Renovated 5-Unit Apartment
New
For Sale
$1,099,900
109/115 E Glenwood Ave, Knoxville, TN 37917
Multi-Family, Knoxville, TN
Property Size4,907 SF
Lot Size0.28 Acres
Price / SF$224.15
Days on Market1
Property Features for 109/115 E Glenwood Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
10
Full bathrooms
5
Rooms
Bathroom 3, Bedroom 9, Bedroom 3, Bedroom 10, Bedroom 2, Bedroom 6, Bedroom 5, Bathroom 2, Bedroom 7, Bathroom 1, Bedroom 8, Bedroom 4, Bathroom 4, Bedroom 1, Bathroom 5
Parking features
Off Street
Patio and Porch features
Porch
Appliances
Dryer, Microwave, Range, Refrigerator, Self Cleaning Oven, Washer
Subdivision
Mayfield Pt 1
Elementary school
Christenberry
Middle school
Whittle Springs
High school
Fulton
Directions
From Downtown Knoxville, head north on N Broadway. Turn right onto E Glenwood Ave. Property will be on the left at 109/115 E Glenwood Ave.
Standard status
Active
APN
081LF017 & 081LF016
Size
4,907 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Annual Amount
5841
Utilities
Heating system
Electric (Heating), Central
Cooling system
Ceiling Fan(s), Central Air
Amenities
in-unit laundry
private entrance
off-street parking
Building Details
Year built
1920
Number of units
5
Flooring type
Vinyl
Building materials
Vinyl Siding, Frame
Roof type
Asphalt
Listing Agency:
Real Broker
(844) 591-7325
Listed By:
Quinn Epperly
(865) 963-8462
Added: Aug 20
Last Checked: Aug 20 at 10:06PM
MLS# 1352518
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.
The offering comprises adjoining apartment properties at 109 and 115 E Glenwood Ave with five total units and 4,907 square feet on 0.28 acres. The first property is a commercially zoned triplex with three private-entry units, individual laundry, luxury vinyl plank flooring, granite countertops, and off-street parking. One unit includes an additional half bath. Two units are furnished, while the basement unit has been remodeled and is unfurnished.
The second property is a renovated two-story duplex. Each apartment has a separate entrance, dedicated laundry, and off-street parking. The package includes a mix of units previously operated as short-term and long-term rentals, with the triplex having obtained a non-owner-occupied short-term rental permit, subject to applicable requirements. The properties are within walking distance of neighborhood coffee and smoothie shops and a short drive from Downtown Knoxville, the University of Tennessee, Old City, and Happy Holler.
The second property is a renovated two-story duplex. Each apartment has a separate entrance, dedicated laundry, and off-street parking. The package includes a mix of units previously operated as short-term and long-term rentals, with the triplex having obtained a non-owner-occupied short-term rental permit, subject to applicable requirements. The properties are within walking distance of neighborhood coffee and smoothie shops and a short drive from Downtown Knoxville, the University of Tennessee, Old City, and Happy Holler.
Key Highlights
- Five units across two adjoining apartment properties
- 4,907 square feet on 0.28 acres
- Commercially zoned triplex with non‑owner‑occupied short‑term rental permit
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
$47,855
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%
$957,100
$957.1K
Cap Rate 7%
$683,643
$683.6K
Cap Rate 9%
$531,722
$531.7K
Market Conditions
NOI Build-Up for 4,907 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
$73.6K $15.00/SF
− Vacancy
−$5.2K −$1.07/SF
EGI
$68.4K $13.93/SF
− OpEx
−$20.5K −$4.18/SF
NOI
$47.9K $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%
$957,100
Cap Rate 7%
$683,643
Cap Rate 9%
$531,722
Alternative Uses
Best Use
Multifamily LT 5
$683.6K
$598.2K – $797.6K
NOI $47,855 @ 7.0% cap · market cap 4.35%
Second Best
Apartment 5plus
$629.1K
$550.5K – $734.0K
NOI $44,037 @ 7.0% cap · market cap 4.00%
Theoretical Best
Office A
$1.22M
$1.06M – $1.42M
NOI $85,076 @ 7.0% cap · market cap 7.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,079
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Two adjoining properties combine renovated interiors, private entrances, in-unit laundry, and off-street parking near central Knoxville.
Where is this apartment building located?
The property is located at 109/115 E Glenwood Ave Knoxville, TN.
What is the asking price?
The asking price for this property is $1,099,900.
What are key features of this property?
This property features: Five units across two adjoining apartment properties; 4,907 square feet on 0.28 acres; Commercially zoned triplex with non‑owner‑occupied short‑term rental permit
