Just came back from a trip from Knoxville and on the surface it seemed like a great town. Is there a multi family investing presence in this area? Does anyone specialize in the Knoxville area? How has your experience been to date?
I found knox no different from many other areas, low cap rates, old, neglected multis, not many choices out of bad areas.
How many units, what price point are you interested?
20-30 units and up to $1MM purchase price. It wasn't anything special to you on your end though?
I specialize in investing about 30 minutes south of Knoxville in the Smoky Mountain area (Gatlinburg and Pigeon Forge) of Tennessee. I specialize mostly in short term vacation rentals and there is much money to be made in the short term market there. I have been interested in expanding my long term portfolio as of late (I live in Nashville, and had been looking in this area, where I have 2 LTR's), and after some research found that there is an serious shortage of long term rentals in the Smoky Mountains BECAUSE of all the short term rental traffic. There is virtually nowhere for the locals to rent. Not Knoxville, like you asked, but thought I would throw in my two cents since it's nearby.
i do know of a complex, not currently on the market, 20 units, owner wants about $1m 100 percent full with some very long term tenants. It is located in north nox area around merchant rd. Pm me if interested
@Chukwudi Motanya I’ve actually heard very good things about Knoxville and the potential for investment in the area particularly near the U. Tennessee campus, specifically I’ve heard across the river south of the campus where more students are living off campus. From what I understand there is good pedestrian/bike access across a bridge. There is always going to be a need for housing so in my eyes it should be viewed as an up and coming city. An additional thing to consider is that the Knoxville airport is currently under expansion which is designed to increase the capacity for the number of larger planes it can accommodate. Whether a spoken goal or not of airport expansion, that’s only going to make the city more accessible to the rest of the country and world! Keep the BP community updated on your search and good luck!
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