12-Unit Apartment
For Sale
$1,549,950
1412-1418 Armstrong Ave, Knoxville, TN 37917
Two buildings on one deeded lot offer furnished apartments, individual HVAC systems, and an on-site laundry facility.
Property Size8,514 SF
Price / SF$182.05
Days on Market150
Property Features for 1412-1418 Armstrong Ave
General Information
Standard status
Active
Size
8,514 SF
Property subtype
Multi Family Home
Zoning
RN4
Units
Unit Mix
2 x 3BR/1.5BA, 10 x 1BR/1BA
Multifamily Units
12
Taxes and HOA fees
Annual Taxes
$15,580
Amenities
on-site laundry
Building Details
Building Size
8,514 SF
Year Built
1920
Buildings
2
Units
12
Listing Agency:
Pace Probity Asset Management
(865) 357-1537
Listed By:
Christy CJ Pace
(865) 388-7131
Source:
Carterchaserealty
Added: May 28
Changed: Oct 22
Last Checked: Oct 22 at 2:18PM
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 Pace Probity Asset Management
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The property comprises 12 apartments in two buildings on one deeded lot, with 8,514 square feet of building area and a 1920 construction date. At 1412 Armstrong Ave, eight one-bedroom, one-bath units each have individual HVAC and separate metering. The building at 1418 Armstrong Ave contains four furnished units: two with three bedrooms and one-and-a-half baths, full kitchens, and shared HVAC, plus two one-bedroom, one-bath units with private HVAC. An on-site laundry facility serves residents, and the property is zoned RN4. The source indicates that any short-term rental use requires stays of at least 30 days, except that one unit may qualify for shorter stays when owner occupied.
Key Highlights
- 12 units across two buildings on one deeded lot
- 8,514 square feet; built in 1920
- 1412 Armstrong Ave has eight one‑bedroom, one‑bath units, each separately metered with individual HVAC
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$76,408
Cap Rate
4.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,528,160
$1.5M
Cap Rate 7%
$1,091,543
$1.1M
Cap Rate 9%
$848,978
$849.0K
Market Conditions
NOI Build-Up for 8,514 SF
Gross rent
$150.2K $17.64/SF
− Vacancy
−$11.3K −$1.32/SF
EGI
$138.9K $16.32/SF
− OpEx
−$62.5K −$7.34/SF
NOI
$76.4K $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%
$1,528,160
Cap Rate 7%
$1,091,543
Cap Rate 9%
$848,978
Alternative Uses
Best Use
Apartment 5plus
$1.09M
$955.1K – $1.27M
NOI $76,408 @ 7.0% cap · market cap 4.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.11M
$1.85M – $2.46M
NOI $147,612 @ 7.0% cap · market cap 9.52%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
893
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
Frequently Asked Questions
What type of property is this?
Apartment building - Two buildings on one deeded lot offer furnished apartments, individual HVAC systems, and an on-site laundry facility.
Where is this apartment building located?
The property is located at 1412-1418 Armstrong Ave Knoxville, TN.
What is the asking price?
The asking price for this property is $1,549,950.
What are key features of this property?
This property features: 12 units across two buildings on one deeded lot; 8,514 square feet; built in 1920; 1412 Armstrong Ave has eight one‑bedroom, one‑bath units, each separately metered with individual HVAC
