• Year Built: 1940
Pennsylvania Ave is amulti-family property for lease in Oak Ridge, TN.
This is a part of a portfolio of 88-units in twenty-two quadriplex buildings in Oak Ridge, TN.
The buildings are on separate lots. Buildings are Class C and were built in the 1940's during WWII but have been nicely updated with brick and very well maintained. No known deferred maintenance. No known code violations that aren't grandfathered.
This opportunity is presented on a pro forma basis for several reasons:
Actual income and expenses cannot precisely determined since the owner does not maintain accounting records by property and they own more properties than these.
Actual income would not fairly represent the property’s potential since the current occupancy is around 50%, at the owner’s choice. According to CoStar, the current vacancy rate in Oak Ridge is 10% and our proforma is based on that.
Some expenses can be determined or reconstructed such as property taxes, insurance and utilities.
Other expenses, such as repairs, will have to be estimated.
We based the proforma on 10% vacancy and a 50% Expense Ratio.
Tenants pay: Electricity, Gas, Trash and Recycling.