12-Unit Apartment
For Sale
$1,549,950
1412-1418 Armstrong Ave, Knoxville, TN 37917
Multi-Family, Knoxville, TN
Property Size8,514 SF
Price / SF$182.05
Days on Market150
Property Features for 1412-1418 Armstrong Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
16
Full bathrooms
12
Rooms
Bathroom 10, Bathroom 3, Bedroom 9, Bedroom 10, Bedroom 4, Bedroom 5, Bedroom 15, Bedroom 3, Bathroom 12, Bedroom 11, Bathroom 11, Bathroom 4, Bedroom 16, Bathroom 7, Bedroom 13, Bathroom 1, Bedroom 6, Bedroom 7, Bathroom 2, Bathroom 6, Bedroom 12, Bedroom 2, Bathroom 9, Bedroom 1, Bathroom 5, Bedroom 14, Bedroom 8, Bathroom 8
Parking features
Off Street, On Street
Patio and Porch features
Porch
Appliances
Dishwasher, Dryer, Microwave, Range, Refrigerator, Self Cleaning Oven, Washer
Directions
Broadway SW (US-441) for 1.6 mi. Turn left onto Kenyon St NE, then go 433 ft. Turn right onto Armstrong Ave NE. Go 0.1 mi to property on left at 1412 Armstrong Ave NE, Knoxville, TN 37917.
Subdivision
Knox County - 1
Standard status
Active
APN
081LE027
Size
8,514 SF
Taxes and HOA fees
Tax Annual Amount
15580
Utilities
Heating system
Natural Gas, Central, Electric (Heating)
Cooling system
Central Air
Amenities
on-site laundry
Building Details
Year built
1920
Number of units
12
Flooring type
Hardwood, Carpet, Laminate
Building materials
Fiber Cement, Aluminum Siding, Cement Siding, Block, Frame, Brick
Roof type
Shingle
Listing Agency:
Pace Probity Asset Management
(865) 357-1537
Listed By:
Christy CJ Pace
(865) 388-7131
Added: May 28
Changed: Oct 19
Last Checked: Oct 24 at 12:06AM
MLS# 1343469
Copyright © 2026 East Tennessee Realtors®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
At 1412–1418 Armstrong Ave in Knoxville, this 8,514-square-foot apartment property brings together two buildings on one deeded lot. The 12 units include eight one-bedroom, one-bath apartments at 1412 and four apartments at 1418: two with three bedrooms and one-and-a-half baths, and two with one bedroom and one bath. Four units at 1418 are furnished, and the property includes an on-site laundry facility.
The 1412 apartments are separately metered and have individual HVAC systems. At 1418, the two one-bedroom units have private HVAC, while the larger apartments share HVAC. The property is zoned RN4 and is located minutes from downtown Knoxville and the University of Tennessee. Rental periods of at least 30 days apply, with a potential short-term rental exception for an owner-occupied purchase.
The 1412 apartments are separately metered and have individual HVAC systems. At 1418, the two one-bedroom units have private HVAC, while the larger apartments share HVAC. The property is zoned RN4 and is located minutes from downtown Knoxville and the University of Tennessee. Rental periods of at least 30 days apply, with a potential short-term rental exception for an owner-occupied purchase.
Key Highlights
- 12 apartments across two buildings on one deeded lot
- 8,514 square feet; built in 1920
- Eight 1‑bedroom, 1‑bath units at 1412 Armstrong Ave
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.
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Lease Details
12
Residential units
Yes
Paved road access
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Two buildings share one deeded lot, with on-site laundry and a mix of unit layouts.
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 apartments across two buildings on one deeded lot; 8,514 square feet; built in 1920; Eight 1‑bedroom, 1‑bath units at 1412 Armstrong Ave
