8160 Rutledge Pike Rutledge, TN 37861

Listing details for 8160 Rutledge Pike, Rutledge, TN 37861 : Great Investment Opportunity! This 7 unit apartment complex was the old ''Rutledge Inn'' in previous years. Located on Rutledge Pike/Highway 11W this building is in the heart of Rutledge and convenient to everything. $2700 per month gross rental income. Building has an additional 2858 sq ft in the basement that could be converted into additional units or office space. Mix of 1 and 2 bedroom units. Apartments have public water and public sewer. Tenants pay for their own water and electric. Approximately $27,000 net income per year. Numerous updates in 2019. 1 bed/1 bath $375/month 1 bed/1 bath $400/month 1 bed/1 bath $375/month 2 bed 2 bath $475/month 2 bed/ 2 bath $500/month 2 bed/ 1 bath $475/month 2 bed/ 1 bath $500/ TOTAL: $3100 / month $37,200 per year EXPENSES: Insurance $2900/year Taxes $1882/year Water $180/year Electric $1800/year Lawn Care $650/year Pest Control $300/year Maintenance $2400/year TOTAL $10,112/YEAR NET INCOME: $27,088 Cap Rate of 13.5% Some units do have pets and they are charged an additional amount, normally $25 extra per month for every 2 pets. The electric bill covers the expense of electric in basement and security lights inside and outside the building. Owners will have electric cut on in individual units when improving.