3-Unit Multifamily
New
For Sale
$259,999
123 E Springdale Ave, Knoxville, TN 37917
Commercially zoned apartments include separate electric meters and an unfinished upper-level area.
Property Size1,956 SF
Price / SF$132.92
Days on Market5
Property Features for 123 E Springdale Ave
General Information
Standard status
Active
Size
1,956 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
repairs, cleaning, and modernization
Site & Location
Road Access
Yes
Utilities to Site
Yes
Additional Details
Gross Income
$40,800
Multifamily Units
3
Building Details
Year Built
1915
Listed By:
TNLiving.homes
(865) 250-4094
Source:
Tnliving
Added: Oct 12
Changed: Oct 13
Last Checked: Oct 14 at 11:22PM
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 TNLiving.homes
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Investment Insights
Based on property information with market context.
This 1,956-square-foot triplex, built in 1915, contains three apartments and an unfinished area on the upper level. The existing units need repairs, cleaning, and modernization. Each apartment has its own electric meter, and tenants pay their utility costs. A newer roof and water lines installed to the street are among the property’s physical improvements.
The property is near Knoxville’s Happy Holler district and has rear street access and off-street parking. Its unfinished upper-level space may accommodate a fourth unit, subject to zoning, permitting, inspections, and other required governmental approvals.
The property is near Knoxville’s Happy Holler district and has rear street access and off-street parking. Its unfinished upper-level space may accommodate a fourth unit, subject to zoning, permitting, inspections, and other required governmental approvals.
Key Highlights
- Three apartment units in a 1,956‑square‑foot property
- Built in 1915; existing apartments need repairs and modernization
- Unfinished upper‑level area may allow a fourth unit, subject to required approvals
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,076
Cap Rate
7.34%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$381,520
$381.5K
Cap Rate 7%
$272,514
$272.5K
Cap Rate 9%
$211,956
$212.0K
Market Conditions
NOI Build-Up for 1,956 SF
Gross rent
$29.3K $15.00/SF
− Vacancy
−$2.1K −$1.07/SF
EGI
$27.3K $13.93/SF
− OpEx
−$8.2K −$4.18/SF
NOI
$19.1K $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 Rate 5%
$381,520
Cap Rate 7%
$272,514
Cap Rate 9%
$211,956
Alternative Uses
Best Use
Multifamily LT 5
$272.5K
$238.5K – $317.9K
NOI $19,076 @ 7.0% cap · market cap 7.34%
Second Best
Apartment 5plus
$250.8K
$219.4K – $292.6K
NOI $17,554 @ 7.0% cap · market cap 6.75%
Theoretical Best
Office A
$484.5K
$423.9K – $565.2K
NOI $33,912 @ 7.0% cap · market cap 13.04%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
662
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - Commercially zoned apartments include separate electric meters and an unfinished upper-level area.
Where is this triplex located?
The property is located at 123 E Springdale Ave Knoxville, TN.
What is the asking price?
The asking price for this property is $259,999.
What are key features of this property?
This property features: Three apartment units in a 1,956‑square‑foot property; Built in 1915; existing apartments need repairs and modernization; Unfinished upper‑level area may allow a fourth unit, subject to required approvals
