Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1412 Armstrong Ave Knoxville, TN 37917

    Sponsored
    For Sale
    $1,849,950

    MULTI_FAMILY - Knoxville, TN

    Property size:
    8,514 SF
    Days on Market:
    10
    Last Refresh:
    Feb 5 at 9:06 am

    Property Features for 1412 Armstrong Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bathroom 6, Bedroom 15, Bathroom 7, Bedroom 8, Bedroom 7, Bathroom 4, Bedroom 11, Bedroom 2, Bathroom 9, Bedroom 1, Bedroom 12, Bathroom 8, Bedroom 5, Bedroom 16, Bedroom 3, Bathroom 1, Bathroom 12, Bedroom 6, Bedroom 4, Bedroom 13, Bathroom 10, Bathroom 3, Bedroom 14, Bathroom 2, Bedroom 9, Bedroom 10, Bathroom 5, Bathroom 11
    Bedrooms
    16
    APN
    081LE027
    Parking features
    Off Street, On Street
    Patio and Porch features
    Porch
    Appliances
    Dishwasher, Dryer, Microwave, Range, Refrigerator, Self Cleaning Oven, Washer
    Size
    8,514 SF

    Utilities

    Heating system
    Electric (Heating), Central, Natural Gas
    Cooling system
    Central Air

    Building Details

    Year built
    1920
    Number of units
    12
    Flooring type
    Laminate, Carpet, Hardwood
    Building materials
    Fiber Cement, Aluminum Siding, Cement Siding, Block, Frame, Brick
    Roof type
    Shingle

    We can help!

    Listing Contact
    Christy CJ Pace
    Christy CJ Pace

    Pace Probity Asset Management a dba of Pace Probity LLC (865) 388-7131

    Listing agent Christy CJ Pace (865) 388-7131

    Listing date Jan 27, 2026

    MLS# 1326887 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Knoxville Multifamily Investment Opportunity

    Located in Knoxville's desirable Old North area, this investment opportunity includes two multi-unit properties at 1412 & 1418 Armstrong Ave, offered together on one deeded lot. The properties, zoned RN4, feature a total of 12 units across two buildings. One unit could be used for short-term rentals if owner-occupied; otherwise, all units require a 30-day minimum rental period. 1418 Armstrong Ave comprises four fully furnished units: two with 3 bedrooms and 1 1/2 baths, full kitchens, and shared HVAC; and two 1-bedroom, 1-bath units with private HVAC systems, suitable for traveling professionals or flexible leasing options (30 days or more). 1412 Armstrong Ave includes eight 1-bedroom, 1-bath units, each separately metered and equipped with individual HVAC systems. An on-site laundry facility enhances resident convenience. Situated on a quiet dead-end street, the property is minutes from downtown Knoxville, the University of Tennessee, and major attractions. The property, with a size of 8514 square feet, offers possibilities for multiple income streams, managed as long-term housing, short-term rentals (30 days or more), or a hybrid model. It presents a turn-key addition for investors seeking cash flow and appreciation in Knoxville's rental market.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Short term rental ...

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Knoxville
    County
    Knox
    State
    Tennessee
    Longitude
    -83.921457
    Latitude
    35.989445

    Nearby Similar for Sale

    • New
      $1,700,000
      9,000 SF

      Knoxville Multifamily Investment Opportunity

      Fully furnished townhomes near UTK, ideal for STR investors.
      Knoxville, TN 37921
      View Details
    • $2,150,000
      9,652 SF

      20-Unit Multifamily Complex in Knoxville

      Multifamily complex in Knoxville's Parkridge neighborhood with upside potential.
      2114-2300 Washington Ave, Knoxville, TN 37917
      View Details
    • $1,049,950
      5,626 SF

      Knoxville Multifamily Investment Opportunity

      Seven-unit multifamily property in North Knoxville, ideal for owner-operator.
      311 Silver Pl, Knoxville, TN 37917
      View Details
    • $2,900,000
      Pending

      Knoxville Multifamily Investment Opportunity

      24-unit apartment complex with value-add potential in North Knoxville.
      3300-3374 Valley View Dr, Knoxville, TN 37917
      View Details
    • $599,000
      0.09 Acres

      Victorian Home in Fourth & Gill

      Charming duplex in a walkable neighborhood with rental potential.
      716/718 Morgan St, Knoxville, TN 37917
      View Details
    • $630,000
      Pending

      New Construction Duplex Opportunity

      New construction duplex in Karns, featuring upscale finishes and a convenient location.
      6612/6614 Johnbo Way, Knoxville, TN 37931
      View Details
    • $599,900
      3,500 SF

      Knoxville Rancher with 10 Bedrooms

      Rancher with 10 bedrooms, 4 baths, and covered porch.
      3706 Washington Pike, Knoxville, TN 37917
      View Details
    • $630,000
      Pending

      Upscale Duplex in Amazing Location

      Upscale duplex with modern finishes and desirable location.
      6618/6620 Johnbo Way, Knoxville, TN 37931
      View Details
    • $475,000
      Pending

      Remodeled Brick Duplex in Knoxville

      Recently remodeled Fountain City duplex with modern comfort and classic charm.
      5507 5Th St, Knoxville, TN 37918
      View Details
    • $599,000
      Pending

      Fountain City Duplex For Sale

      Two-story duplex in Fountain City with modern finishes.
      3429 Garden Dr, Knoxville, TN 37918
      View Details
    • $587,000
      2,688 SF

      Knoxville Fourplex Investment Opportunity

      Four-unit residential property in Knoxville with income-generating potential.
      7003 Old Clinton Pike, Knoxville, TN 37921
      View Details
    • $300,000
      1,662 SF

      East Knoxville Income-Producing Duplex

      Income-producing duplex near Downtown Knoxville with renovation upside.
      927 Biddle St, Knoxville, TN 37914
      View Details

    FAQs

    What type of property is this?
    Apartment building - Two multi-unit properties with 12 units total in desirable Old North.
    Where is this apartment building located?
    The property is located at 1412 Armstrong Ave Knoxville, TN.
    What is the asking price?
    The asking price for this property is $1,849,950.
    What are key features of this property?
    This property features: - Investment opportunity: Two multi-unit properties (12 total units) on one deeded lot in Knoxville's Old North area.; - Zoning RN4 allows for potential short-term rentals (30-day minimum) or long-term housing.; - 1418 Armstrong Ave includes **four fully furnished units**.
    (865) 388-7131
    Request Owner's contact information
    1412 Armstrong Ave Knoxville, TN 37917
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1412 Armstrong Ave
    Knoxville, TN 37917
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1412 Armstrong Ave Knoxville, TN 37917
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Christy CJ Pace
    Christy CJ Pace
    (865) 388-7131
    Learn more
    Google sign-in failed. Please try again or use another login method.