$5,700,000
$6,120,000
6.9%For more information regarding the value of a property, please contact us for a free consultation.
78,524 SqFt
SOLD DATE : 07/07/2025
Key Details
Sold Price $5,700,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 78,524 sqft
Price per Sqft $72
MLS Listing ID 1292219
Sold Date 07/07/25
Year Built 2003
Source East Tennessee REALTORS® MLS
Property Description
Located in Kingsport, TN, Beason Well was built in 2003 and is comprised of 72 units. This affordable apartment community is 96% occupied and has a unit mix consisting of 2 and 3 bedroom units. Community amenities include on-site maintenance, a playground, breakfast/concierge area, and a picnic area. Each unit has washer / dryer hookups. Current average effective rent figures are at a 15% deficit of what could be collected if max rents were being charged.
This property is part of a 148 unit, three property LIHTC portfolio being sold in East Tennessee.
Location
State TN
County Sullivan County
Rooms
Other Rooms Other
Interior
Heating Central
Cooling Central Cooling
Flooring Laminate, Vinyl
Heat Source Central
Exterior
Parking Features On Premise Parking
Garage Description On Premise Parking
Roof Type Shingle
Garage No
Building
Faces From E Stone Dr (US-11W N). Go for 0.7 mi. Turn left onto New Beason Well Rd. Go for 0.5 mi. Turn left towards Beason Well Apartments. Go for 0.1 mi.
Structure Type Brick
Others
Tax ID 031040.50
Energy Description Other Fuel
Acceptable Financing New Loan, Cash, Conventional
Listing Terms New Loan, Cash, Conventional
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