New Construction
For Sale
$479,900
116 & 118 Courtland Crest Drive SW, Cleveland, TN 37311
Residential Income, Cleveland, TN
Property Size2,450 SF
Lot Size0.17 Acres
Price / SF$195.88
Days on Market216
Property Features for 116 & 118 Courtland Crest Drive SW
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Bedrooms
4
Bathrooms
8
Full bathrooms
4
Rooms
Bedroom 1, Bathroom 3, Bedroom 4, Bathroom 5, Bathroom 1, Bathroom 6, Bedroom 3, Bathroom 7, Bathroom 2, Bathroom 4, Bedroom 2, Bathroom 8
Parking features
Driveway
Appliances
Water Heater, Refrigerator, Microwave, Electric Range, Electric Oven, Cooktop
Subdivision
The Orchard
Elementary school
Black Fox Elementary
Middle school
Bradley County Middle
High school
Lake Forest School
Standard status
Active
APN
057 010.00
Size
2,450 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
DEED ACRES 12.82
Tax Annual Amount
532
Legal Description
DEED ACRES 12.82
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
2025
Floors in Building
2
Number of units
2
Flooring type
Vinyl
Building materials
Concrete, HardiPlank Type, Vinyl Siding
Roof type
Shingle
Listing Agency:
Keller Williams Realty
(423) 664-1600
Listed By:
Gina Shumway · License #TN373412
(770) 686-9366
Added: Jan 29
Changed: Sep 2
Last Checked: Sep 2 at 8:06PM
MLS# 1527504
Copyright © 2026 Greater Chattanooga 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 2,450-square-foot duplex is under construction on a 0.17-acre parcel in Cleveland. The property contains two residences, each arranged with two bedrooms and 2.5 bathrooms and built to townhome specifications. The design includes vinyl flooring, central heating and cooling, driveway parking, shingle roofing, and concrete, HardiPlank, and vinyl siding. Stainless steel appliances and granite countertops are included, while each unit is separately metered for utilities.
Estimated completion is May 2026. The townhome-style construction allows each side to be individually parceled and sold at the seller’s discretion. Public water and public sewer serve the property, which is located near shopping and schools with access to I-75 for travel toward Chattanooga and surrounding areas.
Estimated completion is May 2026. The townhome-style construction allows each side to be individually parceled and sold at the seller’s discretion. Public water and public sewer serve the property, which is located near shopping and schools with access to I-75 for travel toward Chattanooga and surrounding areas.
Key Highlights
- 2,450‑square‑foot duplex on a 0.17‑acre parcel
- Two units, each with 2 bedrooms and 2.5 bathrooms
- Townhome specifications allow individual parceling and sale at the seller’s discretion
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
$20,939
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
4.36%
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%
$418,780
$418.8K
Cap Rate 7%
$299,129
$299.1K
Cap Rate 9%
$232,656
$232.7K
Market Conditions
NOI Build-Up for 2,450 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
$31.8K $12.96/SF
− Vacancy
−$1.8K −$0.75/SF
EGI
$29.9K $12.21/SF
− OpEx
−$9.0K −$3.66/SF
NOI
$20.9K $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%
$418,780
Cap Rate 7%
$299,129
Cap Rate 9%
$232,656
Alternative Uses
Best Use
Multifamily LT 5
$299.1K
$261.7K – $349.0K
NOI $20,939 @ 7.0% cap · market cap 4.36%
Second Best
Apartment 5plus
$260.3K
$227.8K – $303.7K
NOI $18,220 @ 7.0% cap · market cap 3.80%
Theoretical Best
Office A
$514.1K
$449.8K – $599.8K
NOI $35,986 @ 7.0% cap · market cap 7.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
217
Businesses Nearby
Explore this area
Business Placement
Demographics for 37311, TN
29,687
Population
12,942
Households
2.3
Avg Household Size
34
Median Age
18%
College-Educated
83%
High-School Grad
50.1 sq mi
ZIP Area
593
Density / Sq Mi
$46,827
Median Household Income
$28,839
Median Earnings
$890
Median Rent
$205,800
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 separately metered residences offer townhome-style layouts with stainless appliances, granite countertops, and public utilities.
Where is this duplex located?
The property is located at 116 & 118 Courtland Crest Drive SW Cleveland, TN.
What is the asking price?
The asking price for this property is $479,900.
What are key features of this property?
This property features: 2,450‑square‑foot duplex on a 0.17‑acre parcel; Two units, each with 2 bedrooms and 2.5 bathrooms; Townhome specifications allow individual parceling and sale at the seller’s discretion
