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Active 106 days on market

166 Warner Myers Rd

Pennington Gap, VA 24277 · Part Of Tract 3 · Lee County

$247,500

$7,500 price cut · Sep 17

Built
1984

Listing courtesy of Century 21 Virginia Wilder Real Estate · MLS #1348143

Description

Turnkey Multifamily Investment Opportunity - 6-Unit Apartment Building with a current 9.59% CAP rate (and lots of room to grow)

Income-producing multifamily assets of this size rarely become available in the Lee County market. This 6-unit apartment building presents an outstanding opportunity for investors seeking immediate cash flow, long-term appreciation, and the stability that comes with multiple income streams.

Whether you're expanding an established portfolio or purchasing your first multifamily investment, this property offers the scale to generate consistent rental income while reducing vacancy risk through diversified units. With six separate rental opportunities under one roof, investors can benefit from stronger cash flow potential than traditional single-family rentals.

Conveniently located in Pennington Gap, the property offers easy access to local employers, schools, shopping, and everyday amenities, helping support continued tenant demand. As rental inventory remains limited throughout the region, well-positioned multifamily properties continue to be among the most sought-after investment opportunities.

Opportunities like this don't stay on the market long. Add a proven income-producing asset to your portfolio, capitalize on the growing demand for quality rental housing, and position yourself for both immediate returns and long-term wealth creation.

Schedule your private tour today and discover why multifamily investing remains one of the strongest paths to building lasting real estate wealth.

Details

Home

Type
Residential Income
Year built
1984
Parking
On Premise Parking, Off Street

Interior

Flooring
Carpet, Laminate, Tile, Vinyl
Appliances
Refrigerator, Range, Washer, Dryer
Also
Washer/Dryer Connect, Internet Available

Exterior

Construction
Frame, Vinyl Siding

Utilities

Heating
Baseboard, Electric

Listing

MLS #
1348143
Status
Active
On market
106 days
Listed
Jul 14, 2026
Finances
Property tax
City + county
Inside city limits
HOA
None
No association dues

Price history

Sep 17, 2026
Price cut
$247,500 −$7,500
Before
Listed
$255,000

Accepted

  • Cash
  • Conventional
  • New Loan

Instant pre-approval

Get pre-approved before you tour.

Answer a few quick questions about your income and expenses by phone, and get pre-approved on the spot.

  • Takes 3 minutes
  • No credit pull
  • Fully automated
  • Available 24/7
Call (865) 535-7119
Location
Neighborhood
Part Of Tract 3
County
Lee
ZIP
24277

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Listing courtesy of Century 21 Virginia Wilder Real Estate. Listings courtesy of East Tennessee Realtors. Presented by Realty Executives Associates, (865) 983-0011. MLS # 1348143.