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    The Largest CRE Database in the US with Over 1 Million Listings

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

    View on Map
    Sponsored
    For Sale
    $8,499,900

    COMMERCIAL - Cleveland, TN

    Property size:
    61,954 SF
    Lot size:
    5.36 Acres
    Days on Market:
    2
    Last Refresh:
    Mar 12 at 6:06 pm

    Property Features for 3700/04/22 Stephens Rd NE

    General Information

    Special listing conditions
    Standard
    Property type
    Commercial Sale
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Active
    Zoning
    Commercial
    APN
    042n B 003.00/003.01/003.02
    Parking
    133
    Parking features
    Assigned, Parking Lot
    Exterior features
    Rain Gutters
    Appliances
    Electric Range, Refrigerator
    Size
    61,954 SF
    Lot size
    5.36 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Central
    Cooling system
    Window Unit(s), Multi Units, Central Air
    Water source
    Public

    Building Details

    Year built
    1978
    Flooring type
    Laminate, Carpet, Vinyl
    Building materials
    Brick Veneer, Vinyl Siding

    We can help!

    Listing Contact
    Max Phillips
    Max Phillips

    Crye-Leike, REALTORS (423) 892-1515

    Listing agent Max Phillips (423) 596-7173 License #203547

    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.

    Learn more

    Property Insight Report

    Overview

    92-Unit Apartment Community in Cleveland

    This well-maintained 92-unit apartment community is positioned in a prime Cleveland location, offering an excellent investment opportunity. The property is located just 5 minutes from local amenities. 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 & dryer hookups, and 1 one-bedroom/one bath unit with washer & dryer hookup. The property spans 5.36 acres. Tenants have access to a community laundry facility with pay-per-use washers & dryers. Significant capital improvements have been completed throughout the complex, including replacement of the main water line, new roofs, new windows, new steel steps, new paving, new gutters, updated siding and exterior paints, & new 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, & new appliances. In addition, a substantial number of trees have been removed, enhancing both visibility & overall curb appeal. Located in a superb, highly convenient area of Cleveland, this apartment community offers residents quick access to shopping, dining, schools, & major routes, making it a consistently desirable place to live. The property size is 61954 square feet.
    Property Profile Insight Report 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 community with recent improvements in a prime location.
    Where is this apartment building located?
    The property is located at 3700/04/22 Stephens Rd NE Cleveland, TN.
    What is the asking price?
    The asking price for this property is $8,499,900.
    What are key features of this property?
    This property features: - Prime Cleveland location, just 5 minutes from city amenities.; - 92-unit apartment community with a desirable unit mix.; - Extensive recent capital improvements including new roofs, windows, paving, and updated siding.
    (423) 596-7173
    Request Owner's contact information
    3700/04/22 Stephens Rd NE Cleveland, TN 37312
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    Cleveland, TN 37312
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    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
    3700/04/22 Stephens Rd NE Cleveland, TN 37312
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    We can help!
    Listing Contact
    Max Phillips
    Max Phillips
    Real Estate License ID: 203547
    (423) 596-7173 (423) 473-9545
    Learn more
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