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    Two-Building Multifamily with Furnished Units Title is generated by Realmo AI

    1412-1418 Armstrong Ave, Knoxville, TN 37917

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    For Sale
    $1,774,950

    MULTI_FAMILY - Knoxville, TN

    Property size:
    8,514 SF
    Price / SF:
    $208/SF
    Added:
    May 28, 2026
    Days on Market:
    8
    Last Refresh:
    Jun 4 at 7:06 pm

    Property Features for 1412-1418 Armstrong Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    16
    Rooms
    Bedroom 11, Bedroom 8, Bedroom 4, Bedroom 9, Bathroom 6, Bathroom 8, Bathroom 9, Bathroom 11, Bathroom 10, Bathroom 1, Bathroom 5, Bathroom 7, Bedroom 2, Bedroom 16, Bedroom 5, Bedroom 15, Bedroom 14, Bedroom 10, Bathroom 3, Bedroom 6, Bedroom 1, Bedroom 7, Bathroom 2, Bedroom 12, Bathroom 4, Bathroom 12, Bedroom 3, Bedroom 13
    Parking features
    On Street, Off Street
    Patio and Porch features
    Porch
    Appliances
    Dishwasher, Dryer, Microwave, Range, Refrigerator, Self Cleaning Oven, Washer
    Standard status
    Active
    APN
    081LE027
    Size
    8,514 SF

    Taxes and HOA fees

    Tax Annual Amount
    15580

    Utilities

    Heating system
    Natural Gas, Electric (Heating), Central
    Cooling system
    Central Air

    Building Details

    Year built
    1920
    Number of units
    12
    Flooring type
    Carpet, Laminate, Hardwood
    Building materials
    Fiber Cement, Aluminum Siding, Cement Siding, Block, Frame, Brick
    Roof type
    Shingle

    We can help!

    Listing Contact
    Christy CJ Pace
    Christy CJ Pace

    Listing agent Christy CJ Pace

    Listing office Pace Probity Asset Management 112 Glenhigh Court Suite 3, Knoxville, TN

    Listing date May 28, 2026

    MLS# 1343469 Listing URL

    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.

    HighLights

    • Two multi‑unit properties on one deeded lot: 1412 & 1418 Armstrong Ave, with 12 total units across both buildings.
    • Zoned RN4; rental terms require 30‑day minimums unless one unit is used for STR with an owner‑occupied purchase (per remarks).
    • 1418 Armstrong Ave: 4 fully furnished units—two 3BR/1.5BA (full kitchens, shared HVAC) plus two 1BR/1BA with private HVAC.
    • 1412 Armstrong Ave: 8 one‑bedroom, one‑bath units, each separately metered with individual HVAC systems.
    • On‑site laundry facility provided for residents.
    • Built in 1920 with shingle roof; central air and HVAC options include natural gas and electric central systems.

    Overview

    This offering includes two multi-unit properties on one deeded lot at 1412 and 1418 Armstrong Ave, with 12 total units. 1418 Armstrong Ave features four fully furnished units: two units with 3 bedrooms and 1 1/2 baths, full kitchens, and shared HVAC; plus two 1-bedroom, 1-bath units with private HVAC systems. 1412 Armstrong Ave consists of eight 1-bedroom, 1-bath units, each separately metered and equipped with individual HVAC systems. An on-site laundry facility is also included.

    The properties are zoned RN4 and are located on a quiet dead-end street. The listing notes the site is just minutes from downtown Knoxville and the University of Tennessee, along with major attractions. Rental flexibility is described in the remarks: one unit could be operated as a short-term rental if the owner occupies the purchase, otherwise all units would need to be 30-day minimum rentals.

    For buyers and operators, the layout supports multiple operating strategies, including long-term leasing, short-term rentals with the stated 30-day requirement, or a hybrid approach. The furnished units at 1418 Armstrong Ave may appeal to tenants seeking turnkey accommodations. The seller also notes that the property was built before 1978, which may involve lead based paint, and that buyers should verify all information independently.
    Property Profile Location Intelligence

    Current Use by Public Records

    Short term rental ...

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Knoxville
    County
    Knox
    State
    Tennessee
    Longitude
    -83.921397
    Latitude
    35.989514

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    FAQs

    What type of property is this?
    Apartment building - Twelve-unit multifamily on one deeded lot with furnished units and separate HVAC, offering flexible rental terms under RN4.
    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 $1,774,950.
    What are key features of this property?
    This property features: Two multi‑unit properties on one deeded lot: 1412 & 1418 Armstrong Ave, with 12 total units across both buildings.; Zoned RN4; rental terms require 30‑day minimums unless one unit is used for STR with an owner‑occupied purchase (per remarks).; 1418 Armstrong Ave: 4 fully furnished units—two 3BR/1.5BA (full kitchens, shared HVAC) plus two 1BR/1BA with private HVAC.
    (865) 388-7131
    We can help!
    Listing Contact
    Christy CJ Pace
    Christy CJ Pace
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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