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    92-Unit Apartment Community in Cleveland Title is generated by Realmo AI

    3700/04/22 Stephens Road NE, Cleveland, TN 37312

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    Claim this Listing
    For Sale
    $7,999,900

    COMMERCIAL - Cleveland, TN

    Property size:
    61,954 SF
    Lot size:
    5.36 Acres
    Price / SF:
    $129/SF
    Added:
    Mar 11, 2026
    Days on Market:
    96
    Last Refresh:
    Jun 14 at 5:06 pm

    Property Features for 3700/04/22 Stephens Road NE

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Commercial
    Parking
    133
    Parking features
    Assigned, Parking Lot
    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, Laminate, Vinyl
    Building materials
    Brick Veneer, Vinyl Siding

    We can help!

    Listing Contact
    Max Phillips
    Max Phillips

    Listing agent Max Phillips License #203547

    Listing office Crye-Leike REALTORS - Cleveland 4627 N Lee Highway, TN

    Listing date Mar 11, 2026

    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.

    HighLights

    • Prime Cleveland location, just 5 minutes from everything Cleveland has to offer.
    • 92‑unit apartment community with a desirable unit mix.
    • Extensive recent capital improvements including new roofs, windows, paving, and updated siding.
    • Interior upgrades including Allure Traffic Master flooring in approximately 90% of units and new HVAC systems in an estimated 80% of the units.
    • Strong investment opportunity due to established community and attractive unit options.
    • Convenient access to shopping, dining, schools, and major routes.

    Overview

    This well-maintained 92-unit apartment community is located in Cleveland, Tennessee, approximately 5 minutes from local amenities. The property, situated on a 5.36-acre lot, comprises 61,954 square feet of residential space. The unit mix includes 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 a washer and dryer hookup. Residents have access to a community laundry facility with pay-per-use washers and dryers. Significant capital improvements have been completed, including replacement of the main water line, new roofs, new windows, new steel steps, new paving, new gutters, updated siding and exterior paints, and new dumpsters. Interior upgrades feature Allure Traffic Master flooring in approximately 90 percent of the units, new HVAC systems in an estimated 80 percent of the units, and new appliances. A substantial number of trees have been removed to enhance visibility and curb appeal. The property is located in a convenient area, offering residents quick access to shopping, dining, schools, and major routes. Seven buildings were constructed in 1978, and the other seven buildings were built in 1984. The owner currently pays for water and sewer.

    Local 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 (±1% cap)
    NOI $460,744 @ 7.0% cap · market cap 5.76%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $13.00M
    $11.37M – $15.17M (±1% cap)
    NOI $909,980 @ 7.0% cap · market cap 11.37%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Bradley
    State
    Tennessee
    Longitude
    -84.83807
    Latitude
    35.183829

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    FAQs

    What type of property is this?
    Apartment building - Well-maintained apartment complex with recent improvements in a prime location.
    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 $7,999,900.
    What are key features of this property?
    This property features: Prime Cleveland location, just 5 minutes from everything Cleveland has to offer.; 92‑unit apartment community with a desirable unit mix.; Extensive recent capital improvements including new roofs, windows, paving, and updated siding.
    (423) 596-7173
    We can help!
    Listing Contact
    Max Phillips
    Max Phillips
    Real Estate License ID: 203547
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