14-Unit Apartment
For Sale
$1,525,000
1068 Wooddale Church Road, Knoxville, TN 37924
Mostly upgraded one-bedroom units feature balconies, wall cooling, and included kitchen appliances.
Property Size7,392 SF
Price / SF$206.30
Days on Market139
Property Features for 1068 Wooddale Church Road
General Information
Standard status
Active
Size
7,392 SF
Property subtype
Multi-Family
Units
Unit Mix
14 x 1BR/1BA
Multifamily Units
14
Taxes and HOA fees
Annual Taxes
$2,123
Amenities
Wall Cooling
Yes
Laminate, Vinyl
True
Other
Range, Refrigerator
Balcony
Frame
Building Details
Year Built
1966
Listing Agency:
PWA Properties
(865) 936-9999
Listed By:
Kevin G. Tipton · License #351465
Source:
Compass
Added: Apr 15
Changed: Aug 30
Last Checked: Aug 30 at 10:14PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of PWA Properties
Investment Insights
Based on property information with market context.
This 14-unit apartment building contains exclusively 1-bedroom/1-bathroom units within 7,392 square feet. Thirteen units are occupied, and most have received updates such as flooring, appliances, light fixtures, and cabinets. Additional property features include balconies, wall cooling, laminate and vinyl finishes, ranges, and refrigerators. The building was constructed in 1966.
The property is approximately fifteen minutes from downtown Knoxville and the University of Tennessee. Its current occupancy and unit configuration provide an established multifamily operating profile, while the recently updated units and remaining improvement scope support continued property enhancement.
The property is approximately fifteen minutes from downtown Knoxville and the University of Tennessee. Its current occupancy and unit configuration provide an established multifamily operating profile, while the recently updated units and remaining improvement scope support continued property enhancement.
Key Highlights
- 14‑unit multifamily property with 13 of 14 units occupied
- All units are 1 bedroom / 1 bathroom
- 7,392 square feet; built in 1966
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
$66,338
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
4.35%
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%
$1,326,760
$1.3M
Cap Rate 7%
$947,686
$947.7K
Cap Rate 9%
$737,089
$737.1K
Market Conditions
NOI Build-Up for 7,392 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
$130.4K $17.64/SF
− Vacancy
−$9.8K −$1.32/SF
EGI
$120.6K $16.32/SF
− OpEx
−$54.3K −$7.34/SF
NOI
$66.3K $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%
$1,326,760
Cap Rate 7%
$947,686
Cap Rate 9%
$737,089
Alternative Uses
Best Use
Apartment 5plus
$947.7K
$829.2K – $1.11M
NOI $66,338 @ 7.0% cap · market cap 4.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.83M
$1.60M – $2.14M
NOI $128,160 @ 7.0% cap · market cap 8.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
14
Residential units
Location Intelligence
Trade Area within ½ mile
14
Businesses Nearby
Explore this area
Business Placement
Demographics for 37924, TN
12,894
Population
6,052
Households
2.1
Avg Household Size
41
Median Age
28%
College-Educated
91%
High-School Grad
27.9 sq mi
ZIP Area
462
Density / Sq Mi
$73,794
Median Household Income
$40,594
Median Earnings
$1,020
Median Rent
$217,300
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?
Apartment building - Mostly upgraded one-bedroom units feature balconies, wall cooling, and included kitchen appliances.
Where is this apartment building located?
The property is located at 1068 Wooddale Church Road Knoxville, TN.
What is the asking price?
The asking price for this property is $1,525,000.
What are key features of this property?
This property features: 14‑unit multifamily property with 13 of 14 units occupied; All units are 1 bedroom / 1 bathroom; 7,392 square feet; built in 1966
