Multi-Family Rental
For Sale
$1,700,000
110-145 Wenger Park Lane, Luttrell, TN 37779
MULTI_FAMILY - Luttrell, TN
Property Size8,000 SF
Lot Size16.17 Acres
Price / SF$212.50
Days on Market308
Property Features for 110-145 Wenger Park Lane
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
25
Full bathrooms
11
Rooms
Bedroom 11, Bedroom 13, Bathroom 9, Bedroom 10, Bathroom 6, Bedroom 6, Bedroom 7, Bedroom 9, Bathroom 2, Bathroom 4, Bedroom 4, Bedroom 5, Bedroom 3, Bathroom 3, Bathroom 1, Bathroom 10, Bedroom 2, Bedroom 25, Bedroom 15, Bedroom 22, Bedroom 24, Bathroom 5, Bathroom 7, Bedroom 16, Bedroom 12, Bathroom 8, Bedroom 14, Bedroom 18, Bathroom 11, Bedroom 19, Bedroom 23, Bedroom 1, Bedroom 20, Bedroom 17, Bedroom 8, Bedroom 21
Directions
I-640 to exit 6 Broadway turn left on Broadway take slight right turn onto Tazewell Pike drive 13 miles turn left onto Ailor Gap road 1.6 miles turn right to SR-370, 2.2 miles left onto Bull Run Road 0.5 miles right onto Wenger Park Lane
Subdivision
Union County - 25
Standard status
Active
APN
072 025.00
Size
8,000 SF
Lot size
16.17 Acres
Taxes and HOA fees
Tax Annual Amount
2931
Utilities
Heating system
Electric (Heating)
Building Details
Year built
1981
Number of units
11
Flooring type
Vinyl
Building materials
Vinyl Siding, Frame
Roof type
Shingle
Listing Agency:
Southern Charm Homes
(865) 518-4324
Listed By:
Donna Kay Seymour
(865) 556-0289
Added: Oct 9, 2025
Changed: Aug 4
Last Checked: Aug 12 at 7:06AM
MLS# 1318104
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.
This multi-family rental portfolio comprises 16.17 acres improved with 11 site-built homes, with 8 currently occupied. The property also includes numerous pads that are set up for mobile homes. In addition, there is a building that was previously used as a store, which the seller notes could possibly be converted to apartments or other use.
The offering is located on Wenger Park Lane in Luttrell, Tennessee (Union County). A current survey is on file. The seller provides no warranties or guarantees regarding the property’s condition, and buyers are instructed to verify all information through their own due diligence.
As presented in tax records, the mix of site-built rentals, mobile home pads, and an additional adaptable building offers multiple on-site housing configurations for the right buyer to evaluate through inspection.
The offering is located on Wenger Park Lane in Luttrell, Tennessee (Union County). A current survey is on file. The seller provides no warranties or guarantees regarding the property’s condition, and buyers are instructed to verify all information through their own due diligence.
As presented in tax records, the mix of site-built rentals, mobile home pads, and an additional adaptable building offers multiple on-site housing configurations for the right buyer to evaluate through inspection.
Key Highlights
- Portfolio of 11 site‑built homes on 16.169 acres, offering immediate rental income potential.
- Numerous pads already set up for mobile homes, allowing for expansion and increased revenue streams.
- Building previously used as a store presents conversion possibilities (apartments or other uses).
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
$71,795
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
4.22%
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%
$1,435,900
$1.4M
Cap Rate 7%
$1,025,643
$1.0M
Cap Rate 9%
$797,722
$797.7K
Market Conditions
NOI Build-Up for 8,000 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
$141.1K $17.64/SF
− Vacancy
−$10.6K −$1.32/SF
EGI
$130.5K $16.32/SF
− OpEx
−$58.7K −$7.34/SF
NOI
$71.8K $8.97/SF
Area
Union County, TN
Vacancy
7.50%
Lease Rate
$17.64 /SF/Yr
Expense Ratio
45.00%
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%
$1,435,900
Cap Rate 7%
$1,025,643
Cap Rate 9%
$797,722
Alternative Uses
Best Use
Apartment 5plus
$1.03M
$897.4K – $1.20M
NOI $71,795 @ 7.0% cap · market cap 4.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.98M
$1.73M – $2.31M
NOI $138,701 @ 7.0% cap · market cap 8.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5
Businesses Nearby
Explore this area
Business Placement
Demographics for 37779, TN
3,812
Population
1,554
Households
2.5
Avg Household Size
43
Median Age
10%
College-Educated
86%
High-School Grad
34.6 sq mi
ZIP Area
110
Density / Sq Mi
$51,159
Median Household Income
$37,474
Median Earnings
$829
Median Rent
$160,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - Portfolio includes 11 site-built homes on 16.17 acres, with 8 currently occupied and additional mobile home pads.
Where is this single family property located?
The property is located at 110-145 Wenger Park Lane Luttrell, TN.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Portfolio of 11 site‑built homes on 16.169 acres, offering immediate rental income potential.; Numerous pads already set up for mobile homes, allowing for expansion and increased revenue streams.; Building previously used as a store presents conversion possibilities (apartments or other uses).
