Updated almost 10 years ago on .
Chattanooga 200+ Units Extended Stay or Apt Conversion
Reposition Opportunity in a solid B class area
The property is currently condemned for structural damage. Renovation will be approx. $1.5-$2MM.
The property has over 200 rooms (efficiencies and 1bds) that were used as weekly rentals.
The rates in it's condition were $150-$175 a week. That is an average rate of $162.50 X 200 = $32,500 per week x 52 wks = $1,690,000 yearly income. The owner wants to sell the property according to a worker on the property. It is not currently listed or on the open market. The ARV is approx. $16,900,000.
Price will be close to $2MM. This one will go fast. If interested let's get an ncnd signed and move quickly.
Offering