701 Sevier Ave new Save Request In-Person Tour Request Virtual Tour
Kingsport,TN 37660
Key Details
Property Type Single Family Home
Sub Type Residential
Listing Status Active
Purchase Type For Sale
Square Footage 2,980 sqft
Price per Sqft $50
Subdivision Kingsport Improvement Corp
MLS Listing ID 1280188
Style Other
Bedrooms 5
Full Baths 3
Originating Board East Tennessee REALTORS® MLS
Year Built 1942
Lot Size 0.270 Acres
Acres 0.27
Property Description
Attention investors who are looking for cash flow & instant equity—this is the opportunity you've been waiting for! This unique property includes two structures, 701 & 705, offering multiple income streams and endless possibilities. 701 is 4 beds, 2 baths and 2,480 sqft and 705 is 1 bed, 1 bath and 500 sqft
705 is a 1 bed, 1 bath, 500 sq. ft. apartment, currently rented at $600/month. It sits atop a garage with the potential to convert into another studio apartment, increasing your cash flow.
701 was previously a duplex and is currently configured as a single-family home with 4 bedrooms and 2 full baths. With 3 separate electric meters—one for each level of 701 and one for 705—the conversion back to a duplex is seamless. Note: there is one shared water meter for the entire property.
While 701 has sustained fire damage affecting about 25-30% of the home, the kitchen, dining, and living rooms on the lower level were untouched. Where the fire occurred, there are some small portions of the home that need re-framed. As well as the upstairs likely needing new drywall from smoke damage (unless you wanted to run an Ozone machine, Kilz it and repaint to save costs).
This property was appraised at $355k in January 2023, and prior to the fire, 701 was rented at $1200/month post-renovation. Don't miss this chance to restore, renovate, and reap the rewards.
Sold as-is, buyer to perform all due diligence and verify all information. Ideal for the investor looking to add value and create a multi-unit rental property.
Grab this opportunity before it's gone!
Location
State TN
County Sullivan County
Area 0.27
Rooms
Basement Crawl Space
Guest Accommodations Yes
Interior
Interior Features Walk-In Closet(s)
Heating Central,Heat Pump,Electric
Cooling Central Cooling,Ceiling Fan(s)
Flooring Hardwood
Fireplaces Number 1
Fireplaces Type Other,Brick,Wood Burning
Appliance Dishwasher,Disposal,Microwave
Heat Source Central,Heat Pump,Electric
Exterior
Exterior Feature Fence - Privacy,Porch - Covered,Cable Available (TV Only),Balcony
Garage Designated Parking,Side/Rear Entry,Main Level,Off-Street Parking
Garage Description SideRear Entry, Main Level, Off-Street Parking, Designated Parking
View Other
Parking Type Designated Parking,Side/Rear Entry,Main Level,Off-Street Parking
Garage No
Building
Lot Description Private,Corner Lot,Level
Faces Starting from Interstate 26 (I-26), merge onto I-26 West towards Kingsport. Take exit 1 for Stone Drive (US-11W) toward Kingsport. At the end of the ramp, use the right lane to merge onto US-11W North (West Stone Drive), heading into Kingsport. Continue on Stone Drive for approximately 2.5 miles, then turn right at the traffic light onto East Center Street. Stay on East Center Street for about 1 mile before tPurblniciRnegmalreksft onto East Sevier Avenue, a small residential street. Drive for about 0.2 miles, and you will reach your destination at 701 E Sevier Ave, Kingsport, TN 37660.
Sewer Public Sewer
Water Public
Architectural Style Other
Additional Building Guest House
Structure Type Block,Frame
Others
Restrictions Yes
Tax ID 046O C 035.00
Energy Description Electric
Acceptable Financing Alternative,Cash,Conventional
Listing Terms Alternative,Cash,Conventional