92-Unit Apartment
3700/04/22 Stephens Road NE Cleveland, TN 37312
For Sale
$7,499,000
COMMERCIAL - Cleveland, TN
Property Size61,954 SF
Lot Size5.36 Acres
Price / SF$121.04
Days on Market142
Property Features for 3700/04/22 Stephens Road NE
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Parking
133
Parking features
Parking Lot, Assigned
Exterior features
Rain Gutters
Appliances
Electric Range, Refrigerator
Standard status
Active
APN
042n B 003.00/003.01/003.02
Size
61,954 SF
Lot size
5.36 Acres
Taxes and HOA fees
Tax Annual Amount
36358
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Multi Units, Window Unit(s), Central Air
Water source
Public
Building Details
Year built
1984
Flooring type
Carpet, Vinyl, Laminate
Building materials
Brick Veneer, Vinyl Siding
Listing Agency:
Crye-Leike REALTORS - Cleveland
(423) 473-9545
Listed By:
Max Phillips · License #203547
(423) 596-7173
Added: Mar 11
Changed: Jul 28
Last Checked: Jul 30 at 1:06AM
MLS# 20261220
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.
The property is a well-maintained 92-unit apartment community comprising 64 one-bedroom/one-bath units, 19 two-bedroom/one-and-a-half bath units, 8 two-bedroom/one-and-a-half bath units with washer and dryer hookups, and 1 one-bedroom/one-bath unit with washer and dryer hookup. The community includes access to a laundry facility with pay-per-use washers and dryers, and the owner currently pays water and sewer. Significant recent improvements are documented across the complex, including replacement of the main water line, new roofs, new windows, new steel steps, updated paving, new gutters, refreshed siding and exterior paint, and replacement dumpsters. Interior upgrades include Allure Traffic Master flooring installed in approximately 90 percent of the units, new HVAC systems in an estimated 80 percent of the units, and new appliances.
The apartment community is located in Cleveland, Tennessee, with access described as convenient to shopping, dining, schools, and major routes. Seven buildings were built in 1978, and the other seven buildings were built in 1984.
This configuration can support a range of tenant needs based on the unit mix, and the combination of washer/dryer hookup options and an on-site pay-per-use laundry facility adds day-to-day convenience. With documented exterior and interior capital improvements, the property presents a practical option for buyers seeking a larger stabilized apartment portfolio with modernization already in place.
The apartment community is located in Cleveland, Tennessee, with access described as convenient to shopping, dining, schools, and major routes. Seven buildings were built in 1978, and the other seven buildings were built in 1984.
This configuration can support a range of tenant needs based on the unit mix, and the combination of washer/dryer hookup options and an on-site pay-per-use laundry facility adds day-to-day convenience. With documented exterior and interior capital improvements, the property presents a practical option for buyers seeking a larger stabilized apartment portfolio with modernization already in place.
Key Highlights
- 92‑unit apartment community with a mix of 1BR/1BA and 2BR/1.5BA units, including units with washer & dryer hookups
- Significant exterior improvements including replacement of the main water line, new roofs, new windows, new steel steps, new paving, updated siding/exterior paint, and new gutters
- Interior upgrades include flooring installed in ~90% of units, new HVAC systems in an estimated ~80% of units, and new appliances
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 | $892.1k | $14.40 |
| − Vacancy | −$54.4k | −$0.88 |
| EGI | $837.7k | $13.52 |
| − OpEx | −$377.0k | −$6.08 |
| NOI | $460.7k | $7.44 |
61,954 SF · lease $14.40/SF/yr · vacancy 6.10% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$6.58M
$5.76M – $7.68M
NOI $460,744 @ 7.0% cap · market cap 6.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$13.00M
$11.37M – $15.17M
NOI $909,980 @ 7.0% cap · market cap 12.13%
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 - Well-maintained 92-unit apartment community with recent exterior and interior upgrades and on-site pay-per-use laundry.
Where is this apartment building located?
The property is located at 3700/04/22 Stephens Road NE Cleveland, TN.
What is the asking price?
The asking price for this property is $7,499,000.
What are key features of this property?
This property features: 92‑unit apartment community with a mix of 1BR/1BA and 2BR/1.5BA units, including units with washer & dryer hookups; Significant exterior improvements including replacement of the main water line, new roofs, new windows, new steel steps, new paving, updated siding/exterior paint, and new gutters; Interior upgrades include flooring installed in ~90% of units, new HVAC systems in an estimated ~80% of units, and new appliances
