Two-Unit Duplex Income
1505-1507 Rustic Drive Cleveland, TN 37312
1505-1507 Rustic Drive, Cleveland, TN, 37312
$234,900
For Sale
$234,900
Duplex offers two bedrooms with 1½ baths per unit, plus kitchen, living room, and washer/dryer hookups.
Property Size1,590 SF
Price / SF$147.74
Days on Market1120
Property Features for 1505-1507 Rustic Drive
General Information
- Standard status
- Active
- Size
- 1,590 SF
- Property subtype
- MultiFamily / Duplex
Building Details
- Year Built
- 1984
Listing agency
Crye-Leike, REALTORS
(423) 596-7173
Listed by
Max Phillips · License #203547
(423) 596-7173
Source
Compass
Added: Jun 29, 2023 Updated: Jul 22 at 2:14AM Checked: Jul 22 at 2:14AM
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
Investment Insights
Based on property information with market context.
This duplex features two residential units, each configured with two bedrooms, 1½ baths, a kitchen, and a living room. Washer/dryer hookups are included, providing flexibility for in-unit laundry setups. The property is positioned as a straightforward live-in-or-rent arrangement, with tenants responsible for electric, water, and sewer.
The duplex is located at 1505-1507 Rustic Drive in Cleveland, TN 37312.
As an income property, it provides an opportunity to occupy one unit while collecting rent from the other, with utility responsibility assigned to tenants for electric, water, and sewer.
The duplex is located at 1505-1507 Rustic Drive in Cleveland, TN 37312.
As an income property, it provides an opportunity to occupy one unit while collecting rent from the other, with utility responsibility assigned to tenants for electric, water, and sewer.
Key Highlights
- Duplex with 2 bedrooms and 1½ baths per unit, each with kitchen and living room
- Washer/dryer hookups included in each unit
- Central air conditioning and central heating
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 | $20.6k | $12.96 |
| − Vacancy | −$1.2k | −$0.75 |
| EGI | $19.4k | $12.21 |
| − OpEx | −$5.8k | −$3.66 |
| NOI | $13.6k | $8.55 |
1,590 SF · lease $12.96/SF/yr · vacancy 5.79% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$194.1K
$169.9K – $226.5K
NOI $13,589 @ 7.0% cap · market cap 5.79%
Second Best
Apartment 5plus
$168.9K
$147.8K – $197.1K
NOI $11,825 @ 7.0% cap · market cap 5.03%
Theoretical Best
Office A
$333.6K
$291.9K – $389.2K
NOI $23,354 @ 7.0% cap · market cap 9.94%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
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FAQs
What type of property is this?
Duplex - Duplex offers two bedrooms with 1½ baths per unit, plus kitchen, living room, and washer/dryer hookups.
Where is this duplex located?
The property is located at 1505-1507 Rustic Drive Cleveland, TN.
What is the asking price?
The asking price for this property is $234,900.
What are key features of this property?
This property features: Duplex with 2 bedrooms and 1½ baths per unit, each with kitchen and living room; Washer/dryer hookups included in each unit; Central air conditioning and central heating
