Two-Unit Duplex with Separate
For Sale
$254,000
506 Hargraves Avenue, Chattanooga, TN 37411
Residential Income, Chattanooga, TN
Property Size1,378 SF
Lot Size0.30 Acres
Price / SF$184.33
Days on Market151
Property Features for 506 Hargraves Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bedroom 4, Bedroom 2, Bedroom 3, Bathroom 1
Parking features
Driveway, Off Street
Window features
Insulated Windows
Patio and Porch features
Porch
Interior features
Ceiling Fan(s), Entrance Foyer, Pantry, Tub/shower Combo
Fencing
Fenced
Basement
Crawl Space
Appliances
Free-Standing Refrigerator, Electric Range
Subdivision
Shawnee Park
Lot features
Gentle Sloping, Level, Sloped Down
Elementary school
Woodmore Elementary
Middle school
Dalewood Middle
High school
Brainerd High
Directions
Turn right onto Rogers Rd near the intersection of N Germantown Rd and Brainerd Rd. Slight left onto Vaughn Rd. Property is the second on the right.
Standard status
Active
APN
147o Q 020
Size
1,378 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Description
LT 60 & PT LT 56 SHAWNEE PARK PB16 PG27 0067 05 10
Tax Annual Amount
2262
Legal Description
LT 60 & PT LT 56 SHAWNEE PARK PB16 PG27 0067 05 10
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Amenities
washer/dryer hookups
separate utility meters
central HVAC
vinyl windows
shared fenced backyard
Building Details
Year built
1950
Floors in Building
1
Number of units
2
Flooring type
Tile, Carpet, Vinyl
Roof type
Shingle, Asphalt
Architectural style
Contemporary
Listing Agency:
Real Estate Partners Chattanooga LLC
(423) 362-8333
Listed By:
Candice Neal · License #365457
(706) 273-9176
Added: Apr 22
Changed: Sep 12
Last Checked: Sep 19 at 9:06AM
MLS# 1533085
Copyright © 2026 Greater Chattanooga 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.
This 1950 duplex contains two 2-bedroom, 1-bath units within 1,378 square feet. Each unit has separate utility metering, washer and dryer hookups, central HVAC, a combination of carpet, tile, and vinyl flooring, and kitchen appliances including an electric range and refrigerator. Recent work includes updates to the water supply and waste lines, while several vinyl windows and carpet were replaced in 2019.
The property occupies a gently sloped 0.3-acre lot on Hargraves Avenue in Chattanooga. Outdoor features include a shared fenced backyard and porch, with driveway and off-street parking. Public water and public sewer serve the property. One long-term tenant has been in place since 2018, and showing access is subject to occupancy restrictions.
The property occupies a gently sloped 0.3-acre lot on Hargraves Avenue in Chattanooga. Outdoor features include a shared fenced backyard and porch, with driveway and off-street parking. Public water and public sewer serve the property. One long-term tenant has been in place since 2018, and showing access is subject to occupancy restrictions.
Key Highlights
- Two 2‑bedroom, 1‑bath units in a duplex configuration
- 1,378 square feet on a 0.3‑acre lot
- Separate utility meters for each unit
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
$13,529
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
5.33%
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%
$270,580
$270.6K
Cap Rate 7%
$193,271
$193.3K
Cap Rate 9%
$150,322
$150.3K
Market Conditions
NOI Build-Up for 1,378 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
$20.7K $15.00/SF
− Vacancy
−$1.3K −$0.98/SF
EGI
$19.3K $14.03/SF
− OpEx
−$5.8K −$4.21/SF
NOI
$13.5K $9.82/SF
Area
Chattanooga, TN
Vacancy
6.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$270,580
Cap Rate 7%
$193,271
Cap Rate 9%
$150,322
Alternative Uses
Best Use
Multifamily LT 5
$193.3K
$169.1K – $225.5K
NOI $13,529 @ 7.0% cap · market cap 5.33%
Second Best
Apartment 5plus
$173.4K
$151.8K – $202.3K
NOI $12,140 @ 7.0% cap · market cap 4.78%
Theoretical Best
Office A
$304.3K
$266.3K – $355.1K
NOI $21,304 @ 7.0% cap · market cap 8.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
175
Businesses Nearby
Explore this area
Business Placement
Demographics for 37411, TN
17,499
Population
8,807
Households
2
Avg Household Size
40
Median Age
29%
College-Educated
90%
High-School Grad
7.3 sq mi
ZIP Area
2,397
Density / Sq Mi
$50,180
Median Household Income
$34,045
Median Earnings
$1,031
Median Rent
$216,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer central HVAC, laundry hookups, fenced outdoor space, and off-street parking.
Where is this duplex located?
The property is located at 506 Hargraves Avenue Chattanooga, TN.
What is the asking price?
The asking price for this property is $254,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units in a duplex configuration; 1,378 square feet on a 0.3‑acre lot; Separate utility meters for each unit
