Renovated 5-Unit Apartment
For Sale
$1,099,900
109/115 E Glenwood Ave, Knoxville, TN 37917
Two neighboring properties combine renovated interiors, private entrances, in-unit laundry, and off-street parking near Downtown Knoxville.
Property Size4,907 SF
Price / SF$224.15
Days on Market8
Property Features for 109/115 E Glenwood Ave
General Information
Standard status
Active
Size
4,907 SF
Property subtype
Multi-Family
Additional Details
Gross Income
$146,693
Multifamily Units
5
Amenities
private entrance
in-unit laundry
off-street parking
Building Details
Year Built
1920
Buildings
2
Listing Agency:
(865) 518-4324
Listed By:
Southern Charm Homes
(865) 518-4324
Source:
Southerncharm
Added: Aug 22
Changed: Aug 29
Last Checked: Aug 29 at 4:40PM
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 Southern Charm Homes
Investment Insights
Based on property information with market context.
The package includes 109 E Glenwood Ave and 115 E Glenwood Ave, two neighboring properties totaling 4,907 square feet and five units. Built in 1920, the assets comprise a commercially zoned triplex and a renovated up-and-down duplex. The triplex includes three units with private entrances and in-unit laundry; all three have renovated interiors with luxury vinyl plank flooring and granite countertops, while Unit 1 adds a half bath. Two units are furnished, and the basement unit was recently remodeled and is unfurnished. The duplex also provides separate entrances, laundry, and dedicated off-street parking for both units.
Four units previously operated as short-term rentals and one as a long-term rental. The triplex obtained a non-owner-occupied short-term rental permit, subject to applicable permitting and regulations. The properties share a parking area, with additional side-driveway parking at 109 E Glenwood Ave. The location is within walking distance of neighborhood coffee and smoothie shops and a short drive from Downtown Knoxville, the University of Tennessee, Old City, and Happy Holler.
Four units previously operated as short-term rentals and one as a long-term rental. The triplex obtained a non-owner-occupied short-term rental permit, subject to applicable permitting and regulations. The properties share a parking area, with additional side-driveway parking at 109 E Glenwood Ave. The location is within walking distance of neighborhood coffee and smoothie shops and a short drive from Downtown Knoxville, the University of Tennessee, Old City, and Happy Holler.
Key Highlights
- Five units across 109 E Glenwood Ave and 115 E Glenwood Ave
- 4,907 square feet total; built in 1920
- Triplex and renovated up‑and‑down duplex offered together
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
$47,855
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
4.35%
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%
$957,100
$957.1K
Cap Rate 7%
$683,643
$683.6K
Cap Rate 9%
$531,722
$531.7K
Market Conditions
NOI Build-Up for 4,907 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
$73.6K $15.00/SF
− Vacancy
−$5.2K −$1.07/SF
EGI
$68.4K $13.93/SF
− OpEx
−$20.5K −$4.18/SF
NOI
$47.9K $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%
$957,100
Cap Rate 7%
$683,643
Cap Rate 9%
$531,722
Alternative Uses
Best Use
Multifamily LT 5
$683.6K
$598.2K – $797.6K
NOI $47,855 @ 7.0% cap · market cap 4.35%
Second Best
Apartment 5plus
$629.1K
$550.5K – $734.0K
NOI $44,037 @ 7.0% cap · market cap 4.00%
Theoretical Best
Office A
$1.22M
$1.06M – $1.42M
NOI $85,076 @ 7.0% cap · market cap 7.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,079
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?
Apartment building - Two neighboring properties combine renovated interiors, private entrances, in-unit laundry, and off-street parking near Downtown Knoxville.
Where is this apartment building located?
The property is located at 109/115 E Glenwood Ave Knoxville, TN.
What is the asking price?
The asking price for this property is $1,099,900.
What are key features of this property?
This property features: Five units across 109 E Glenwood Ave and 115 E Glenwood Ave; 4,907 square feet total; built in 1920; Triplex and renovated up‑and‑down duplex offered together
