Mixed-Use Income Property with
For Sale
Contact for pricing
1242 Ladd Springs Road SE, Cleveland, TN 37323
One-level building with eight occupied one-bedroom apartments and central retail space for stable residential and commercial income.
Property Size8,814 SF
Price / SF$85.09
Days on Market50
Property Features for 1242 Ladd Springs Road SE
General Information
Standard status
Active
Size
8,814 SF
Property subtype
Mixed Use
Occupancy
100%
Additional Details
Multifamily Units
8
Building Details
Year Built
1976
Tenancy
Multi
Listing Agency:
Coldwell Banker Commercial Kinard Realty Cleveland
Listed By:
Tammy Johnson · License #TN
Source:
Crexi
Added: Jun 16
Changed: Jul 10
Last Checked: Aug 4 at 7:12AM
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 Coldwell Banker Commercial Kinard Realty Cleveland
Investment Insights
Based on property information with market context.
This mixed-use property combines residential and retail under one roof, arranged for straightforward day-to-day operations. There are eight fully occupied one-bedroom apartments and a central retail space, all located on one level. The layout places four apartment units on each side of the retail area.
The apartments have been updated with luxury vinyl plank flooring and renovated bathrooms, reflecting a more modern, low-maintenance finish level. The property is located in Cleveland, TN.
As an income-producing investment, the building offers exposure to both residential rents and a retail component within the same overall structure. The fully occupied status of the apartments provides ongoing rental income, while the central retail space supports a mixed-use tenant mix. For investors seeking a one-level configuration with multiple apartment units and an attached retail offering, this property is designed to be manageable as a single asset with income generated from both components.
The apartments have been updated with luxury vinyl plank flooring and renovated bathrooms, reflecting a more modern, low-maintenance finish level. The property is located in Cleveland, TN.
As an income-producing investment, the building offers exposure to both residential rents and a retail component within the same overall structure. The fully occupied status of the apartments provides ongoing rental income, while the central retail space supports a mixed-use tenant mix. For investors seeking a one-level configuration with multiple apartment units and an attached retail offering, this property is designed to be manageable as a single asset with income generated from both components.
Key Highlights
- Year built 1976 one‑level mixed‑use building with eight occupied 1‑bedroom apartments plus central retail space
- Layout features four apartment units on each side of the retail space, all on one level
- All apartments are updated with luxury vinyl plank flooring and renovated bathrooms
Financial Insights For Apartment 5plus
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 | $126.9k | $14.40 |
| − Vacancy | −$7.7k | −$0.88 |
| EGI | $119.2k | $13.52 |
| − OpEx | −$53.6k | −$6.08 |
| NOI | $65.5k | $7.44 |
8,814 SF · lease $14.40/SF/yr · vacancy 6.10% · expense 45.00%
Alternative Uses
Best Use
Retail
$1.19M
$1.04M – $1.39M
NOI $83,292 @ 7.0% cap · market cap 11.11%
Second Best
Apartment 5plus
$936.4K
$819.4K – $1.09M
NOI $65,549 @ 7.0% cap · market cap 8.74%
Theoretical Best
Office A
$1.85M
$1.62M – $2.16M
NOI $129,460 @ 7.0% cap · market cap 17.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
10
Businesses Nearby
Explore this area
Business Placement
Demographics for 37323, TN
31,497
Population
12,841
Households
2.5
Avg Household Size
41
Median Age
18%
College-Educated
88%
High-School Grad
114.6 sq mi
ZIP Area
275
Density / Sq Mi
$67,538
Median Household Income
$41,922
Median Earnings
$908
Median Rent
$213,900
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?
Apartment building - One-level building with eight occupied one-bedroom apartments and central retail space for stable residential and commercial income.
Where is this apartment building located?
The property is located at 1242 Ladd Springs Road SE Cleveland, TN.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Year built 1976 one‑level mixed‑use building with eight occupied 1‑bedroom apartments plus central retail space; Layout features four apartment units on each side of the retail space, all on one level; All apartments are updated with luxury vinyl plank flooring and renovated bathrooms
