Renovated Duplex with Off-Street
For Sale
$439,900
1422 Stratton Place Drive, Chattanooga, TN 37421
Residential Income, Chattanooga, TN
Property Size2,700 SF
Lot Size0.34 Acres
Price / SF$162.93
Days on Market144
Property Features for 1422 Stratton Place Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
6
Full bathrooms
5
Rooms
Bedroom 1, Bathroom 2, Dining Room, Basement, Bathroom 3, Bedroom 4, Bedroom 2, Bathroom 6, Bedroom 3, Bedroom 5, Bathroom 4, Bathroom 1, Bathroom 5
Parking features
Driveway, Off Street
Window features
Blinds, Window Treatments
Patio and Porch features
Patio, Deck, Porch
Interior features
Breakfast Room, Ceiling Fan(s), Eat-in Kitchen, En Suite, High Speed Internet, Open Floorplan, Plumbed, Separate Dining Room, Storage, Tub/shower Combo
Exterior features
Private Yard, Storage
Basement
Crawl Space
Subdivision
Stratton Place
Lot features
Back Yard, Front Yard, Level
Elementary school
East Brainerd Elementary
Middle school
East Hamilton
High school
East Hamilton
Directions
E Brainerd Rd, then turn right onto Stratton Pl Dr. The property will be on the left-hand side. 1422 Stratton Place Drive. Latitude : 35.01147, Longitude : -85.160053
Standard status
Active
APN
158l H 015
Size
2,700 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Description
LT 5 STRATTON PLACE REV 33-344
Tax Annual Amount
4962
Legal Description
LT 5 STRATTON PLACE REV 33-344
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Heat Pump (Heating), Central
Cooling system
Central Air, Multi Units, Ceiling Fan(s), Electric
Water source
Public
Amenities
off-street parking
covered front porch
in-unit laundry
private rear deck access
outdoor storage
Building Details
Year built
1980
Floors in Building
2
Number of units
2
Flooring type
Carpet, Vinyl
Building materials
Block, Brick, Stone
Roof type
Shingle, Asphalt
Additional Structures
Storage
Listing Agency:
Real Estate Partners Chattanooga LLC
(423) 265-0088
Listed By:
Brian Erwin · License #334506
(423) 718-7667
Added: Apr 29
Changed: Sep 12
Last Checked: Sep 19 at 3:06AM
MLS# 1533558
Copyright © 2026 Greater Chattanooga Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 1422 Stratton Place Drive in Chattanooga, this 2,700-square-foot duplex contains two distinct residences with a three-bedroom, two-and-a-half-bath layout in Unit A and a two-bedroom, one-and-a-half-bath layout in Unit B. Both units feature living and dining areas, in-unit laundry, updated flooring and paint, main-level half bathrooms, private rear deck access, and outdoor storage. Unit A includes an en suite, while both residences offer kitchens with eating areas and practical storage. The property has a brick, block, and stone exterior, covered porch areas, a neatly maintained lawn, and off-street driveway parking.
The 0.34-acre property sits just off East Brainerd Road in the East Brainerd area, with access to major roadways, shopping, dining, Hamilton Place Mall, and Gunbarrel Road. Public water and sewer serve the property. A documented renovation was completed in 2025, and the roof and two HVAC systems are estimated to have been replaced in 2020–2021.
The 0.34-acre property sits just off East Brainerd Road in the East Brainerd area, with access to major roadways, shopping, dining, Hamilton Place Mall, and Gunbarrel Road. Public water and sewer serve the property. A documented renovation was completed in 2025, and the roof and two HVAC systems are estimated to have been replaced in 2020–2021.
Key Highlights
- 2,700‑square‑foot duplex on a 0.34‑acre parcel
- Unit A: 3 bedrooms and 2.5 bathrooms; Unit B: 2 bedrooms and 1.5 bathrooms
- Documented renovation completed in 2025
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
$26,507
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
6.03%
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%
$530,140
$530.1K
Cap Rate 7%
$378,671
$378.7K
Cap Rate 9%
$294,522
$294.5K
Market Conditions
NOI Build-Up for 2,700 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
$40.5K $15.00/SF
− Vacancy
−$2.6K −$0.98/SF
EGI
$37.9K $14.03/SF
− OpEx
−$11.4K −$4.21/SF
NOI
$26.5K $9.82/SF
Area
Chattanooga, TN
Vacancy
6.50%
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%
$530,140
Cap Rate 7%
$378,671
Cap Rate 9%
$294,522
Alternative Uses
Best Use
Multifamily LT 5
$378.7K
$331.3K – $441.8K
NOI $26,507 @ 7.0% cap · market cap 6.03%
Second Best
Apartment 5plus
$339.8K
$297.3K – $396.4K
NOI $23,786 @ 7.0% cap · market cap 5.41%
Theoretical Best
Office A
$596.3K
$521.8K – $695.7K
NOI $41,742 @ 7.0% cap · market cap 9.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
832
Businesses Nearby
Explore this area
Business Placement
Demographics for 37421, TN
51,686
Population
23,978
Households
2.2
Avg Household Size
40
Median Age
38%
College-Educated
92%
High-School Grad
31.7 sq mi
ZIP Area
1,630
Density / Sq Mi
$79,958
Median Household Income
$44,452
Median Earnings
$1,313
Median Rent
$299,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with updated interiors, private outdoor areas, and convenient access to shopping, dining, and major roads.
Where is this duplex located?
The property is located at 1422 Stratton Place Drive Chattanooga, TN.
What is the asking price?
The asking price for this property is $439,900.
What are key features of this property?
This property features: 2,700‑square‑foot duplex on a 0.34‑acre parcel; Unit A: 3 bedrooms and 2.5 bathrooms; Unit B: 2 bedrooms and 1.5 bathrooms; Documented renovation completed in 2025
