Apartment Building Two-Building
For Sale
$575,000
508 E Central Ave, La Follette, TN 37766
MULTI_FAMILY - LaFollette, TN
Property Size4,040 SF
Price / SF$142.33
Days on Market79
Property Features for 508 E Central Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Exterior features
Windows - Vinyl
Appliances
Range, Refrigerator
Directions
: I 75 exit 134 to Lafollette (approximately 9 miles). Property is on the right. SOP
Subdivision
Campbell County - 37
Standard status
Active
APN
085K F 00300 000
Size
4,040 SF
Taxes and HOA fees
Tax Annual Amount
2715
Utilities
Heating system
Electric (Heating), Central
Cooling system
Ceiling Fan(s), Central Air
Building Details
Year built
1930
Number of units
7
Flooring type
Tile, Vinyl
Building materials
Vinyl Siding, Frame
Roof type
Metal
Listing Agency:
United Real Estate Solutions
(865) 444-2400
Listed By:
Mark Hunter · License #375958
(865) 724-8106
Added: Jun 16
Changed: Aug 3
Last Checked: Sep 2 at 5:06AM
MLS# 1344805
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 remodeled apartment building is presented as a two-building complex with active rentals in place, offering income-oriented flexibility for multifamily and short-term rental operators. The interior updates are paired with durable finishes, including tile and vinyl flooring. The property also includes vinyl windows, vinyl siding construction, and a metal roof. Appliances noted include a range and refrigerator.
The complex is located in the Norris Lake area of LaFollette, Tennessee, with convenient access off the interstate and quick reach to LaFollette shops, dining, and services. The surrounding area supports outdoor and recreation activity, including access to ATV trails and camping, boating, and other lake-related attractions.
Built in 1930, the building is served by electric heating with central heating and central air cooling, with ceiling fan(s) also noted. Heating and cooling features support year-round use for tenants and visitors drawn to seasonal demand and local amenities.
The complex is located in the Norris Lake area of LaFollette, Tennessee, with convenient access off the interstate and quick reach to LaFollette shops, dining, and services. The surrounding area supports outdoor and recreation activity, including access to ATV trails and camping, boating, and other lake-related attractions.
Built in 1930, the building is served by electric heating with central heating and central air cooling, with ceiling fan(s) also noted. Heating and cooling features support year-round use for tenants and visitors drawn to seasonal demand and local amenities.
Key Highlights
- Two‑building apartment complex with active rentals
- Remodeled interior with tile and vinyl flooring
- Vinyl windows and vinyl siding exterior with metal roof
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
$36,256
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
6.31%
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%
$725,120
$725.1K
Cap Rate 7%
$517,943
$517.9K
Cap Rate 9%
$402,844
$402.8K
Market Conditions
NOI Build-Up for 4,040 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
$71.3K $17.64/SF
− Vacancy
−$5.3K −$1.32/SF
EGI
$65.9K $16.32/SF
− OpEx
−$29.7K −$7.34/SF
NOI
$36.3K $8.97/SF
Area
Campbell County, 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%
$725,120
Cap Rate 7%
$517,943
Cap Rate 9%
$402,844
Alternative Uses
Best Use
Apartment 5plus
$517.9K
$453.2K – $604.3K
NOI $36,256 @ 7.0% cap · market cap 6.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.00M
$875.6K – $1.17M
NOI $70,044 @ 7.0% cap · market cap 12.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
391
Businesses Nearby
Explore this area
Business Placement
Demographics for 37766, TN
18,011
Population
9,721
Households
1.9
Avg Household Size
44
Median Age
12%
College-Educated
82%
High-School Grad
137.3 sq mi
ZIP Area
131
Density / Sq Mi
$46,692
Median Household Income
$31,379
Median Earnings
$747
Median Rent
$160,500
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 - Remodeled apartment building in the Norris Lake area with active rentals, vinyl windows, and central heating and cooling.
Where is this apartment building located?
The property is located at 508 E Central Ave La Follette, TN.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Two‑building apartment complex with active rentals; Remodeled interior with tile and vinyl flooring; Vinyl windows and vinyl siding exterior with metal roof
