5-Unit Townhome Apartment
For Sale
$775,000
Pending
5216 Tillery Rd, Knoxville, TN 37912
Multi-Family, Knoxville, TN
Property Size5,000 SF
Lot Size0.47 Acres
Days on Market59
Property Features for 5216 Tillery Rd
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
10
Full bathrooms
5
Rooms
Bedroom 8, Bedroom 3, Bathroom 3, Bedroom 4, Bathroom 2, Bedroom 5, Bedroom 6, Bedroom 2, Bathroom 1, Bathroom 4, Bathroom 5, Bedroom 10, Bedroom 1, Bedroom 7, Bedroom 9
Parking features
Off Street
Patio and Porch features
Patio, Porch
Interior features
Walk-In Closet(s)
Appliances
Dishwasher, Range, Refrigerator
Subdivision
Clearview Hills Add 2 Pt 8
Elementary school
Norwood
Middle school
Northwest
High school
Powell
Directions
Merchants Drive to Left on Tillery. Townhomes are on the Left. All units are occupied. Please do not disturb the tenants.
Standard status
Pending
APN
080CB025
Size
5,000 SF
Lot size
0.47 Acres
Taxes and HOA fees
Tax Annual Amount
4364
Utilities
Heating system
Central, Electric (Heating)
Cooling system
Central Air
Amenities
paved parking lot
backyard space
private rear patio
laundry room
Building Details
Year built
1972
Number of units
5
Flooring type
Vinyl, Carpet
Building materials
Stone, Vinyl Siding, Frame
Roof type
Asphalt
Listing Agency:
Greater Impact Realty · Keller Williams Realty
(865) 800-3544
Listed By:
Lori Gano
(865) 640-5980
Added: Jul 31
Changed: Sep 15
Last Checked: Sep 27 at 1:06PM
MLS# 1350369
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 5,000-square-foot apartment property contains five two-story townhome-style residences on a 0.47-acre site. Each unit includes two bedrooms, one-and-a-half bathrooms, a main living area, walk-in closet space, and a dedicated laundry room connected to a private rear patio. Interior features include carpet and vinyl flooring, while central heating and cooling serve the units. Appliances include ranges, refrigerators, and dishwashers.
The property was built in 1972 and includes a paved parking area, backyard space, and a low-maintenance exterior with stone and vinyl siding. Each residence is separately metered, with tenants responsible for utilities. The site is served by the city bus line and is near Victor Ashe Park, downtown Knoxville, the University of Tennessee, schools, a library, medical facilities, shopping, and dining.
The property was built in 1972 and includes a paved parking area, backyard space, and a low-maintenance exterior with stone and vinyl siding. Each residence is separately metered, with tenants responsible for utilities. The site is served by the city bus line and is near Victor Ashe Park, downtown Knoxville, the University of Tennessee, schools, a library, medical facilities, shopping, and dining.
Key Highlights
- 5‑unit apartment property with townhome‑style residences
- Each unit includes 2 bedrooms and 1.5 bathrooms
- 5,000 square feet on a 0.47‑acre site
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
$44,872
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
5.79%
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%
$897,440
$897.4K
Cap Rate 7%
$641,029
$641.0K
Cap Rate 9%
$498,578
$498.6K
Market Conditions
NOI Build-Up for 5,000 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
$88.2K $17.64/SF
− Vacancy
−$6.6K −$1.32/SF
EGI
$81.6K $16.32/SF
− OpEx
−$36.7K −$7.34/SF
NOI
$44.9K $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%
$897,440
Cap Rate 7%
$641,029
Cap Rate 9%
$498,578
Alternative Uses
Best Use
Apartment 5plus
$641.0K
$560.9K – $747.9K
NOI $44,872 @ 7.0% cap · market cap 5.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.24M
$1.08M – $1.44M
NOI $86,688 @ 7.0% cap · market cap 11.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
548
Businesses Nearby
Explore this area
Business Placement
Demographics for 37912, TN
22,313
Population
10,916
Households
2
Avg Household Size
36
Median Age
23%
College-Educated
88%
High-School Grad
10.6 sq mi
ZIP Area
2,105
Density / Sq Mi
$44,754
Median Household Income
$30,859
Median Earnings
$1,050
Median Rent
$185,600
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-story residences offer private patios, dedicated laundry rooms, and separately metered utilities.
Where is this apartment building located?
The property is located at 5216 Tillery Rd Knoxville, TN.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: 5‑unit apartment property with townhome‑style residences; Each unit includes 2 bedrooms and 1.5 bathrooms; 5,000 square feet on a 0.47‑acre site
