Chattanooga, TN 37407,1203 34th ST
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Chattanooga, TN 37407,1203 34th ST
Chattanooga, TN 37407,1203 34th ST
Chattanooga, TN 37407,1203 34th ST
Chattanooga, TN 37407,1203 34th ST

$242,000

Est. payment /mo

$498,000

51.4%
Est.Price: ?

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1203 34th ST Chattanooga, TN 37407

2,328 SqFt

SOLD DATE : 03/15/2022

Key Details

Sold Price $242,000

Property Type Multi-Family

Sub Type Duplex

Listing Status Sold

Purchase Type For Sale

Square Footage 2,328 sqft

Price per Sqft $103

MLS Listing ID 1348270

Sold Date 03/15/22

Originating Board Greater Chattanooga REALTORS®

Year Built 2004

Lot Size 0.280 Acres

Acres 0.28

Lot Dimensions 126.60X100.0

Property Description

Incredible opportunity to purchase two duplexes in East Lake with excellent rental income history. 1201 & 1203 E 34th St are neighboring two-story duplexes being sold together as a package deal; both were built in 2004 and feature 2,328 sqft and low maintenance brick and vinyl siding exteriors. All four units boast 3 bedrooms, 2 full bathrooms, living rooms, eat-in kitchens, off-street parking, and access to the large fenced yard. Additionally, they are adjacent to a city park. A contract expiring 8/29/39 with the Chattanooga Housing Authority provides for project based vouchers for these rental units (vouchers go with the property, not the tenants). These vouchers provides a gross monthly income of up to $929 per unit even during periods of vacancy (up to 60 days) which ensures consistent cash flow and minimizes some of the risk associated with investment properties. The duplexes are currently 100% occupied with a $3,488 GMI. Only half of the vouchers are being used, so the GMI could easily be increased to $3,716 by utilizing the two remaining vouchers. The profit and loss statement for 2021 shows a gross income of $42,032. Situated a couple blocks off of Rossville Blvd, these duplexes are just minutes from downtown Chattanooga, popular Southside, St Elmo, Lookout Mountain, Rossville, and I-24 access. Since the properties are tenant occupied, showings can only be scheduled after an accepted letter of intent or accepted contract.

Location

State TN

County Hamilton

Area 0.28

Rooms

Basement Crawl Space

Interior

Interior Features Eat-in Kitchen

Heating Central, Electric

Cooling Central Air, Electric

Fireplace No

Heat Source Central, Electric

Exterior

Parking Features Off Street

Garage Description Off Street

Utilities Available Sewer Connected

Roof Type Shingle

Garage No

Building

Lot Description Level

Faces Heading S on Rossville Blvd from downtown Chattanooga, turn Right onto E 34th St. Turn Right to Stay on E 34th St. Turn Right onto Brannon Ave, and the duplex is on the Right.

Story Two

Water Public

Structure Type Brick,Other

Schools

Elementary Schools Calvin Donaldson Elementary

Middle Schools East Lake Academy Of Fine Arts

High Schools Howard School Of Academics & Tech

Others

Senior Community No

Tax ID 156p E 027.01

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

Special Listing Condition Investor

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Listed by Chattanooga Real Estate Group LLC

Eddie Bodkin

Agent

+1(423) 398-3333

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