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703 W 2nd North Street
Morristown, TN 37814

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Amy Shrader

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 Amy Shrader
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$139,900
Multi Family
4 Bedrooms
3 Full Bathrooms
3 Units
Interior: 2,022 sqft
Year Built: 1875
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Description

The Gingerbread House -- built in 1875, this historic home has been converted into a triplex that specializes in short term executive rentals.
Units are an efficiency apartment, a 1 bedroom/1 bath apartment, and a 2 bedroom/1 bath apartment.  Renters usually stay 3-6 month time frame but can stay as little as 2 weeks or as long as 2 years.
The current set up for these short term rentals:  units are fully furnished and rent covers all utilities (electric, water, sewer, trash pick-up, telephone, cable, and wireless internet).  Tenants can bring their toothbrush and clothes and move in!  Units rent for $40/night with minimum 10 day stay required.
Sellers have owned since the late '90's and re-did the units at that time to modernize them.  Units are thoroughly cleaned and spruced up after each tenant.  Regular maintenance has been done to keep the building in tip-top shape.
The Gingerbread House is located in Morristown's historical district and tenants are within easy walking distance to shopping, eating, library, and hospitals.
Clientele  over the years have come from South Africa, England, Portugal, Spain, Japan, Canada, and more!  This type set up works great for:
Business travelers on short term stays in the area
Pastors/Missionaries
College students/Interns
Corporate executives in town for extended stays
People being relocated for their job
Construction workers/contractors on extended assignment
People moving to the area and want to become familiar with the town before deciding where to buy
Disaster relief workers
Extended stay hospital patient families
Fire/flood victims 
Travel nurses
And many others needing temporary housing
 
And again, this is the current set up.  Units can easily be leased to long term tenants at a monthly rate where tenant is responsible for the utilities.  Based on local rental rates, long term rental income potential would run $1600-$1800/month.
 
Investors this is your opportunity to own a turn key rental property that is already generating a profit!  Motivated sellers have been in the business for nearly 20 years and are ready to scale back and start enjoying retirement!  
 
Units are occupied so call/text for your appointment.  24 hour notice requested.  Call/text 423 748 8811 to schedule.
 

Presented by

Amy Shrader
Amy Shrader
Re/Max Real Estate Ten
324868
(423) 748-8811
Email:  [email protected]
www.tnrealestategal.com

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Listed by: Re/Max Real Estate Ten

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703 W 2nd North Street
Morristown, TN 37814

$139,900

Property photo
Multi Family
4 Bedrooms
3 Full Bathrooms
3 Units
Interior: 2,022 sqft
Year Built: 1875

Short Term Executive Rental For Sale

The Beautiful Triplex Is Located In One Of Morristown’s Best Neighborhoods - The “Old Town Historic District”. There Is (1) Efficiency Apartment, Another (1) Bedroom Apartment, & (1) 2-Bedroom Apartment . These Apartments Are Fully- Furnished Short-Term Executive Rental Units With Approx. 300 Sq. Ft. In The Efficiency, Approx. 800 Sq. Ft In The (1) BR Unit And Approx. 900 Sq. Ft In The 2-Bedroom Unit & Each Apartment Has Its Own Private Entrance. The Current Owners Rent To Business, Medical, & Construction Personnel. These Apartments Are Fully-Furnished Including All The Furniture, Dishes

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Map of 703 W 2nd North Street, Morristown, TN 37814, USA
Amy Shrader

For more information contact:
Amy Shrader
Re/Max Real Estate Ten
324868
Phone: (423) 748-8811
[email protected]

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