Updated Duplex with
New
For Sale
$625,000
1204 W Mississippi Avenue, Chattanooga, TN 37405
Residential Income, Chattanooga, TN
Property Size2,188 SF
Lot Size0.51 Acres
Price / SF$285.65
Days on Market5
Property Features for 1204 W Mississippi Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bathroom 2, Bathroom 1, Bedroom 1, Bedroom 4, Bathroom 3, Bedroom 3, Bedroom 2
Parking features
Paved or Surfaced, Driveway, Off Street
Window features
Vinyl Frames
Patio and Porch features
Porch, Deck
Interior features
Eat-in Kitchen, High Speed Internet, Tub/shower Combo
Fencing
Chain Link
Basement
Crawl Space
Lot features
Near Public Transit, Rectangular Lot, Wooded
Elementary school
Normal Park Elementary
Middle school
Normal Park Upper
High school
Red Bank High School
Directions
S on Hixson Pike, Right on Fernway Rd, Left on W Mississippi. Home on left. To access alley to driveway, Left on Mt Vernon Ave, alley on left to driveway.
Subdivision
Chattanooga
Standard status
Active
APN
126l K 043
Size
2,188 SF
Lot size
0.51 Acres
Taxes and HOA fees
Tax Description
Lt 3 Blk 35 Map No 1 North Chatt Pb 3 Pg31
Tax Annual Amount
5549
Legal Description
Lt 3 Blk 35 Map No 1 North Chatt Pb 3 Pg31
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
stainless steel appliances
washer and dryer
front porch
back porch
storage building
Building Details
Year built
1985
Floors in Building
2
Number of units
2
Flooring type
Carpet, Vinyl
Building materials
HardiPlank Type
Roof type
Shingle
Additional Structures
Storage
Listing Agency:
Keller Williams Realty
(423) 664-1700
Listed By:
Brad Fuqua · License #326598
(423) 605-5167
Added: Sep 7
Changed: Sep 11
Last Checked: Sep 11 at 5:06PM
MLS# 1542653
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 duplex in Chattanooga’s North Chattanooga area provides 2,188 square feet across two residential units, each with 2 bedrooms and 1.5 baths. Unit features include stainless steel appliances, washer and dryer connections, carpet and vinyl flooring, central heating and cooling, and eat-in kitchens. Front and rear porches extend the usable space, while a separate storage building sits behind the residence.
The property occupies 0.51 acres at 1204 W Mississippi Avenue, directly across from Normal Park School. Paved driveway and alley access support off-street parking. Major building systems include a new roof, HVAC units, and water heaters. Public water and public sewer serve the property, which was built in 1985 and features HardiPlank siding, a shingle roof, and chain-link fencing.
The property occupies 0.51 acres at 1204 W Mississippi Avenue, directly across from Normal Park School. Paved driveway and alley access support off-street parking. Major building systems include a new roof, HVAC units, and water heaters. Public water and public sewer serve the property, which was built in 1985 and features HardiPlank siding, a shingle roof, and chain-link fencing.
Key Highlights
- 2,188 square feet on 0.51 acres
- Duplex with 2 bedrooms and 1.5 baths in each unit
- Directly across from Normal Park School
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
$21,481
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
3.44%
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%
$429,620
$429.6K
Cap Rate 7%
$306,871
$306.9K
Cap Rate 9%
$238,678
$238.7K
Market Conditions
NOI Build-Up for 2,188 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
$32.8K $15.00/SF
− Vacancy
−$2.1K −$0.98/SF
EGI
$30.7K $14.03/SF
− OpEx
−$9.2K −$4.21/SF
NOI
$21.5K $9.82/SF
Area
Chattanooga, TN
Vacancy
6.50%
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%
$429,620
Cap Rate 7%
$306,871
Cap Rate 9%
$238,678
Alternative Uses
Best Use
Multifamily LT 5
$306.9K
$268.5K – $358.0K
NOI $21,481 @ 7.0% cap · market cap 3.44%
Second Best
Apartment 5plus
$275.4K
$241.0K – $321.3K
NOI $19,276 @ 7.0% cap · market cap 3.08%
Theoretical Best
Office A
$483.2K
$422.8K – $563.8K
NOI $33,826 @ 7.0% cap · market cap 5.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
242
Businesses Nearby
Explore this area
Business Placement
Demographics for 37405, TN
18,231
Population
9,959
Households
1.8
Avg Household Size
36
Median Age
53%
College-Educated
92%
High-School Grad
54.3 sq mi
ZIP Area
336
Density / Sq Mi
$77,850
Median Household Income
$51,748
Median Earnings
$1,276
Median Rent
$416,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with updated systems, porches, off-street parking, and a rear storage building.
Where is this duplex located?
The property is located at 1204 W Mississippi Avenue Chattanooga, TN.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 2,188 square feet on 0.51 acres; Duplex with 2 bedrooms and 1.5 baths in each unit; Directly across from Normal Park School
