12-Unit Apartment Building with On-Site
For Sale
$1,699,950
1412-1418 Armstrong Ave, Knoxville, TN 37917
MULTI_FAMILY - Knoxville, TN
Property Size8,514 SF
Price / SF$199.67
Days on Market75
Property Features for 1412-1418 Armstrong Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
16
Full bathrooms
12
Rooms
Bedroom 16, Bedroom 15, Bedroom 3, Bathroom 5, Bedroom 2, Bedroom 12, Bedroom 1, Bedroom 11, Bathroom 6, Bedroom 6, Bathroom 2, Bedroom 5, Bedroom 9, Bathroom 7, Bedroom 10, Bedroom 14, Bedroom 7, Bathroom 12, Bedroom 8, Bathroom 1, Bathroom 9, Bedroom 13, Bathroom 10, Bathroom 11, Bathroom 4, Bathroom 8, Bathroom 3, Bedroom 4
Parking features
On Street, Off Street
Patio and Porch features
Porch
Appliances
Dishwasher, Dryer, Microwave, Range, Refrigerator, Self Cleaning Oven, Washer
Directions
Broadway SW (US-441) for 1.6 mi. Turn left onto Kenyon St NE, then go 433 ft. Turn right onto Armstrong Ave NE. Go 0.1 mi to property on left at 1412 Armstrong Ave NE, Knoxville, TN 37917.
Subdivision
Knox County - 1
Standard status
Active
APN
081LE027
Size
8,514 SF
Taxes and HOA fees
Tax Annual Amount
15580
Utilities
Heating system
Natural Gas, Central, Electric (Heating)
Cooling system
Central Air
Amenities
on-site laundry
Building Details
Year built
1920
Number of units
12
Flooring type
Carpet, Laminate, Hardwood
Building materials
Fiber Cement, Aluminum Siding, Cement Siding, Block, Frame, Brick
Roof type
Shingle
Listing Agency:
Pace Probity Asset Management
(865) 357-1537
Listed By:
Christy CJ Pace
(865) 388-7131
Added: May 28
Changed: Aug 3
Last Checked: Aug 10 at 2:06PM
MLS# 1343469
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.
Two multi-unit apartment properties are offered together on one deeded lot at 1412 and 1418 Armstrong Ave in Knoxville’s Old North area. The combined offering totals 12 units across two buildings and is zoned RN4. The property was built in 1920.
At 1418 Armstrong Ave, there are four fully furnished units: two units with 3 bedrooms and 1 1/2 baths plus full kitchens with shared HVAC, and two 1-bedroom, 1-bath units with private HVAC systems. At 1412 Armstrong Ave, there are eight 1-bedroom, 1-bath units with each unit separately metered and equipped with individual HVAC systems. An on-site laundry facility supports residents, and parking includes off-street and on-street spaces. A porch is included.
Rental terms depend on use: one unit could be STR if the purchase is owner-occupied, while otherwise all units would need to be 30-day minimum rentals. Property built before 1978 may have lead-based paint, and buyers should verify all information independently.
At 1418 Armstrong Ave, there are four fully furnished units: two units with 3 bedrooms and 1 1/2 baths plus full kitchens with shared HVAC, and two 1-bedroom, 1-bath units with private HVAC systems. At 1412 Armstrong Ave, there are eight 1-bedroom, 1-bath units with each unit separately metered and equipped with individual HVAC systems. An on-site laundry facility supports residents, and parking includes off-street and on-street spaces. A porch is included.
Rental terms depend on use: one unit could be STR if the purchase is owner-occupied, while otherwise all units would need to be 30-day minimum rentals. Property built before 1978 may have lead-based paint, and buyers should verify all information independently.
Key Highlights
- 12 total units across two buildings at 1412 & 1418 Armstrong Ave on one deeded lot
- Zoned RN4 in Knoxville’s Old North area
- 1418 Armstrong Ave includes four fully furnished units with shared HVAC for the 3BR/1.5BA units and private HVAC for the 1BR/1BA units
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
$76,408
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
4.49%
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%
$1,528,160
$1.5M
Cap Rate 7%
$1,091,543
$1.1M
Cap Rate 9%
$848,978
$849.0K
Market Conditions
NOI Build-Up for 8,514 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
$150.2K $17.64/SF
− Vacancy
−$11.3K −$1.32/SF
EGI
$138.9K $16.32/SF
− OpEx
−$62.5K −$7.34/SF
NOI
$76.4K $8.97/SF
Area
Knoxville, 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%
$1,528,160
Cap Rate 7%
$1,091,543
Cap Rate 9%
$848,978
Alternative Uses
Best Use
Apartment 5plus
$1.09M
$955.1K – $1.27M
NOI $76,408 @ 7.0% cap · market cap 4.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.11M
$1.85M – $2.46M
NOI $147,612 @ 7.0% cap · market cap 8.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Yes
Paved road access
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 12-unit apartment building on one deeded lot with on-site laundry and individual HVAC systems across units.
Where is this apartment building located?
The property is located at 1412-1418 Armstrong Ave Knoxville, TN.
What is the asking price?
The asking price for this property is $1,699,950.
What are key features of this property?
This property features: 12 total units across two buildings at 1412 & 1418 Armstrong Ave on one deeded lot; Zoned RN4 in Knoxville’s Old North area; 1418 Armstrong Ave includes four fully furnished units with shared HVAC for the 3BR/1.5BA units and private HVAC for the 1BR/1BA units
