Duplex with En Suite
For Sale
$395,000
1117/1119 Village Court, Cleveland, TN 37312
MULTI_FAMILY - Cleveland, TN
Property Size2,035 SF
Price / SF$194.10
Days on Market20
Property Features for 1117/1119 Village Court
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bathroom 3, Bathroom 1, Bathroom 2
Patio and Porch features
Deck
Interior features
Walk-In Closet(s), Smart Thermostat, High Speed Internet, Granite Counters
Appliances
Washer, Convection Oven, Dishwasher, Disposal, Dryer, Electric Water Heater, Refrigerator
Subdivision
Overlook Villag
Lot features
Corner Lot, Corner Lot
Elementary school
Mayfield
Middle school
Cleveland
High school
Cleveland
Directions
Head southwest on Michigan Ave Rd NE Turn right onto 20th St NE Turn right onto Shady Ln Turn right onto NE Fulbright Rd Turn right onto Village Way
Standard status
Active
APN
050g H 02000 000
Size
2,035 SF
Taxes and HOA fees
Tax Annual Amount
2941
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air, Ceiling Fan(s)
Water source
Public
Amenities
deck
shed
Building Details
Year built
1999
Floors in Building
2
Number of units
2
Flooring type
Tile, Hardwood
Building materials
Brick Veneer, Vinyl Siding
Roof type
Metal
Listing Agency:
Epique Realty
(888) 893-3537
Listed By:
Susana Alsina · License #360572
(423) 381-7655
Added: Aug 14
Changed: Aug 16
Last Checked: Sep 2 at 10:06AM
MLS# 20264228
Copyright © 2026 River Counties 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 2,035-square-foot duplex, built in 1999, offers two separate residences with a consistent layout: each side has 2 bedrooms and 2 full bathrooms. Every bedroom includes a private en suite bath. Interior features include open living areas, hardwood and tile flooring, granite countertops, and kitchens equipped with stainless steel appliances. Central heating and cooling serve both units, with ceiling fans and smart thermostats adding to the existing systems.
Exterior improvements include a deck and storage shed, while brick veneer and vinyl siding provide the primary exterior finishes. The property is connected to public water and public sewer. One unit is currently tenant occupied, and the property is located in Cleveland, Tennessee.
Exterior improvements include a deck and storage shed, while brick veneer and vinyl siding provide the primary exterior finishes. The property is connected to public water and public sewer. One unit is currently tenant occupied, and the property is located in Cleveland, Tennessee.
Key Highlights
- 2,035 SF duplex with two separate residential units
- Each side includes 2 bedrooms and 2 full bathrooms
- Private en suite bathroom provided for every bedroom
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
$17,393
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
4.40%
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%
$347,860
$347.9K
Cap Rate 7%
$248,471
$248.5K
Cap Rate 9%
$193,256
$193.3K
Market Conditions
NOI Build-Up for 2,035 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
$26.4K $12.96/SF
− Vacancy
−$1.5K −$0.75/SF
EGI
$24.8K $12.21/SF
− OpEx
−$7.5K −$3.66/SF
NOI
$17.4K $8.55/SF
Area
Bradley County, TN
Vacancy
5.79%
Lease Rate
$12.96 /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%
$347,860
Cap Rate 7%
$248,471
Cap Rate 9%
$193,256
Alternative Uses
Best Use
Multifamily LT 5
$248.5K
$217.4K – $289.9K
NOI $17,393 @ 7.0% cap · market cap 4.40%
Second Best
Apartment 5plus
$216.2K
$189.2K – $252.2K
NOI $15,134 @ 7.0% cap · market cap 3.83%
Theoretical Best
Office A
$427.0K
$373.6K – $498.2K
NOI $29,890 @ 7.0% cap · market cap 7.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
165
Businesses Nearby
Explore this area
Business Placement
Demographics for 37312, TN
36,291
Population
15,023
Households
2.4
Avg Household Size
42
Median Age
36%
College-Educated
93%
High-School Grad
64.4 sq mi
ZIP Area
564
Density / Sq Mi
$75,369
Median Household Income
$41,148
Median Earnings
$1,080
Median Rent
$270,500
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?
Duplex - Two units combine private bedroom suites, updated kitchens, outdoor decking, and one occupied side.
Where is this duplex located?
The property is located at 1117/1119 Village Court Cleveland, TN.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: 2,035 SF duplex with two separate residential units; Each side includes 2 bedrooms and 2 full bathrooms; Private en suite bathroom provided for every bedroom
