12-Unit Brick Townhouse
For Sale
$2,500,000
Pending
102 Asbury Way, Maryville, TN 37804
MULTI_FAMILY - Maryville, TN
Property Size12,804 SF
Lot Size2.00 Acres
Days on Market482
Property Features for 102 Asbury Way
General Information
Property type
Residential Multi Family
Property subtype
Other
Patio and Porch features
Patio
Interior features
Pantry
Appliances
Dishwasher, Disposal, Microwave, Range, Refrigerator, Self Cleaning Oven
Middle school
Alcoa
High school
Alcoa
Directions
From downtown Maryville take Hwy 411 East. Asbury Way is just past Brown School Rd. Property is on left. There is no sign on the property. PLEASE DO NOT DISTURB THE TENANTS.
Subdivision
Blount County - 28
Standard status
Pending
APN
047L A 005.00
Size
12,804 SF
Lot size
2.00 Acres
Taxes and HOA fees
Tax Annual Amount
20199
Utilities
Heating system
Natural Gas, Central, Electric (Heating)
Cooling system
Central Air
Building Details
Year built
1979
Number of units
12
Flooring type
Carpet, Laminate
Building materials
Brick
Roof type
Shingle
Listing Agency:
Skyway Realty Land & Homes
(423) 253-7100
Listed By:
Marla Marie Phillis
(614) 332-2887
Added: Apr 27, 2025
Changed: Aug 5
Last Checked: Aug 21 at 11:06PM
MLS# 1298964
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 apartment community includes 12 townhouse units arranged as two all-brick 6-plexes. The homes are approximately 1,110 SF each and feature two bedrooms and 1.5 bathrooms. Each unit is separately metered, with tenants paying their own utilities, and there is on-site parking at the front door of every unit.
The property sits on a 2-acre tract with approximately 1 acre used for green space. Built in 1979, the community is described as having had zero vacancies over the past 3 years.
Recent updates include remodels in 10 of the units, with 2 units partially remodeled. Remodel details referenced include new granite countertops, new sinks, kitchen faucets, and more. Interior features include a pantry, with central air cooling and a combination of electric heating and natural gas heating.
The property sits on a 2-acre tract with approximately 1 acre used for green space. Built in 1979, the community is described as having had zero vacancies over the past 3 years.
Recent updates include remodels in 10 of the units, with 2 units partially remodeled. Remodel details referenced include new granite countertops, new sinks, kitchen faucets, and more. Interior features include a pantry, with central air cooling and a combination of electric heating and natural gas heating.
Key Highlights
- 12 townhouse units configured as two all‑brick 6‑plexes
- Approximately 1,110 SF per unit, with 2 bedrooms and 1.5 bathrooms
- Separately metered utilities; tenants pay their own utilities
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
$115,777
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
4.63%
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%
$2,315,540
$2.3M
Cap Rate 7%
$1,653,957
$1.7M
Cap Rate 9%
$1,286,411
$1.3M
Market Conditions
NOI Build-Up for 12,804 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
$225.9K $17.64/SF
− Vacancy
−$15.4K −$1.20/SF
EGI
$210.5K $16.44/SF
− OpEx
−$94.7K −$7.40/SF
NOI
$115.8K $9.04/SF
Area
Blount County, TN
Vacancy
6.80%
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%
$2,315,540
Cap Rate 7%
$1,653,957
Cap Rate 9%
$1,286,411
Alternative Uses
Best Use
Apartment 5plus
$1.65M
$1.45M – $1.93M
NOI $115,777 @ 7.0% cap · market cap 4.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.15M
$4.51M – $6.01M
NOI $360,839 @ 7.0% cap · market cap 14.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
64
Businesses Nearby
Explore this area
Business Placement
Demographics for 37804, TN
27,075
Population
10,569
Households
2.6
Avg Household Size
40
Median Age
22%
College-Educated
89%
High-School Grad
34.9 sq mi
ZIP Area
776
Density / Sq Mi
$75,794
Median Household Income
$37,879
Median Earnings
$1,155
Median Rent
$224,400
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 - 12 all-brick townhome units with separate meters and front-door parking for each unit.
Where is this apartment building located?
The property is located at 102 Asbury Way Maryville, TN.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 12 townhouse units configured as two all‑brick 6‑plexes; Approximately 1,110 SF per unit, with 2 bedrooms and 1.5 bathrooms; Separately metered utilities; tenants pay their own utilities
