7-Unit Apartment
For Sale
$999,950
311 Silver Place, Knoxville, TN 37917
Multi-Family, Knoxville, TN
Property Size5,626 SF
Price / SF$177.74
Days on Market345
Property Features for 311 Silver Place
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
7
Full bathrooms
7
Rooms
Bedroom 4, Bathroom 5, Bathroom 6, Bedroom 7, Bathroom 3, Bathroom 4, Bedroom 2, Bedroom 3, Bedroom 6, Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 5, Bathroom 7
Parking features
Off Street, On Street
Patio and Porch features
Porch
Appliances
Range, Refrigerator
Subdivision
Cullen Prop Pt 11
Directions
FROM Broadway SW (US-441): Go for 1.1 mi. Turn left onto Caswell Ave NE. Go for 328 ft. Turn slightly left onto Irwin St. Go for 98 ft. Turn right onto Cullen Pl. Go for 200 ft.
Standard status
Active
APN
081MS014
Size
5,626 SF
Taxes and HOA fees
Tax Annual Amount
8759
Utilities
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Ceiling Fan(s)
Building Details
Year built
1899
Number of units
7
Flooring type
Hardwood, Vinyl
Building materials
Vinyl Siding, Frame
Roof type
Metal
Listing Agency:
Pace Probity Asset Management
(865) 357-1537
Listed By:
Christy CJ Pace
(865) 388-7131
Added: Oct 22, 2025
Changed: Sep 14
Last Checked: Oct 1 at 5:06PM
MLS# 1319536
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.
This 7-unit apartment property contains 5,626 square feet and dates to 1899. The building features vinyl siding over frame construction, a metal roof, vinyl and hardwood flooring, central air, electric heating, and ceiling fans. Range and refrigerator appliances are included, and the property offers porch space along with on-street and off-street parking.
All units are operated as long-term rentals. Current operations include a revised rent structure with a water and sewer offset, while vacant units are being refilled following roster cleanup and a management transition. Utilities are individually metered where applicable; ownership covers common utilities and water/sewer. The property is zoned RN-4 and sits near Downtown Knoxville, the University of Tennessee, major employers, and local entertainment districts.
All units are operated as long-term rentals. Current operations include a revised rent structure with a water and sewer offset, while vacant units are being refilled following roster cleanup and a management transition. Utilities are individually metered where applicable; ownership covers common utilities and water/sewer. The property is zoned RN-4 and sits near Downtown Knoxville, the University of Tennessee, major employers, and local entertainment districts.
Key Highlights
- 7‑unit apartment property totaling 5,626 square feet
- Long‑term rental operation with active vacancy refill
- Zoned RN‑4
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
$50,490
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
5.05%
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%
$1,009,800
$1.0M
Cap Rate 7%
$721,286
$721.3K
Cap Rate 9%
$561,000
$561.0K
Market Conditions
NOI Build-Up for 5,626 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
$99.2K $17.64/SF
− Vacancy
−$7.4K −$1.32/SF
EGI
$91.8K $16.32/SF
− OpEx
−$41.3K −$7.34/SF
NOI
$50.5K $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%
$1,009,800
Cap Rate 7%
$721,286
Cap Rate 9%
$561,000
Alternative Uses
Best Use
Apartment 5plus
$721.3K
$631.1K – $841.5K
NOI $50,490 @ 7.0% cap · market cap 5.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.39M
$1.22M – $1.63M
NOI $97,541 @ 7.0% cap · market cap 9.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
1,038
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Long-term rental property with central air, individual metering where applicable, and off-street parking.
Where is this apartment building located?
The property is located at 311 Silver Place Knoxville, TN.
What is the asking price?
The asking price for this property is $999,950.
What are key features of this property?
This property features: 7‑unit apartment property totaling 5,626 square feet; Long‑term rental operation with active vacancy refill; Zoned RN‑4
