Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    2861 Michigan Avenue Rd NE Cleveland, TN 37323

    View on Map
    Sponsored
    For Sale
    $999,900

    MULTI_FAMILY - Cleveland, TN

    Property size:
    4,948 SF
    Days on Market:
    47
    Last Refresh:
    Mar 21 at 7:06 am

    Property Features for 2861 Michigan Avenue Rd NE

    General Information

    Special listing conditions
    Standard
    Property type
    Residential Multi Family
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Active
    Rooms
    Bathroom 3, Bathroom 1, Bathroom 2
    Bathrooms
    2
    APN
    050l B 013.00
    Patio and Porch features
    Deck
    Interior features
    Open Floorplan
    Basement
    Crawl Space
    Appliances
    Dishwasher, Electric Range, Refrigerator
    Size
    4,948 SF

    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

    We can help!

    Listing Contact
    Sommer Oder
    Sommer Oder

    Re/Max Experience

    Listing agent Sommer Oder License #329188

    Listing date Feb 2, 2026

    MLS# 20260523

    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.

    Learn more

    Overview

    Turnkey 5-Unit Townhouse Investment

    This is a fully tenant-occupied 5-unit apartment building in a high-demand area. Each unit features a 2-bedroom, 1.5-bathroom townhouse layout, offering spaciousness suitable for attracting and retaining tenants. The property is fully rented, providing immediate cash flow and low vacancy risk. It is located near amenities, shopping, and schools. The property size is 4948 square feet. This income-producing property is located in Cleveland, TN. The property is positioned for long-term growth and stability. Partial owner financing is available, making this an option for investors looking to expand their portfolio with flexible terms. The property consists of 5 spacious townhouse units, each with 2 bedrooms and 1.5 bathrooms. The property has a strong rental history.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop Accounting Firm Big Box & Wholesale Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Bradley
    State
    Tennessee
    Longitude
    -84.825656
    Latitude
    35.165868

    Nearby Similar for Sale

    • New
      $625,000
      2,680 SF

      Prime Cleveland Commercial Opportunity

      Commercial space in high-traffic Cleveland location with recent upgrades.
      2906 N Ocoee St, Cleveland, TN 37312
      View Details
    • New
      $525,000
      6,636 SF

      Cleveland Commercial Property with Warehouse

      Versatile commercial space with warehouse, garage bays, and offices.
      635 Central Ave NE, Cleveland, TN 37311
      View Details
    • $875,000
      Pending

      Multi-Building Church Campus For Sale

      Multi-building church campus on 4.2 acres in Cleveland, Tennessee.
      211 Trewhitt Dr SE, Cleveland, TN 37323
      View Details
    • $294,000
      1,200 SF

      Downtown Cleveland Commercial Building

      Prime commercial building in revitalizing downtown Cleveland, Tennessee.
      463 Central Ave NW, Cleveland, TN 37311
      View Details
    • $375,000
      2,714 SF

      Mixed-Use Property with Income Potential

      Commercial space with residential unit, ideal for owner-operators.
      270 Central Ave NW, Cleveland, TN 37311
      View Details
    • $1,125,000
      Pending

      Established Car Wash & Lube Center

      Full-service car wash and lube center in Cleveland, Tennessee.
      917 Keith St NW, Cleveland, TN 37311
      View Details
    • $600,000
      Pending

      Versatile Commercial Property For Sale

      Adaptable commercial space suitable for warehouse, event, or industrial use.
      111 Industrial Way SW, Cleveland, TN 37311
      View Details
    • $385,000
      2,724 SF

      Cleveland Church Building For Sale

      Tenant-occupied church with multifamily zoning and redevelopment potential.
      850 Elrod St SE, Cleveland, TN 37311
      View Details
    • $1,395,000
      2,915 SF

      Prime Commercial Property For Sale

      High-visibility commercial property ideal for restaurant or retail in Cleveland.
      2487 Keith St NW, Cleveland, TN 37311
      View Details
    • $479,900
      2,450 SF

      New Duplex in Growing Cleveland

      New construction duplex in Cleveland, TN, estimated completion May 2026.
      116 Courtland Crest Dr SW, Cleveland, TN 37311
      View Details
    • $950,000
      5,584 SF

      Keith Street Commercial Property

      Income-producing commercial property with 11 units in central Cleveland.
      2700 Keith St NW, Cleveland, TN 37312
      View Details
    • $1,700,000
      1,696 SF

      Commercial Property Near I-75

      Commercial property with multiple buildings and ample parking near I-75.
      2408 Guthrie Ave NW, Cleveland, TN 37311
      View Details

    FAQs

    What type of property is this?
    Apartment building - Fully occupied 5-unit apartment building in a desirable location.
    Where is this apartment building located?
    The property is located at 2861 Michigan Avenue Rd 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: - Fully tenant-occupied 5-unit townhouse complex providing immediate cash flow.; - Partial owner financing available, offering flexible investment terms.; - Prime location in a high-demand area near amenities, shopping, and schools.
    (423) 790-6592
    Request Owner's contact information
    2861 Michigan Avenue Rd NE Cleveland, TN 37323
    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.
    2861 Michigan Avenue Rd NE
    Cleveland, TN 37323
    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
    2861 Michigan Avenue Rd NE Cleveland, TN 37323
    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
    Sommer Oder
    Sommer Oder
    Real Estate License ID: 329188
    Learn More
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!