Does anyone in the group have experience investing in the Knoxville area with Multifamily Units? Also, can you help me get a sense of what the typical cap rates are for the 37912 Zip Code? Thanks in advance!
Call some brokers and ask them what they think
currently working a deal in lenoir city, adjacent to knox, my banker insists class c properties should be at least 8% cap, but i have yet to come across anything more than 7ish with needed updates etc. I am aware of a 20 unit property off market if interested.
@Marland Richardson knoxville area cap rates are between 6-7% and they get picked up quickly.
I may have an opportunity that will exceed the 7 -8% you are seeing. Connect with me for more details.
Looking to pickup another multi family in the Knoxville and surrounding area. Does anyone know of a good solid off market deal.
I’m looking for a value add that I can end up in a year with an 8 cap. I own units in market now and can make decision quickly.
@Marland Richardson I've been studying this zipcode for about a year now. Although, my focus has been on SFRs, so I don't know about the numbers on multi family in that area. I can tell you that single family homes that meet the 1% rule are difficult. Typically, a house for $150k might rent for $1200/month. .08% deal using the 1% rule, or 9.6% cap rate.