This turn-key multifamily property features two beautifully renovated spaces, offering a fantastic investment opportunity in a desirable location. The main home, a 1939 bungalow, boasts timeless appeal with modern touches. Enjoy open-concept living with a brick fireplace, new flooring, and a stunning kitchen with stainless-steel appliances and butcher block countertops. Three bedrooms, including a primary suite with en suite bath, offer comfortable living. Two covered porches provide breathtaking city views.
The guest house, situated behind the main home, is a spacious retreat with a large garage, full kitchen, and two bedrooms. Additional features include:
Renovated full bath
New appliances and fixtures throughout
New carpet in bedrooms
Spacious living room
Recent updates include a new roof, HVAC, and electrical system, minimizing future maintenance for the new owner.
Financial Highlights:
Annual Revenue: $32,400 ($1,500 x 12 for the front unit + $1,200 x 12 for the rear unit)
Monthly Revenue: $2,700
Expenses:
Insurance: $600 annually
Taxes: $700 annually
Maintenance: $1,620 (5% of annual revenue)
Total: $2,920 annually
Assumptions:
5% vacancy rate factored into revenue calculations
Tenants cover utilities (electric, water, and trash)
Cap Rate: 7%, indicating a desirable return for the area
Valuation: Based on the 7% cap rate, the property is valued at approximately $400,000
Located just minutes from downtown Bristol, with easy access to King University, the Paramount Center for the Arts, and Steele Creek Park. Both units are on one-year leases, providing a stable income stream for the new owner.
For sale
Price cut: $10K (7/3)
$349,900
1241 Virginia Ave, Bristol, TN 37620
5beds
2baths
2,778sqft
Est.:
Multi Family
Built in 1939
-- sqft lot
$333,300 Zestimate®
$126/sqft
$-- HOA
What's special
Full kitchenBreathtaking city viewsTwo bedroomsThree bedroomsNew flooringNew carpet in bedroomsBrick fireplace
- 81 days
- on Zillow |
- 358 |
- 33 |
Zillow last checked: 7 hours ago
Listing updated: August 01, 2025 at 02:10pm
Listed by:
Cory Parsons 304-674-3190,
eXp Realty, LLC 888-519-5113
Source: TVRMLS,MLS#: 9980521
Travel times
Tour with a buyer's agent
Tour with a buyer's agent
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 5
- Bathrooms: 2
Heating
- Central
Cooling
- Central Air
Appliances
- Included: Electric Range, Refrigerator
Features
- Built-in Features, Remodeled, Restored
- Flooring: Luxury Vinyl, Carpet
- Basement: Concrete
- Number of fireplaces: 1
Interior area
- Total structure area: 2,778
- Total interior livable area: 2,778 sqft
Property
Parking
- Parking features: Asphalt
Features
- Levels: Two
- Stories: 2
- Patio & porch: Front Porch, Rear Porch
Lot
- Size: 0.34 Acres
- Dimensions: 100 x 150
- Topography: Rolling Slope
Details
- Parcel number: 021j F 009.00
- Zoning: Residential
Construction
Type & style
- Home type: MultiFamily
- Architectural style: Bungalow,See Remarks
- Property subtype: Multi Family
Materials
- Block, Masonite, Vinyl Siding
- Foundation: Block
- Roof: Shingle
Condition
- Updated/Remodeled,Above Average
- New construction: No
- Year built: 1939
Utilities & green energy
- Sewer: Public Sewer
- Water: Public
- Utilities for property: Electricity Connected, Sewer Connected, Water Connected
Community & HOA
Community
- Subdivision: Fairmount Land Co
HOA
- Has HOA: No
- Amenities included: Landscaping
Location
- Region: Bristol
Financial & listing details
- Price per square foot: $126/sqft
- Tax assessed value: $68,000
- Annual tax amount: $747
- Date on market: 5/21/2025
- Listing terms: Cash,Conventional
- Electric utility on property: Yes
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