Four-Unit Apartment
For Sale
$425,000
138-144 Latimer Rd, Oak Ridge, TN 37830
Quadplex with four efficient units, central HVAC, tenant-paid utilities, and on-site parking near Oak Ridge amenities.
Property Size2,825 SF
Lot Size0.66 Acres
Price / SF$150.44
Days on Market39
Property Features for 138-144 Latimer Rd
General Information
Standard status
Active
Size
2,825 SF
Lot size
0.66 Acres
Property subtype
Multi-Family
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Building Details
Year Built
1942
Buildings
1
Listing Agency:
(865) 518-4324
Listed By:
Southern Charm Homes
(865) 518-4324
Source:
Southerncharm
Added: Jul 23
Changed: Aug 29
Last Checked: Aug 26 at 12:56PM
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.
This four-unit residential income property contains four two-bedroom, one-bath apartments totaling approximately 2,825 square feet. Each unit measures approximately 704–706 square feet and includes laminate flooring, central heat and air, a range, and a refrigerator. Vinyl siding and an asphalt shingle roof serve the building, which was constructed in 1942.
The property occupies nearly 0.66 acres, or 28,749 square feet, at 138–144 Latimer Rd in Oak Ridge, Tennessee. On-site parking is provided for residents, and the location is near shopping, dining, schools, and Oak Ridge employers. Tenants pay all utilities.
The property occupies nearly 0.66 acres, or 28,749 square feet, at 138–144 Latimer Rd in Oak Ridge, Tennessee. On-site parking is provided for residents, and the location is near shopping, dining, schools, and Oak Ridge employers. Tenants pay all utilities.
Key Highlights
- Four 2‑bedroom, 1‑bath units totaling approximately 2,825 square feet
- Each apartment measures approximately 704–706 square feet
- Nearly 0.66 acres (28,749 SF) with on‑site tenant parking
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
$27,551
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
6.48%
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%
$551,020
$551.0K
Cap Rate 7%
$393,586
$393.6K
Cap Rate 9%
$306,122
$306.1K
Market Conditions
NOI Build-Up for 2,825 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
$42.4K $15.00/SF
− Vacancy
−$3.0K −$1.07/SF
EGI
$39.4K $13.93/SF
− OpEx
−$11.8K −$4.18/SF
NOI
$27.6K $9.75/SF
Area
Anderson County, 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%
$551,020
Cap Rate 7%
$393,586
Cap Rate 9%
$306,122
Alternative Uses
Best Use
Multifamily LT 5
$393.6K
$344.4K – $459.2K
NOI $27,551 @ 7.0% cap · market cap 6.48%
Second Best
Apartment 5plus
$362.2K
$316.9K – $422.6K
NOI $25,353 @ 7.0% cap · market cap 5.97%
Theoretical Best
Office A
$699.7K
$612.2K – $816.3K
NOI $48,979 @ 7.0% cap · market cap 11.52%
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
189
Businesses Nearby
Explore this area
Business Placement
Demographics for 37830, TN
31,839
Population
15,110
Households
2.1
Avg Household Size
42
Median Age
39%
College-Educated
91%
High-School Grad
84.8 sq mi
ZIP Area
375
Density / Sq Mi
$70,795
Median Household Income
$41,293
Median Earnings
$1,076
Median Rent
$234,500
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?
Quadplex - Quadplex with four efficient units, central HVAC, tenant-paid utilities, and on-site parking near Oak Ridge amenities.
Where is this quadplex located?
The property is located at 138-144 Latimer Rd Oak Ridge, TN.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Four 2‑bedroom, 1‑bath units totaling approximately 2,825 square feet; Each apartment measures approximately 704–706 square feet; Nearly 0.66 acres (28,749 SF) with on‑site tenant parking
