Brick Duplex with Vacant
For Sale
$225,000
117 Atlantic Avenue, Knoxville, TN 37917
Two-unit residential income property with one leased residence and a second unit available for occupancy or new tenancy.
Property Size1,632 SF
Price / SF$137.87
Days on Market111
Property Features for 117 Atlantic Avenue
General Information
Standard status
Active
Size
1,632 SF
Property subtype
Multi-Family
Taxes and HOA fees
Annual Taxes
$2,301
Amenities
Central Cooling, Window Unit(s)
Yes
Vinyl
True
Central, Natural Gas, Space Heater
Brick
Building Details
Year Built
1940
Listing Agency:
United Real Estate Solutions
(865) 415-6012
Listed By:
Ed Harrison
Source:
Compass
Added: May 13
Changed: Aug 30
Last Checked: Aug 30 at 11:33PM
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 United Real Estate Solutions
Investment Insights
Based on property information with market context.
This 1,632-square-foot duplex, built in 1940, contains two separate residences. The occupied unit offers two bedrooms and one bathroom and is leased through Section 8, with residents handling their own utilities. The second residence includes one bedroom and one bathroom and is currently vacant, allowing for owner occupancy or a new rental arrangement.
Located at 117 Atlantic Avenue in Knoxville, Tennessee, the property has a brick exterior and a combination of central cooling and window-unit cooling. Heating includes central, natural gas, and space-heater systems. The two-unit configuration provides separate living spaces within a single residential income property.
Located at 117 Atlantic Avenue in Knoxville, Tennessee, the property has a brick exterior and a combination of central cooling and window-unit cooling. Heating includes central, natural gas, and space-heater systems. The two-unit configuration provides separate living spaces within a single residential income property.
Key Highlights
- Two‑unit duplex with 1,632 square feet
- One 2‑bedroom, 1‑bath unit leased through Section 8
- Second unit has 1 bedroom and 1 bath and is currently vacant
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
$15,916
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
7.07%
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%
$318,320
$318.3K
Cap Rate 7%
$227,371
$227.4K
Cap Rate 9%
$176,844
$176.8K
Market Conditions
NOI Build-Up for 1,632 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
$24.5K $15.00/SF
− Vacancy
−$1.7K −$1.07/SF
EGI
$22.7K $13.93/SF
− OpEx
−$6.8K −$4.18/SF
NOI
$15.9K $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%
$318,320
Cap Rate 7%
$227,371
Cap Rate 9%
$176,844
Alternative Uses
Best Use
Multifamily LT 5
$227.4K
$199.0K – $265.3K
NOI $15,916 @ 7.0% cap · market cap 7.07%
Second Best
Apartment 5plus
$209.2K
$183.1K – $244.1K
NOI $14,646 @ 7.0% cap · market cap 6.51%
Theoretical Best
Office A
$404.2K
$353.7K – $471.6K
NOI $28,295 @ 7.0% cap · market cap 12.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
589
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?
Duplex - Two-unit residential income property with one leased residence and a second unit available for occupancy or new tenancy.
Where is this duplex located?
The property is located at 117 Atlantic Avenue Knoxville, TN.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,632 square feet; One 2‑bedroom, 1‑bath unit leased through Section 8; Second unit has 1 bedroom and 1 bath and is currently vacant
