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    620 Lovers Ln Greeneville, TN 37743

    View on Map
    Sponsored
    For Sale
    $589,900

    MULTI_FAMILY - Greeneville, TN

    Property size:
    4,690 SF
    Lot size:
    1.66 Acres
    Days on Market:
    1
    Last Refresh:
    Mar 9 at 8:06 am

    Property Features for 620 Lovers Ln

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Window features
    Insulated Windows
    Zoning
    A-1
    Rooms
    Bedroom 6, Bedroom 3, Bedroom 9, Bathroom 5, Bedroom 1, Bedroom 5, Bathroom 2, Bedroom 4, Bedroom 7, Bathroom 1, Bathroom 7, Bathroom 4, Bathroom 6, Bedroom 2, Bedroom 8, Bathroom 3
    Bedrooms
    9
    APN
    085 01702 000
    Parking features
    Driveway
    Appliances
    Dishwasher, Electric Range, Refrigerator
    Size
    4,690 SF
    Lot size
    1.66 Acres

    Utilities

    Sewer type
    Septic Tank
    Heating system
    Heat Pump (Heating), Electric (Heating)
    Cooling system
    Ceiling Fan(s), Heat Pump
    Water source
    Public

    Building Details

    Year built
    1979
    Floors in Building
    1
    Number of units
    2
    Flooring type
    Tile, Laminate, Vinyl
    Building materials
    Vinyl Siding
    Roof type
    Metal
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Lucia Fillers

    Preferred Properties of East Tennessee Inc. (423) 783-0051

    Listing agent Lucia Fillers (423) 552-8278 License #269006

    Listing date Mar 8, 2026

    MLS# 9992067

    Copyright © 2026 Tennessee Virginia Regional Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Income-Producing Multifamily Property

    This income-producing investment property features a 6-unit apartment building and a separate 2-bedroom mobile home, situated on approximately 1.6 acres in a country setting. The property line borders Gass Creek. The apartment building, constructed in 1979, includes five 1-bedroom, 1-bath units and one 2-bedroom, 1-bath unit. Units 2-6 are equipped with a stove, refrigerator, dishwasher, washer/dryer hookups, laminate and tile flooring, crown molding, 36'' doors, and heat pumps. Unit 6 also features a covered porch. Unit 1 has a large private back deck and recent updates including luxury vinyl plank flooring (2025), fresh paint (2025), and a new tub/shower (2025). The 1994 mobile home includes a stove, refrigerator, space-saver microwave, washer/dryer hookups, laminate flooring, heat pump, covered back deck, and covered front porch with ramp, plus an attached carport. Concrete parking (2024) provides two spaces per apartment unit, with additional parking and carport parking for the mobile home. Separate storage building space is available for tenant use. All seven units are currently leased on annual leases. The property is located within 10 minutes from Greeneville center and 15 minutes to I-81 exits 23 & 30, within the Mosheim Elementary (K-8) and West Greene High School districts. The property is zoned A-1. The property is served by 4 septic systems. The property size is 4690 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Craftin Place Apartments Apartment Complex

    Suggested Use

    HVAC Service Discount Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Greeneville
    County
    Greene
    State
    Tennessee
    Longitude
    -82.880733
    Latitude
    36.191142

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    FAQs

    What type of property is this?
    Apartment building - Seven-unit investment property with expansion potential in Greeneville, Tennessee.
    Where is this apartment building located?
    The property is located at 620 Lovers Ln Greeneville, TN.
    What is the asking price?
    The asking price for this property is $589,900.
    What are key features of this property?
    This property features: - Excellent income-producing 7-unit investment property with a stable annual gross income of $66,000.; - Property includes a 6-unit apartment building and a separate 2-bedroom mobile home, providing multiple income streams.; - All seven units are currently leased on annual leases, ensuring immediate and stable cash flow.
    (423) 552-8278
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    620 Lovers Ln Greeneville, TN 37743
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    Greeneville, TN 37743
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    620 Lovers Ln Greeneville, TN 37743
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    We can help!
    Listing Contact
    Lucia Fillers
    Real Estate License ID: 269006
    (423) 552-8278 (423) 783-0051
    Learn more
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