5-Unit Short-Term Rental
For Sale
$1,099,900
109/115 E Glenwood Ave, Knoxville, TN 37917
Multi-Family, Knoxville, TN
Property Size4,907 SF
Lot Size0.28 Acres
Price / SF$224.15
Days on Market39
Property Features for 109/115 E Glenwood Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
10
Full bathrooms
5
Rooms
Bedroom 10, Bedroom 4, Bathroom 1, Bedroom 5, Bedroom 9, Bathroom 4, Bedroom 2, Bedroom 7, Bathroom 3, Bedroom 8, Bedroom 1, Bedroom 6, Bathroom 5, Bedroom 3, Bathroom 2
Parking features
Off Street
Patio and Porch features
Porch
Appliances
Dryer, Microwave, Range, Refrigerator, Self Cleaning Oven, Washer
Subdivision
Mayfield Pt 1
Elementary school
Christenberry
Middle school
Whittle Springs
High school
Fulton
Directions
From Downtown Knoxville, head north on N Broadway. Turn right onto E Glenwood Ave. Property will be on the left at 109/115 E Glenwood Ave.
Standard status
Active
APN
081LF017 & 081LF016
Size
4,907 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Annual Amount
5841
Utilities
Heating system
Electric (Heating), Central
Cooling system
Ceiling Fan(s), Central Air
Amenities
private entrance
in-unit laundry
Building Details
Year built
1920
Number of units
5
Flooring type
Vinyl
Building materials
Vinyl Siding, Frame
Roof type
Asphalt
Listing Agency:
Real Broker
(844) 591-7325
Listed By:
Quinn Epperly
(865) 963-8462
Added: Aug 20
Changed: Sep 15
Last Checked: Sep 27 at 9:06PM
MLS# 1352518
Copyright © 2026 East Tennessee Realtors®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The offering combines 109 and 115 E Glenwood Ave into a five-unit residential income property totaling 4,907 square feet on 0.28 acres. Built in 1920, the two structures include a commercially zoned triplex and a renovated up-and-down duplex. Each residence has a private entrance and in-unit laundry. Triplex improvements include luxury vinyl plank flooring, granite countertops, and an additional half bath in Unit 1; two units are furnished, while the basement unit has been remodeled and is unfurnished.
Four units have previously operated as short-term rentals, and one has been used as a long-term rental. The triplex has obtained a non-owner-occupied short-term rental permit, subject to applicable permitting and regulations. Shared off-street parking accommodates 12 cars, with an additional side driveway at 109 E Glenwood Ave. The properties are within walking distance of neighborhood coffee and smoothie shops and a short drive from Downtown Knoxville, the University of Tennessee, Old City, and Happy Holler.
Four units have previously operated as short-term rentals, and one has been used as a long-term rental. The triplex has obtained a non-owner-occupied short-term rental permit, subject to applicable permitting and regulations. Shared off-street parking accommodates 12 cars, with an additional side driveway at 109 E Glenwood Ave. The properties are within walking distance of neighborhood coffee and smoothie shops and a short drive from Downtown Knoxville, the University of Tennessee, Old City, and Happy Holler.
Key Highlights
- Five units across two neighboring properties at 109 & 115 E Glenwood Ave
- 4,907 square feet on 0.28 acres; constructed in 1920
- 109 E Glenwood Ave is a commercially zoned triplex
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$47,855
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.35%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$957,100
$957.1K
Cap Rate 7%
$683,643
$683.6K
Cap Rate 9%
$531,722
$531.7K
Market Conditions
NOI Build-Up for 4,907 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$73.6K $15.00/SF
− Vacancy
−$5.2K −$1.07/SF
EGI
$68.4K $13.93/SF
− OpEx
−$20.5K −$4.18/SF
NOI
$47.9K $9.75/SF
Area
Knoxville, TN
Vacancy
7.12%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$957,100
Cap Rate 7%
$683,643
Cap Rate 9%
$531,722
Alternative Uses
Best Use
Multifamily LT 5
$683.6K
$598.2K – $797.6K
NOI $47,855 @ 7.0% cap · market cap 4.35%
Second Best
Apartment 5plus
$629.1K
$550.5K – $734.0K
NOI $44,037 @ 7.0% cap · market cap 4.00%
Theoretical Best
Office A
$1.22M
$1.06M – $1.42M
NOI $85,076 @ 7.0% cap · market cap 7.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,079
Businesses Nearby
Explore this area
Business Placement
Demographics for 37917, TN
25,013
Population
14,216
Households
1.8
Avg Household Size
39
Median Age
31%
College-Educated
87%
High-School Grad
9.5 sq mi
ZIP Area
2,633
Density / Sq Mi
$51,232
Median Household Income
$37,853
Median Earnings
$1,063
Median Rent
$189,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Short term rental property - Two renovated neighboring buildings offer private entrances, in-unit laundry, and shared off-street parking near Downtown Knoxville.
Where is this short term rental property located?
The property is located at 109/115 E Glenwood Ave Knoxville, TN.
What is the asking price?
The asking price for this property is $1,099,900.
What are key features of this property?
This property features: Five units across two neighboring properties at 109 & 115 E Glenwood Ave; 4,907 square feet on 0.28 acres; constructed in 1920; 109 E Glenwood Ave is a commercially zoned triplex
