893 New Beason Well Rd, Kingsport, TN 37660

$5,700,000
Property Type: Multi-Family Square Footage: 78,524 Status: Closed
Current Price: $5,700,000 List Date: 3/10/2025 Last Modified: 7/08/2025

Overview

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.

Listing Details MLS# 1292219

Location Tax Legal Info

House #
893
Street Name
New Beason Well
St Suffix
Rd
State/Province
TN
Zip Code
37660
PIN #
031040.50

Contract Info

Auction Y/N
No
Listing Price
6120000

General Property Description

SqFt - Total (Aprox)
78524
Lot Dimensions
n/a
Number of Units
72
# Units Leased
67
Utilities/Mo Avg
4941.11
Year Built
2003
Property Status
N/A
Driveway
Paved

Status Change Info

Status Change Date
2025-07-08
Under Contract Date
2025-05-16
Sold Date
2025-07-07

More Information

Property Features

Property Sub-Type: Apartment Type of Units: 2 Bedroom Unit; 3 or more Bdrm Units Sale Includes: Building and Land Floors: Laminate; Vinyl Fuel: Other Fuel Heat: Central Cooling: Central Cooling Construction: Frame - Brick Roof: Shingle Other Rooms: Other Miscellaneous: Patio; Playparks New Financing: Cash; Conventional; New Loan Showing: See Agent Instructns
IDX
Listing Office: SVN I Wood Properties
Last Updated: July - 08 - 2025
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