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
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.
More Information MLS# 1292219
Location, Tax & Legal Info
Area: Sullivan County
City/County Code: City Limits
Total Tax: 42506.95
Contract Info
Auction Y/N: No
Listing Price: 6120000
Current Price: $5,700,000
Status: Closed
Listing Date: 2025-03-06
General Property Description
Lot Dimensions: n/a
# Units Leased: 67
Utilities/Mo Avg: 4941.11
Property Status: N/A
Driveway: Paved
SqFt - Total (Aprox): 78524
Number of Units: 72
Year Built: 2003
Remarks & Misc
Directions: From E Stone Dr (US-11W N). Go for 0.7 mi. Turn left onto New Beason Well Rd. Go for 0.5 mi. Turn left towards Beason Well Apartments. Go for 0.1 mi.
Public Remarks: 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.
Property Sub-Type
Apartment: 1
Construction
Frame - Brick: 1
Type of Units
2 Bedroom Unit: 1
3 or more Bdrm Units: 1
Sale Includes
Building and Land: 1
Miscellaneous
Patio: 1
Playparks: 1
Cooling
Central Cooling: 1
Floors
Laminate: 1
Vinyl: 1
Garage/Parking
On Premise Parking: 1
Fuel
Other Fuel: 1
Heat
Central: 1
Other Rooms
Other: 1
Roof
Shingle: 1
New Financing
Cash: 1
Conventional: 1
New Loan: 1
Showing
See Agent Instructns: 1
Location Tax Legal Info
House #: 893
Street Name: New Beason Well
St Suffix: Rd
State/Province: TN
Zip Code: 37660
PIN #: 031040.50
Geo Lat: 36.561216
Geo Lon: -82.490819
Status Change Info
Status Change Date: 2025-07-08
Under Contract Date: 2025-05-16
Sold Date: 2025-07-07
Sold Price: $5,700,000
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
Listing Office: SVN I Wood Properties
Office Phone: 865-936-9999
Last Updated: July - 08 - 2025
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