44-Door Duplex
For Sale
$6,500,000
8498 Shawn Ridge Road, Harrison, TN 37341
Residential Income, Harrison, TN
Property Size56,640 SF
Lot Size21.26 Acres
Price / SF$114.76
Days on Market150
Property Features for 8498 Shawn Ridge Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
50
Bathrooms
40
Full bathrooms
40
Rooms
Bedroom 28, Bathroom 29, Bedroom 35, Bedroom 49, Bedroom 14, Bathroom 23, Bedroom 12, Bedroom 25, Bedroom 50, Bathroom 15, Bathroom 3, Bedroom 3, Bathroom 34, Bathroom 19, Bathroom 8, Bathroom 28, Bedroom 6, Bedroom 32, Bedroom 33, Bedroom 41, Bedroom 1, Bedroom 10, Bathroom 30, Bedroom 45, Bathroom 11, Bathroom 38, Bathroom 5, Bathroom 13, Bedroom 43, Bedroom 15, Bedroom 11, Bathroom 4, Bedroom 37, Bedroom 42, Bathroom 10, Bedroom 46, Bathroom 25, Bedroom 34, Bedroom 9, Bedroom 47, Bathroom 40, Bedroom 44, Bedroom 40, Bedroom 36, Bathroom 12, Bathroom 9, Bedroom 31, Bathroom 32, Bathroom 1, Bathroom 24, Bedroom 20, Bedroom 18, Bathroom 22, Bedroom 27, Bathroom 35, Bedroom 19, Bedroom 38, Bathroom 37, Bedroom 26, Bathroom 17, Bathroom 6, Bedroom 30, Bathroom 36, Bedroom 23, Bathroom 14, Bedroom 17, Bathroom 20, Bedroom 8, Bedroom 24, Bedroom 13, Bedroom 48, Bedroom 29, Bathroom 2, Bathroom 39, Bedroom 39, Bathroom 7, Bedroom 2, Bathroom 21, Bedroom 7, Bedroom 4, Bathroom 16, Bathroom 31, Bathroom 27, Bathroom 18, Bathroom 33, Bedroom 21, Bedroom 5, Bedroom 22, Bedroom 16, Bathroom 26
Parking features
Driveway, Garage
Window features
Vinyl Frames, Insulated Windows, Window Treatments
Patio and Porch features
Porch
Interior features
Ceiling Fan(s), Eat-in Kitchen, High Speed Internet, Pantry, Tub/shower Combo
Subdivision
Shawn Ridge
Lot features
Back Yard, Corners Marked, Cul-De-Sac, Subdivided
Elementary school
Snow Hill Elementary
Middle school
Brown Middle
High school
Central High School
Directions
N on TN-58, turn left onto Ramsey Road, turn left onto Shawn Ridge Road.
Standard status
Active
APN
094h B 007.06
Size
56,640 SF
Lot size
21.26 Acres
Taxes and HOA fees
Tax Description
LT 21 SHAWN RIDGE SUB PH 2 PB73 PG1 99 REV 97-53 OUT OF 94-28 FOR 2004
Tax Annual Amount
44843
Legal Description
LT 21 SHAWN RIDGE SUB PH 2 PB73 PG1 99 REV 97-53 OUT OF 94-28 FOR 2004
Utilities
Utilities
Cable Available
Sewer type
Septic Tank
Heating system
Heat Pump (Heating), Central, Electric (Heating)
Cooling system
Ceiling Fan(s), Electric, Central Air
Water source
Public
Amenities
refrigerator
stove
dishwasher
laundry hookups
dry storage areas
attached garages
Building Details
Year built
2013
Floors in Building
2
Number of units
44
Flooring type
Carpet, Linoleum, Vinyl
Building materials
Block, Brick, Vinyl Siding
Roof type
Shingle
Listing Agency:
RE/MAX Properties · RE/MAX International
(423) 894-2900
Listed By:
Tonya L Wilkey · License #328732
(423) 322-6361
Added: Apr 23
Changed: Sep 12
Last Checked: Sep 19 at 11:06AM
MLS# 1533329
Copyright © 2026 Greater Chattanooga 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.
This 22-duplex portfolio comprises 44 doors across 56,640 square feet on 21.26 acres. The properties were built between 1990 and 2013, with the record identifying 2013 as the year built. Floor plans range from two bedrooms plus a den with 1.5 baths to three bedrooms plus a den with two full baths. Select residences include attached garages and 5x24 dry storage areas. Kitchens are equipped with refrigerators, stoves, and dishwashers, and laundry hookups are provided.
The portfolio is situated at 8498 Shawn Ridge Road in Harrison, Tennessee, 37341. Property improvements include block, brick, and vinyl siding; shingle roofs; central air; electric and heat-pump systems; porches; driveways; and ceiling fans. Public water and septic service are identified, with cable availability also noted.
The portfolio is situated at 8498 Shawn Ridge Road in Harrison, Tennessee, 37341. Property improvements include block, brick, and vinyl siding; shingle roofs; central air; electric and heat-pump systems; porches; driveways; and ceiling fans. Public water and septic service are identified, with cable availability also noted.
Key Highlights
- 22 duplexes totaling 44 doors
- 56,640 square feet across 21.26 acres
- Built between 1990 and 2013
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
$475,854
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
7.32%
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%
$9,517,080
$9.5M
Cap Rate 7%
$6,797,914
$6.8M
Cap Rate 9%
$5,287,267
$5.3M
Market Conditions
NOI Build-Up for 56,640 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
$768.0K $13.56/SF
− Vacancy
−$88.2K −$1.56/SF
EGI
$679.8K $12.00/SF
− OpEx
−$203.9K −$3.60/SF
NOI
$475.9K $8.40/SF
Area
Hamilton County, TN
Vacancy
11.49%
Lease Rate
$13.56 /SF/Yr
Expense Ratio
30.00%
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%
$9,517,080
Cap Rate 7%
$6,797,914
Cap Rate 9%
$5,287,267
Alternative Uses
Best Use
Multifamily LT 5
$6.80M
$5.95M – $7.93M
NOI $475,854 @ 7.0% cap · market cap 7.32%
Second Best
Apartment 5plus
$6.24M
$5.46M – $7.28M
NOI $437,026 @ 7.0% cap · market cap 6.72%
Theoretical Best
Healthcare Medical
$9.41M
$8.23M – $10.97M
NOI $658,398 @ 7.0% cap · market cap 10.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
44
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
27
Businesses Nearby
Explore this area
Business Placement
Demographics for 37341, TN
12,900
Population
6,034
Households
2.1
Avg Household Size
45
Median Age
30%
College-Educated
95%
High-School Grad
33.8 sq mi
ZIP Area
382
Density / Sq Mi
$93,114
Median Household Income
$48,503
Median Earnings
$1,229
Median Rent
$264,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Income-producing duplex portfolio with attached garages, appliance packages, and a mix of single- and two-level residences.
Where is this duplex located?
The property is located at 8498 Shawn Ridge Road Harrison, TN.
What is the asking price?
The asking price for this property is $6,500,000.
What are key features of this property?
This property features: 22 duplexes totaling 44 doors; 56,640 square feet across 21.26 acres; Built between 1990 and 2013
