Turnkey 5-Unit Townhouse
2861 Michigan Ave Road NE Cleveland, TN 37323
For Sale
$999,900
MULTI_FAMILY - Cleveland, TN
Property Size4,948 SF
Price / SF$202.08
Days on Market115
Property Features for 2861 Michigan Ave Road NE
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bathrooms
3
Rooms
Bathroom 1, Bathroom 2, Bathroom 3
Patio and Porch features
Deck
Interior features
Open Floorplan
Basement
Crawl Space
Appliances
Dishwasher, Electric Range, Refrigerator
Standard status
Active
APN
050l B 017.00
Size
4,948 SF
Taxes and HOA fees
Tax Annual Amount
1327
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1997
Floors in Building
2
Number of units
5
Flooring type
Laminate
Building materials
Brick Veneer, Vinyl Siding
Roof type
Shingle
Listing Agency:
RE/MAX Experience
(423) 790-3086
Listed By:
Sommer Oder · License #329188
(423) 790-6592
Added: Apr 7
Changed: Jul 18
Last Checked: Jul 30 at 9:06AM
MLS# 20261783
Copyright © 2026 River Counties Association of 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 is a fully tenant-occupied 5-unit apartment building located in a desirable area. Each unit features a 2-bedroom, 1.5-bathroom townhouse layout, offering spacious living areas suitable for attracting and retaining tenants. The property is fully rented, providing immediate cash flow and low vacancy risk. Its location offers convenient access to major amenities, shopping, and schools, positioning it for long-term growth and stability. The property size is 4948 square feet. This income-producing property presents an opportunity to acquire a stable, income-generating asset with a built-in tenant base.
Key Highlights
- 5‑unit townhouse building built in 1997, fully tenant occupied
- Each unit features 2 bedrooms and 1.5 bathrooms
- Open floorplan interior features
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $71.3k | $14.40 |
| − Vacancy | −$4.3k | −$0.88 |
| EGI | $66.9k | $13.52 |
| − OpEx | −$30.1k | −$6.08 |
| NOI | $36.8k | $7.44 |
4,948 SF · lease $14.40/SF/yr · vacancy 6.10% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$525.7K
$460.0K – $613.3K
NOI $36,798 @ 7.0% cap · market cap 3.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.04M
$908.5K – $1.21M
NOI $72,676 @ 7.0% cap · market cap 7.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Tenant-occupied 5-unit apartment building in a high-demand area.
Where is this apartment building located?
The property is located at 2861 Michigan Ave Road NE Cleveland, TN.
What is the asking price?
The asking price for this property is $999,900.
What are key features of this property?
This property features: 5‑unit townhouse building built in 1997, fully tenant occupied; Each unit features 2 bedrooms and 1.5 bathrooms; Open floorplan interior features
