Renovated Multi-Unit Investment
507 E Stevens Street Cookeville, TN 38501
507 E Stevens Street, Cookeville, TN, 38501
$369,929
For Sale
$369,929
MULTI_FAMILY - Cookeville, TN
Property Size2,728 SF
Lot Size0.43 Acres
Price / SF$135.60
Days on Market123
Property Features for 507 E Stevens Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 6
- Bathrooms
- 3
- Rooms
- Bedroom 4, Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 3, Bedroom 2, Bedroom 6, Bathroom 3, Bedroom 5
- Window features
- Double Pane Windows
- Patio and Porch features
- Porch, Deck
- Interior features
- Ceiling Fan(s)
- Basement
- Crawl Space
- Appliances
- Electric Water Heater, Electric Oven, Refrigerator
- Standard status
- Active
- APN
- 053N B 014.01
- Size
- 2,728 SF
- Lot size
- 0.43 Acres
Taxes and HOA fees
- Tax Annual Amount
- 1730
Utilities
- Sewer type
- Public Sewer
- Heating system
- Electric (Heating)
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 1940
- Number of units
- 3
- Flooring type
- Vinyl, Tile
- Building materials
- Frame, Block, Vinyl Siding
- Roof type
- Metal
Listing Agency
Skender-Newton Realty
(931) 261-9001
769 Dacco Drive, Cookeville, TN
Listed by
Heather Skender-Newton · License #272220
(931) 261-9001
Added: Mar 17 Checked: Jul 17 at 8:06 am
MLS# 242369
Listing URL
Copyright © 2026 Upper Cumberland 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.
Located in the Capshaw school zone, this property features a 3-bedroom, 1-bath single-family home with 1,192 square feet, and a separate two-unit structure. The two-unit building contains a 1 bed, 1 bath unit and a 2 bed, 1 bath unit, each with 768 square feet. The property is grandfathered as multi-unit under RS-15 zoning. All units underwent comprehensive renovations in 2022, including new HVACs, plumbing & sewer replacement, new water heaters, updated electrical components, new windows & doors, new flooring, fully remodeled bathrooms, new cabinets & countertops, new appliances, fresh trim and paint, and much more. The property is situated on a 0.43-acre lot. With a total property size of 2,728 square feet, this property offers predictable cash flow and long-term stability, making it ideal for investors and homeowners alike. A 13-month home warranty is included.
Key Highlights
- Fully renovated multi‑unit property: 507 & 509 E Stevens Street
- Includes a 3‑bedroom, 1‑bath single‑family home with 1,192 SF
- Separate two‑unit structure with two 1‑bed/1‑bath and 2‑bed/1‑bath units (768 SF each)
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 | $52.4k | $19.20 |
| − Vacancy | −$3.6k | −$1.31 |
| EGI | $48.8k | $17.89 |
| − OpEx | −$22.0k | −$8.05 |
| NOI | $26.8k | $9.84 |
2,728 SF · lease $19.20/SF/yr · vacancy 6.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$383.6K
$335.6K – $447.5K
NOI $26,849 @ 7.0% cap · market cap 7.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.13M
$985.2K – $1.31M
NOI $78,813 @ 7.0% cap · market cap 21.30%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Single family properties
Similar For Sale Nearby
FAQs
What type of property is this?
Multifamily property - Fully renovated multi-unit property in a desirable location.
Where is this multifamily property located?
The property is located at 507 E Stevens Street Cookeville, TN.
What is the asking price?
The asking price for this property is $369,929.
What are key features of this property?
This property features: Fully renovated multi‑unit property: 507 & 509 E Stevens Street; Includes a 3‑bedroom, 1‑bath single‑family home with 1,192 SF; Separate two‑unit structure with two 1‑bed/1‑bath and 2‑bed/1‑bath units (768 SF each)
