TN
Sullivan
Bristol
37620
1241 Virginia Avenue
1241 Virginia Avenue, Bristol, TN 37620
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Listing Type
Multi Family
Listing Status
under contract
1
$359,900

Home Details for 1241 Virginia Avenue

Price
$359,900
Type
Residential Income
Bedrooms
0
Bathrooms
Square feet
NaN
Year built
1939
Lot size acres
0.34
County
Sullivan
Garage
Basement
Concrete
Days on site
15
MLS Listing#
9987583
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

Property Features
  • Utilities
    • Electricity Connected
    • Sewer Connected
    • Water Connected
  • Cooling Information
    • Central Air
  • Heating Information
    • Central
  • Water Features
    • Public
  • House Interior
    • Built-in Features
  • Parking
    • Asphalt
  • Basement
    • Concrete
School Information
School Information for 1241 Virginia Avenue, Bristol, TN 37620
Elementary School
Fairmount
Middle School
Vance
High School
Tennessee
Listing Courtesy: eXp Realty, LLC
Presented by: Cory Parsons
The data relating to real estate for sale on this website comes in part from the Internet Data exchange (IDX) program of the Tennessee Virginia Regional MLS. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by brokerage firms other than EXIT Realty, are indicated by detailed information about them such as the name of the listing firms. Information deemed reliable but not guaranteed. Copyright ©2025 Tennessee Virginia Regional MLS. All Rights Reserved.
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Median Listing Price
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Market statistics compiled from data from Tennessee Virginia Regional MLS.
EXIT REALTY TRI-CITIES
1604 Lamons Lane #201, Johnson City, TN 37604
Office
423 806 0400
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