Apartment Building with New
For Sale
$499,900
512 N Roane St, Harriman, TN 37748
MULTI_FAMILY - Harriman, TN
Property Size4,144 SF
Lot Size0.08 Acres
Price / SF$120.63
Days on Market540
Property Features for 512 N Roane St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Full bathrooms
5
Rooms
Bedroom 4, Bedroom 5, Bathroom 3, Bathroom 4, Bathroom 1, Bathroom 2, Bathroom 5, Bedroom 3, Bedroom 2, Bedroom 1
Parking features
Off Street
Directions
Take exit 350 from I-40 24 min (27.4 mi) Merge onto I-40/I-75 S 9.6 mi Use the right 2 lanes to turn slightly right onto I-40 (signs for Nashville) 17.6 mi Take exit 350 for TN-29 toward Harriman/Midtown 0.1 mile Keep right and merge onto TN-29 N/Pine Ridge Rd 279 ft Continue on TN-29 N. Drive to S Roane St 6 min (3.4 mi) Merge onto TN-29 N/Pine Ridge Rd Continue to follow TN-29 N 2.1 mile Turn right onto S Roane St
Subdivision
Roane County - 31
Standard status
Active
APN
026F H 025.01
Size
4,144 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
1882
Utilities
Heating system
Electric (Heating), Central
Cooling system
Central Air
Building Details
Year built
1960
Number of units
7
Flooring type
Vinyl, Laminate, Carpet
Building materials
Brick, Block
Roof type
Rubber
Listing Agency:
Southland Brokers
(865) 694-6111
Listed By:
Raj Cheema
(865) 466-7240
Added: Mar 12, 2025
Changed: Aug 7
Last Checked: Sep 2 at 7:06PM
MLS# 1293042
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.
Located at 512 N Roane St in Harriman, this apartment building contains 4,144 square feet on a 0.08-acre parcel. The property includes residential accommodations along with a commercial space currently operating as a hair salon. Off-street parking is available, and the building was constructed in 1960.
A rubber roof was installed at the end of 2024. Construction incorporates brick and block materials, while interior flooring includes vinyl, laminate, and carpet. The building is equipped with central heating and central air, with electric service supporting the heating system. The property is situated in downtown Harriman, in Roane County, Tennessee.
A rubber roof was installed at the end of 2024. Construction incorporates brick and block materials, while interior flooring includes vinyl, laminate, and carpet. The building is equipped with central heating and central air, with electric service supporting the heating system. The property is situated in downtown Harriman, in Roane County, Tennessee.
Key Highlights
- 4,144 square feet on a 0.08‑acre parcel
- Rubber roof installed at the end of 2024
- Includes residential accommodations and a commercial hair salon space
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
$45,252
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
9.05%
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%
$905,040
$905.0K
Cap Rate 7%
$646,457
$646.5K
Cap Rate 9%
$502,800
$502.8K
Market Conditions
NOI Build-Up for 4,144 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
$79.6K $19.20/SF
− Vacancy
−$7.2K −$1.73/SF
EGI
$72.4K $17.47/SF
− OpEx
−$27.2K −$6.55/SF
NOI
$45.3K $10.92/SF
Area
Roane County, TN
Vacancy
9.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
37.50%
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%
$905,040
Cap Rate 7%
$646,457
Cap Rate 9%
$502,800
Alternative Uses
Best Use
Mixed Use
$646.5K
$565.7K – $754.2K
NOI $45,252 @ 7.0% cap · market cap 9.05%
Second Best
Apartment 5plus
$531.3K
$464.9K – $619.8K
NOI $37,190 @ 7.0% cap · market cap 7.44%
Theoretical Best
Office A
$1.03M
$898.1K – $1.20M
NOI $71,847 @ 7.0% cap · market cap 14.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
344
Businesses Nearby
Explore this area
Business Placement
Demographics for 37748, TN
17,227
Population
8,208
Households
2.1
Avg Household Size
45
Median Age
20%
College-Educated
87%
High-School Grad
106.6 sq mi
ZIP Area
162
Density / Sq Mi
$58,649
Median Household Income
$40,155
Median Earnings
$760
Median Rent
$173,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Downtown Harriman property with residential accommodations and a commercial salon space.
Where is this apartment building located?
The property is located at 512 N Roane St Harriman, TN.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 4,144 square feet on a 0.08‑acre parcel; Rubber roof installed at the end of 2024; Includes residential accommodations and a commercial hair salon space
