1920 Fourplex with
For Sale
$865,000
903 Luttrell St, Knoxville, TN 37917
Multi-Family, Knoxville, TN
Property Size5,608 SF
Lot Size0.17 Acres
Price / SF$154.24
Days on Market200
Property Features for 903 Luttrell St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Full bathrooms
4
Rooms
Bedroom 7, Bedroom 6, Dining Room, Bedroom 8, Bedroom 4, Bedroom 1, Bedroom 2, Bedroom 3, Bathroom 3, Bathroom 2, Bathroom 4, Bedroom 5, Bathroom 1
Parking features
On Street
Patio and Porch features
Porch
Exterior features
Balcony
Appliances
Range, Refrigerator
Subdivision
Gills Add
Directions
Take I-40 to Exit 389 and turn South onto Hall of Fame Dr. In 0.2 miles turn Right onto Gill Ave. 4Plex will be on the right at NW corner of Gill Ave and Luttrell St. No Sign on Property. Please don't disturb the residents.
Standard status
Active
APN
081MN011
Size
5,608 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Annual Amount
9557
Utilities
Heating system
Electric (Heating), Central, Natural Gas
Cooling system
Central Air
Building Details
Year built
1920
Number of units
4
Flooring type
Hardwood, Tile
Building materials
Frame
Roof type
Composition
Listing Agency:
Goldman Partners Realty, LLC
(865) 444-3240
Listed By:
Solange Velas · License #263596
(865) 444-3241
Added: Feb 20
Changed: Sep 3
Last Checked: Sep 8 at 3:06AM
MLS# 1330030
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.
Built in 1920, this four-unit property contains approximately 5,608 square feet on a 0.17-acre lot. The residences retain original architectural details, including hardwood flooring, high ceilings, wood bannisters, and wood doors. Each unit includes central HVAC, washer and dryer connections, and access to range and refrigerator appliances. Tenants pay all utilities.
The two upper-level residences are reached through private stairways and each has a covered balcony with access to the rear yard. The property also offers porch space, on-street parking, a frame exterior, and a composition roof. Located at 903 Luttrell St in Knoxville’s Fourth and Gill neighborhood, the property provides access to downtown, the Old City, bike paths, pocket parks, and double-wide sidewalks.
The two upper-level residences are reached through private stairways and each has a covered balcony with access to the rear yard. The property also offers porch space, on-street parking, a frame exterior, and a composition roof. Located at 903 Luttrell St in Knoxville’s Fourth and Gill neighborhood, the property provides access to downtown, the Old City, bike paths, pocket parks, and double-wide sidewalks.
Key Highlights
- Four‑unit property built in 1920
- Approximately 5,608 square feet on 0.17 acres
- Upper units feature private staircases and covered balconies with rear‑yard access
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
$54,691
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
6.32%
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%
$1,093,820
$1.1M
Cap Rate 7%
$781,300
$781.3K
Cap Rate 9%
$607,678
$607.7K
Market Conditions
NOI Build-Up for 5,608 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
$84.1K $15.00/SF
− Vacancy
−$6.0K −$1.07/SF
EGI
$78.1K $13.93/SF
− OpEx
−$23.4K −$4.18/SF
NOI
$54.7K $9.75/SF
Area
Knoxville, TN
Vacancy
7.12%
Lease Rate
$15.00 /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%
$1,093,820
Cap Rate 7%
$781,300
Cap Rate 9%
$607,678
Alternative Uses
Best Use
Multifamily LT 5
$781.3K
$683.6K – $911.5K
NOI $54,691 @ 7.0% cap · market cap 6.32%
Second Best
Apartment 5plus
$719.0K
$629.1K – $838.8K
NOI $50,328 @ 7.0% cap · market cap 5.82%
Theoretical Best
Office A
$1.39M
$1.22M – $1.62M
NOI $97,229 @ 7.0% cap · market cap 11.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,226
Businesses Nearby
Explore this area
Business Placement
Demographics for 37917, TN
25,013
Population
14,216
Households
1.8
Avg Household Size
39
Median Age
31%
College-Educated
87%
High-School Grad
9.5 sq mi
ZIP Area
2,633
Density / Sq Mi
$51,232
Median Household Income
$37,853
Median Earnings
$1,063
Median Rent
$189,100
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?
Quadplex - Four spacious units feature original woodwork, central HVAC, laundry hookups, and separate rear access from the upper residences.
Where is this quadplex located?
The property is located at 903 Luttrell St Knoxville, TN.
What is the asking price?
The asking price for this property is $865,000.
What are key features of this property?
This property features: Four‑unit property built in 1920; Approximately 5,608 square feet on 0.17 acres; Upper units feature private staircases and covered balconies with rear‑yard access
