8-Unit Apartment
For Sale
$1,249,900
8122 NW Elderberry Drive, Knoxville, TN 37919
The residences include central HVAC, kitchen appliances and washer/dryer connections.
Property Size8,584 SF
Price / SF$145.61
Days on Market1094
Property Features for 8122 NW Elderberry Drive
General Information
Standard status
Active
Size
8,584 SF
Property subtype
Multi Family Home
Units
Unit Mix
7 x 2BR/2BA, 1 x 2BR/1BA
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$8,759
Amenities
stoves
refrigerators
dishwashers
central HVAC
washer/dryer connections
Windows - Vinyl
Building Details
Building Size
8,584 SF
Year Built
2006
Units
8
Listing Agency:
Southland Brokers
(865) 694-6111
Listed By:
Raj Cheema
(865) 466-7240
Source:
Ridgerealestatellc
Added: Oct 31, 2023
Changed: Oct 25
Last Checked: Oct 26 at 4:00AM
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 Southland Brokers
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Investment Insights
Based on property information with market context.
Built in 2006, this 8-unit apartment property contains 8,584 square feet. Seven apartments have two bedrooms and two bathrooms; the remaining unit has two bedrooms and one bathroom. Each residence is equipped with a stove, refrigerator, dishwasher, central HVAC and washer/dryer connections. The property occupies a corner lot just off Gleason Road in the Downtown West area of Knoxville.
West Town Mall, Deane Hill shopping center, Starbucks and dining options are nearby. Lakeshore Park, a 200-acre park, is also a short distance away.
West Town Mall, Deane Hill shopping center, Starbucks and dining options are nearby. Lakeshore Park, a 200-acre park, is also a short distance away.
Key Highlights
- 8 apartments totaling 8,584 square feet
- Seven 2‑bedroom, 2‑bathroom units and one 2‑bedroom, 1‑bathroom unit
- Built in 2006
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$77,036
Cap Rate
6.16%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,540,720
$1.5M
Cap Rate 7%
$1,100,514
$1.1M
Cap Rate 9%
$855,956
$856.0K
Market Conditions
NOI Build-Up for 8,584 SF
Gross rent
$151.4K $17.64/SF
− Vacancy
−$11.4K −$1.32/SF
EGI
$140.1K $16.32/SF
− OpEx
−$63.0K −$7.34/SF
NOI
$77.0K $8.97/SF
Area
Knoxville, 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 Rate 5%
$1,540,720
Cap Rate 7%
$1,100,514
Cap Rate 9%
$855,956
Alternative Uses
Best Use
Apartment 5plus
$1.10M
$963.0K – $1.28M
NOI $77,036 @ 7.0% cap · market cap 6.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.13M
$1.86M – $2.48M
NOI $148,826 @ 7.0% cap · market cap 11.91%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
616
Businesses Nearby
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Business Placement
Demographics for 37919, TN
30,822
Population
15,499
Households
2
Avg Household Size
38
Median Age
58%
College-Educated
95%
High-School Grad
19.1 sq mi
ZIP Area
1,614
Density / Sq Mi
$71,863
Median Household Income
$44,968
Median Earnings
$1,247
Median Rent
$453,000
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - The residences include central HVAC, kitchen appliances and washer/dryer connections.
Where is this apartment building located?
The property is located at 8122 NW Elderberry Drive Knoxville, TN.
What is the asking price?
The asking price for this property is $1,249,900.
What are key features of this property?
This property features: 8 apartments totaling 8,584 square feet; Seven 2‑bedroom, 2‑bathroom units and one 2‑bedroom, 1‑bathroom unit; Built in 2006
