Four-Home Multifamily
For Sale
$699,900
135 White Creek Court, Deer Lodge, TN 37726
Four residences across three contiguous parcels include renovated interiors, creek frontage, a barn, and an additional buildable lot.
Property Size5,196 SF
Price / SF$134.70
Days on Market271
Property Features for 135 White Creek Court
General Information
Standard status
Active
Size
5,196 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
this one needs to be remodeled
Units
Unit Mix
1 x 4BR/2BA, 1 x 2BR/1BA, 1 x studio/1BA, 1 x 2BR/2BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$4,640
Amenities
gated community
creek frontage
wood-burning fireplace
barn
covered RV hookup area
play structure
Central Cooling, Ceiling Fan(s)
Yes
Vinyl
True
Central, Propane, Electric
Dishwasher, Disposal, Dryer, Microwave, Range, Refrigerator, Self Cleaning Oven, Washer
Frame
Building Details
Year Built
2005
Buildings
5
Listing Agency:
GORMAN REALTY
(865) 257-3682
Listed By:
Jeanne Gorman
Source:
Compass
Added: Dec 3, 2025
Changed: Aug 29
Last Checked: Aug 31 at 1:14AM
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 GORMAN REALTY
Investment Insights
Based on property information with market context.
This multifamily offering combines four separate residences across three contiguous parcels totaling more than 7 acres within the gated Bluffs on White Creek. The primary home has 4 bedrooms, 2 baths, updated flooring, and a wood-burning fireplace serving the kitchen, dining, and living areas. A second residence provides 2 bedrooms and 1 bath following a complete remodel. The studio-style home has 1 bath and requires remodeling, while the fourth residence includes 2 bedrooms, 2 baths, new appliances, refreshed finishes, and a 2-car attached metal garage.
Additional improvements include a newer barn with covered RV hookups and storage space. The third parcel remains unimproved and offers creek frontage. The property is near the Obed Wild and Scenic River and Big South Fork National River & Recreation Area, with hiking, kayaking, and riding trails in the surrounding area. Buyer to verify acreage, utilities, use restrictions, square footage, HOA and rental rules, and other property information.
Additional improvements include a newer barn with covered RV hookups and storage space. The third parcel remains unimproved and offers creek frontage. The property is near the Obed Wild and Scenic River and Big South Fork National River & Recreation Area, with hiking, kayaking, and riding trails in the surrounding area. Buyer to verify acreage, utilities, use restrictions, square footage, HOA and rental rules, and other property information.
Key Highlights
- Four residences distributed across three contiguous parcels
- More than 7 acres with White Creek frontage
- Primary home offers 4 bedrooms, 2 baths, updated flooring, and a wood‑burning fireplace
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
$46,631
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
6.66%
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%
$932,620
$932.6K
Cap Rate 7%
$666,157
$666.2K
Cap Rate 9%
$518,122
$518.1K
Market Conditions
NOI Build-Up for 5,196 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
$91.7K $17.64/SF
− Vacancy
−$6.9K −$1.32/SF
EGI
$84.8K $16.32/SF
− OpEx
−$38.2K −$7.34/SF
NOI
$46.6K $8.97/SF
Area
Morgan County, TN
Vacancy
7.50%
Lease Rate
$17.64 /SF/Yr
Expense Ratio
45.00%
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%
$932,620
Cap Rate 7%
$666,157
Cap Rate 9%
$518,122
Alternative Uses
Best Use
Apartment 5plus
$666.2K
$582.9K – $777.2K
NOI $46,631 @ 7.0% cap · market cap 6.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.29M
$1.13M – $1.50M
NOI $90,086 @ 7.0% cap · market cap 12.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
10
Businesses Nearby
Explore this area
Business Placement
Demographics for 37726, TN
1,959
Population
873
Households
2.2
Avg Household Size
44
Median Age
11%
College-Educated
76%
High-School Grad
91.0 sq mi
ZIP Area
22
Density / Sq Mi
$58,750
Median Household Income
$37,731
Median Earnings
$480
Median Rent
$166,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Four residences across three contiguous parcels include renovated interiors, creek frontage, a barn, and an additional buildable lot.
Where is this multifamily property located?
The property is located at 135 White Creek Court Deer Lodge, TN.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Four residences distributed across three contiguous parcels; More than 7 acres with White Creek frontage; Primary home offers 4 bedrooms, 2 baths, updated flooring, and a wood‑burning fireplace
