Duplex in Northeast
3302/3304 NE Steeple Circle Cleveland, TN 37312
3302/3304 NE Steeple Circle, Cleveland, TN, 37312
$239,900
For Sale
$239,900
Duplex with tenant-paid utilities in a desirable location.
Property Size840 SF
Lot Size0.10 Acres
Price / SF$285.60
Days on Market903
Property Features for 3302/3304 NE Steeple Circle
General Information
- Standard status
- Active
- Size
- 840 SF
- Lot size
- 0.10 Acres
- Property subtype
- Multi Family
Building Details
- Year Built
- 1989
Listing Agency
Crye-Leike REALTORS - Cleveland
(423) 596-7173
Listed by
Max Phillips · License #203547
(423) 596-7173
Source
Exitrealty
Added: Jan 26, 2024 Checked: Jul 17 at 4:25 am
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 Crye-Leike REALTORS - Cleveland
Investment Insights
Based on property information with market context.
This duplex, located in Northeast Cleveland, presents an investment opportunity. Each unit features 2 bedrooms, 1 1/2 baths, a kitchen, a living room, and washer/dryer hookups. The property offers the option to occupy one unit while renting out the other. Tenants are responsible for electric, water, and sewer expenses. The property size is 840 square feet.
Key Highlights
- Duplex: Live in one unit and rent the other.
- Investment Potential: Build wealth and generate rental income.
- Desirable Location: Great NE city location.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $10.9k | $12.96 |
| − Vacancy | −$630 | −$0.75 |
| EGI | $10.3k | $12.21 |
| − OpEx | −$3.1k | −$3.66 |
| NOI | $7.2k | $8.55 |
840 SF · lease $12.96/SF/yr · vacancy 5.79% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$102.6K
$89.7K – $119.7K
NOI $7,179 @ 7.0% cap · market cap 2.99%
Second Best
Apartment 5plus
$89.2K
$78.1K – $104.1K
NOI $6,247 @ 7.0% cap · market cap 2.60%
Theoretical Best
Office A
$176.3K
$154.2K – $205.6K
NOI $12,338 @ 7.0% cap · market cap 5.14%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
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FAQs
What type of property is this?
Duplex - Duplex with tenant-paid utilities in a desirable location.
Where is this duplex located?
The property is located at 3302/3304 NE Steeple Circle Cleveland, TN.
What is the asking price?
The asking price for this property is $239,900.
What are key features of this property?
This property features: Duplex: Live in one unit and rent the other.; Investment Potential: Build wealth and generate rental income.; Desirable Location: Great NE city location.
