10-Bedroom Apartment
For Sale
$599,900
3706 Washington Pike, Knoxville, TN 37917
Multi-Family, Knoxville, TN
Property Size3,500 SF
Lot Size0.96 Acres
Price / SF$171.40
Days on Market714
Property Features for 3706 Washington Pike
General Information
Property type
Residential Multi Family
Property subtype
Other
Patio and Porch features
Porch
Appliances
Dishwasher, Range, Refrigerator
Subdivision
Gillenwaters
Elementary school
Spring Hill
Middle school
Whittle Springs
High school
Fulton
Directions
From Broadway (441) go (E) on Washington Pike (Turn at the USPS Location) and Continue until you come to Fairway Rd. on the (L) and the Property will be across Washington Pike on the (R). Look for Sign on Property. Or follow GPS to 3706 Washington Pike.
Standard status
Active
APN
070GE023
Size
3,500 SF
Lot size
0.96 Acres
Utilities
Heating system
Central, Natural Gas, Electric (Heating)
Cooling system
Central Air
Amenities
Dining Area
Kitchen
Office
Laundry Room
Covered Back Porch
Building Details
Year built
1988
Number of units
10
Flooring type
Laminate
Building materials
Vinyl Siding, Block, Frame
Roof type
Metal
Listing Agency:
Elite Realty
(865) 947-5000
Listed By:
Andy Mason · License #263705
(865) 947-5000
Added: Sep 10, 2024
Changed: Aug 19
Last Checked: Aug 24 at 10:06AM
MLS# 1276024
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 apartment building is arranged in a ranch-style configuration with 10 bedrooms and 4 full bathrooms. The interior includes a dining area, kitchen, office, and laundry room, providing a broad mix of functional spaces within 3,500 square feet. Laminate flooring, central air, and heating supported by central, natural gas, and electric systems are among the existing features.
The property sits on 0.96 acres and was built in 1988. Exterior construction includes vinyl siding, block, and frame components, with a metal roof. A covered back porch adds outdoor space, while the kitchen includes a dishwasher, range, and refrigerator.
The property sits on 0.96 acres and was built in 1988. Exterior construction includes vinyl siding, block, and frame components, with a metal roof. A covered back porch adds outdoor space, while the kitchen includes a dishwasher, range, and refrigerator.
Key Highlights
- 10 bedrooms and 4 full bathrooms
- 3,500 square feet on 0.96 acres
- Dining area, kitchen, office, and laundry room
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
$31,410
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
5.24%
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%
$628,200
$628.2K
Cap Rate 7%
$448,714
$448.7K
Cap Rate 9%
$349,000
$349.0K
Market Conditions
NOI Build-Up for 3,500 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
$61.7K $17.64/SF
− Vacancy
−$4.6K −$1.32/SF
EGI
$57.1K $16.32/SF
− OpEx
−$25.7K −$7.34/SF
NOI
$31.4K $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%
$628,200
Cap Rate 7%
$448,714
Cap Rate 9%
$349,000
Alternative Uses
Best Use
Apartment 5plus
$448.7K
$392.6K – $523.5K
NOI $31,410 @ 7.0% cap · market cap 5.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$866.9K
$758.5K – $1.01M
NOI $60,682 @ 7.0% cap · market cap 10.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
109
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Ranch-style property with multiple bedrooms, shared living areas, office space, laundry, and a covered rear porch.
Where is this apartment building located?
The property is located at 3706 Washington Pike Knoxville, TN.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: 10 bedrooms and 4 full bathrooms; 3,500 square feet on 0.96 acres; Dining area, kitchen, office, and laundry room
