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
Location, Tax & Legal Info
- Area
- Sullivan County
- City/County Code
- City Limits
- Total Tax
- 42506.95
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.
More Information
Property Sub-Type
- Apartment
- Yes
Construction
- Frame - Brick
- Yes
Type of Units
- 2 Bedroom Unit
- Yes
- 3 or more Bdrm Units
- Yes
Sale Includes
- Building and Land
- Yes
Miscellaneous
- Patio
- Yes
- Playparks
- Yes
Cooling
- Central Cooling
- Yes
Floors
- Laminate
- Yes
- Vinyl
- Yes
Garage/Parking
- On Premise Parking
- Yes
Fuel
- Other Fuel
- Yes
Heat
- Central
- Yes
Other Rooms
- Other
- Yes
Roof
- Shingle
- Yes
New Financing
- Cash
- Yes
- Conventional
- Yes
- New Loan
- Yes
Showing
- See Agent Instructns
- Yes
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
IDX
Office Phone: 865-936-9999
Last Updated: July - 08 - 2025
The data relating to real estate for sale on this Web Site comes from the IDX Program of the Knoxville Area Association of REALTORS® Multiple Listing Service. © Copyright 2020 All rights reserved.
IDX information is provided exclusively for consumers' personal, non-commercial use,
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