602 Elm Avenue Apartment Building for sale
100% Leased luxury apartments!
Marketing description
602 Elm Avenue | South Pittsburg, TN 37380 Asking Price: $750,000 | 4 Units | 4,553 SF | Current GRI: $69,600
A Rare Adaptive Reuse Investment in the Heart of Downtown South Pittsburg
Presenting a truly one-of-a-kind multifamily investment opportunity — a masterfully converted historic church reimagined into four distinctive residential units in the walkable core of downtown South Pittsburg, Tennessee. This property blends timeless architectural character with modern income-producing potential, offering investors an asset that stands apart from conventional multifamily stock.
The Property
Originally constructed as a church, 602 Elm Avenue has been thoughtfully transformed into a 4-unit residential building totaling 4,553 square feet. The conversion preserves striking original features — soaring ceilings, exposed structural beams, and historic architectural details — while incorporating contemporary finishes and modern amenities. Select units feature the repurposed baptismal converted into a lofted suite, original church entry doors, and open-concept floor plans that are virtually impossible to replicate in new construction.
The Investment
At an asking price of $750,000 with a current gross rental income of $69,600 annually, this property offers a compelling entry into a market with limited quality multifamily supply. The building's unique character and downtown walkability support strong tenant demand and above-average retention.
- Total Units: 4
- Total SF: 4,553
- Asking Price: $750,000
- Current Gross Annual Rents: $69,600
- Price Per Unit: $187,500
- Price Per SF: $164.84
The Location
South Pittsburg is a growing small city anchored by its historic downtown, proximity to I-24, and the nationally recognized Lodge Cast Iron manufacturing heritage. The property is within walking distance of South Pittsburg High School, downtown dining and retail, and is a short drive from Chattanooga — making it attractive to a wide renter demographic including young professionals, healthcare workers, and commuters priced out of larger markets.
Highlights
- Historic church adaptive reuse — unique, competition-free asset class
- Architecturally distinctive units with high-end converted finishes
- Strong current in-place rents with upside potential
- Walkable downtown location with high visibility
- Convenient access to I-24 and the greater Chattanooga metro
- Tenant-friendly utilities structure — water, sewer, and trash included by landlord
This is a rare opportunity to acquire a character-rich, income-producing asset in one of Southeast Tennessee's most charming historic downtowns. Properties of this caliber and uniqueness seldom come to market.
Investment highlights
Historic Church Conversion- Fully Leased 4-Unit Apartment Building in the heart of South Pittsburg.
Step into a unique investment opportunity with this beautifully renovated 4-unit apartment building, originally constructed as a church and thoughtfully transformed just three years ago. Combining historic charm with modern convenience, each apartment features sleek stainless-steel appliances, durable LVP flooring, and the added benefit of in-unit washers and dryers. All units have parking available and a shared outdoor space. This turnkey property continues to enjoy consistent occupancy since its renovation, a testament to its quality and tenant appeal. Distinctive architectural details from the original structure provide character and a sense of history, while the modern interiors offer low-maintenance, high-demand living spaces.
Ideal for investors seeking a stable, income-producing asset with built-in charm. Don't miss your chance to own a piece of history that performs like a modern multifamily building.
Apartment 1 has 3 bedrooms, 2 bathrooms
Apartment 2 has 2 bedrooms, 1 bathroom
Apartment 3 has 2 bedrooms, 2 bathrooms
Apartment 4 has 2 bedrooms, 1 bathroom
Please note that due to current tenant occupancy, we are unable to accommodate showings at this time. The tenants value their privacy, and as such, we prefer not to disturb them unless we have a serious offer with proof of funds in place.
Once we have received a formal offer along with the necessary documentation, we will coordinate with the tenants and schedule a showing. We appreciate your understanding and cooperation in respecting their space.
All appliances including 4 refrigerators. 4 microwaves, 4 ovens, 4 dishwashers, 4 washers, 4 dryers.
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