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    1688 Old Highway 95 Lenoir City, TN 37771

    Sponsored
    For Sale
    Pending
    $975,000

    MULTI_FAMILY - Lenoir City, TN

    Property size:
    7,540 SF
    Lot size:
    1.50 Acres
    Days on Market:
    56
    Last Refresh:
    Feb 7 at 8:06 am

    Property Features for 1688 Old Highway 95

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Pending
    Rooms
    Bedroom 7, Bedroom 16, Bathroom 3, Bedroom 10, Bedroom 15, Bedroom 12, Bathroom 5, Bedroom 8, Bathroom 7, Bedroom 13, Bedroom 4, Bathroom 8, Bedroom 2, Bedroom 3, Bathroom 1, Bathroom 4, Bedroom 14, Bathroom 6, Bedroom 5, Bedroom 6, Bedroom 9, Bedroom 11, Bedroom 1, Bathroom 2
    Bedrooms
    16
    APN
    015 274.00
    Patio and Porch features
    Patio
    Interior features
    Pantry
    Appliances
    Dishwasher, Range, Refrigerator
    Size
    7,540 SF
    Lot size
    1.50 Acres

    Utilities

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

    Building Details

    Year built
    1976
    Number of units
    8
    Flooring type
    Laminate
    Building materials
    Brick
    Roof type
    Metal

    We can help!

    Listing Contact
    Solange Velas
    Solange Velas

    Goldman Partners Realty, LLC (865) 444-3241

    Listing agent Solange Velas (865) 368-2787

    Listing date Dec 14, 2025

    MLS# 1324059 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

    Lenoir City Multifamily Investment

    This multifamily property in Lenoir City, Tennessee, features two four-unit buildings on a single lot. Each unit includes two bedrooms and one bathroom. All units are equipped with central HVAC, stoves, refrigerators, and dishwashers. Capital improvements in the last four years include new water heaters, HVAC systems, and six renovated units. The buildings have brick exteriors and metal roofs installed in 2011. The property is located off I-75, minutes from Turkey Creek and Oak Ridge National Lab. The property size is 7540 square feet on a 1.5-acre lot. The location, low-maintenance exterior, and recent improvements make this a turnkey investment. All HVAC units have been replaced since 2018. The property is intended for use as a residential income property.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Caring Hands At Home Home Health Care Service

    Suggested Use

    Law Firm Building Supply Auto Repair Shop Accounting Firm (Bike/Boat/Book/etc) Store Garden Center Nursing Home Nursing Home Plumbing Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Lenoir City
    County
    Loudon
    State
    Tennessee
    Longitude
    -84.288692
    Latitude
    35.814851

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    FAQs

    What type of property is this?
    Apartment building - Eight-unit apartment complex in Lenoir City, Tennessee.
    Where is this apartment building located?
    The property is located at 1688 Old Highway 95 Lenoir City, TN.
    What is the asking price?
    The asking price for this property is $975,000.
    What are key features of this property?
    This property features: - Turnkey Investment: Recent capital improvements including new HVACs, water heaters, and 6 renovated units.; - All Units feature 2 bedrooms, 1 bath, central HVAC, stoves, refrigerators, and dishwashers.; - New Metal Roofs were installed in 2011.
    (865) 444-3241
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    1688 Old Highway 95 Lenoir City, TN 37771
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    Lenoir City, TN 37771
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    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
    1688 Old Highway 95 Lenoir City, TN 37771
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    We can help!
    Listing Contact
    Solange Velas
    Solange Velas
    (865) 444-3241
    Learn more
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