Triplex with Unfinished Fourth
For Sale
$265,000
123 E Springdale Ave, Knoxville, TN 37917
MULTI_FAMILY - Knoxville, TN
Property Size1,956 SF
Lot Size0.17 Acres
Price / SF$135.48
Days on Market49
Property Features for 123 E Springdale Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street
Window features
Aluminum Frames
Patio and Porch features
Porch
Subdivision
Oakwood C B Atkins Add
Elementary school
Christenberry
Middle school
Whittle Springs
High school
Fulton
Directions
Keep left at Interstate Highway 40 E/I-40 E toward Knoxville Keep right Take exit 1B on the right onto W Woodland Ave NW toward Oldham Ave Turn right onto W Woodland Ave Turn left onto N Central St Turn right onto E Springdale Ave. 2nd house on left. You have arrived at 123 E Springdale Ave. Your destination is on the left, Sign in yard
Standard status
Active
APN
081FS024
Size
1,956 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Annual Amount
2297
Utilities
Heating system
Natural Gas, Heat Pump (Heating), Electric (Heating)
Cooling system
Central Air
Building Details
Year built
1915
Number of units
3
Flooring type
Vinyl
Building materials
Vinyl Siding, Block, Frame
Roof type
Shingle
Listing Agency:
The Real Estate Firm, Inc.
(865) 770-4030
Listed By:
Fredda Augusta Temples
(865) 770-4030
Added: Jun 29
Changed: Aug 9
Last Checked: Aug 16 at 10:06AM
MLS# 1346324
Copyright © 2026 East Tennessee 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 1,956-square-foot triplex occupies a 0.17-acre lot in Knoxville. Built in 1915, the property has vinyl siding, block and frame construction, vinyl flooring, central air, and heating that includes natural gas, heat pump, and electric systems. A newer shingle roof is also in place.
The existing apartments require repairs, cleaning, and modernization. An unfinished fourth unit occupies part of the upper floor, providing additional interior space within the building. The dwelling units have separate electric meters, and tenants pay their own utility costs. The property is zoned for commercial use and includes an outdoor storage building, porch, and rear access from the back street.
The existing apartments require repairs, cleaning, and modernization. An unfinished fourth unit occupies part of the upper floor, providing additional interior space within the building. The dwelling units have separate electric meters, and tenants pay their own utility costs. The property is zoned for commercial use and includes an outdoor storage building, porch, and rear access from the back street.
Key Highlights
- 1,956‑square‑foot triplex on a 0.17‑acre lot
- Built in 1915 with vinyl siding, block and frame construction
- Unfinished fourth unit on the upper floor
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
$19,076
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
7.20%
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%
$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
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
$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 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%
$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 7.20%
Second Best
Apartment 5plus
$250.8K
$219.4K – $292.6K
NOI $17,554 @ 7.0% cap · market cap 6.62%
Theoretical Best
Office A
$484.5K
$423.9K – $565.2K
NOI $33,912 @ 7.0% cap · market cap 12.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
841
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?
Triplex - Commercially zoned triplex with separate electric metering, a newer roof, and an upper-level unit requiring completion.
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 $265,000.
What are key features of this property?
This property features: 1,956‑square‑foot triplex on a 0.17‑acre lot; Built in 1915 with vinyl siding, block and frame construction; Unfinished fourth unit on the upper floor
