in the original floors, stairs, finial and banister. The property is in the Opportunity Zone and as a bonus is zoned for short term vacation rental.
The first building has 18 bedrooms, large kitchen, laundry room with five washers and five dryers, open community living room, large 800sf conference/community hall, and two dorm style bathrooms with multiple sinks, showers and toilets. On the third floor is a one bedroom apartment complete with kitchen, bathroom, dining space and large living room. The second building has 6 bedrooms, large kitchen, living room, two bathrooms with multiple sinks, showers and toilets. Investing in this multi-family property means tapping into a growing market with increasing demand for rental housing.

Property Facts

Price $3,200,000
Price Per Unit $128,000
Sale Type Investment
No. Units 25
Property Type Multifamily
Property Subtype
Dormitory
  • Multifamily Apartments
Apartment Style Single Family Home
Building Class C
Lot Size 0.29 AC
Building Size 10,070 SF
No. Stories 3
Year Built/Renovated 1920/2016
Parking Ratio 1.29/1,000 SF
Opportunity Zone Yes
Bike Score ®
Very Bikeable (81)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

zoning

Zoning Code U-RM-3 (This zoning allows for multi-family, student housing and short term rentals.)
U-RM-3 (This zoning allows for multi-family, student housing and short term rentals.)
  • Listing ID: 33197317

  • Date on Market: 9/16/2024

  • Last Updated:

  • Address: 924 E 8th St, Chattanooga, TN 37403

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