1. Tennessee
2. Bristol
3. 1241 Virginia Avenue

1241 Virginia Avenue, Bristol, TN 37620

• 2,778 sqft

Property Description

This turn-key multifamily property features two beautifully renovated spaces, offering a fantastic investment opportunity in a desirable location. The main home, a 1939 bungalow, boasts timeless appeal with modern touches. Enjoy open-concept living with a brick fireplace, new flooring, and a stunning kitchen with stainless-steel appliances and butcher block countertops. Three bedrooms, including a primary suite with en suite bath, offer comfortable living. Two covered porches provide breathtaking city views. The guest house, situated behind the main home, is a spacious retreat with a large garage, full kitchen, and two bedrooms. Additional features include: Renovated full bath New appliances and fixtures throughout New carpet in bedrooms Spacious living room Recent updates include a new roof, HVAC, and electrical system, minimizing future maintenance for the new owner. Financial Highlights: Annual Revenue: $32,400 ($1,500 x 12 for the front unit + $1,200 x 12 for the rear unit) Monthly Revenue: $2,700 Expenses: Insurance: $600 annually Taxes: $700 annually Maintenance: $1,620 (5% of annual revenue) Total: $2,920 annually Assumptions: 5% vacancy rate factored into revenue calculations Tenants cover utilities (electric, water, and trash) Cap Rate: 7%, indicating a desirable return for the area Valuation: Based on the 7% cap rate, the property is valued at approximately $400,000 Located just minutes from downtown Bristol, with easy access to King University, the Paramount Center for the Arts, and Steele Creek Park. Both units are on one-year leases, providing a stable income stream for the new owner.

Listing Status:

Active

Date Added:

May 21, 2025 at 05:00AM

Listing Office:

eXp Realty, LLC : 888-519-5113

Listing Agent:

Cory Parsons : 304-674-3190

MLS ID:

9980521

Interior

• General: Built-in FeaturesRemodeledRestored
• Appliances: Electric RangeRefrigerator
• Basement: Concrete
• Flooring: Luxury VinylCarpet
• A/C: Central Air
• Heating: Central
• Fireplace: FireplaceFireplaces: 1

Exterior

Construction

Location

Lot

Utilities

This listing courtesy of Cory Parsons, eXp Realty, LLC