Four-Unit Quadplex with Renovated
New
For Sale
$450,000
146 Lancaster Rd, Oak Ridge, TN 37830
Multi-Family, Oak Ridge, TN
Property Size2,712 SF
Lot Size0.47 Acres
Price / SF$165.93
Days on Market3
Property Features for 146 Lancaster Rd
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Full bathrooms
4
Rooms
Bedroom 2, Bedroom 5, Bedroom 6, Bathroom 1, Bedroom 4, Bedroom 7, Bedroom 1, Bathroom 3, Bathroom 4, Bedroom 8, Bedroom 3, Bathroom 2
Parking features
On Street
Patio and Porch features
Patio
Appliances
Dishwasher, Range, Refrigerator
Directions
Take I-40 W and take Exit 376 toward Oak Ridge. Merge onto Pellissippi Pkwy. After 4.6 miles, veer right onto TN-62 W and continue for 6.3 miles. Turn left onto Oak Ridge Turnpike and follow for 1.3 miles. Turn right onto Louisiana Ave. After 0.2 miles, turn right onto Lancaster Rd. The 4-plex will be on your left. No sign on property. Please don't disturb residents.
Subdivision
Anderson County - 30
Standard status
Active
APN
099P E 04300 000
Size
2,712 SF
Lot size
0.47 Acres
Taxes and HOA fees
Tax Annual Amount
2474
Utilities
Heating system
Electric (Heating), Central, Natural Gas
Cooling system
Central Air
Amenities
washer/dryer hookups
rear porch
gated yard
Building Details
Year built
1943
Number of units
4
Flooring type
Laminate, Vinyl, Tile
Building materials
Vinyl Siding, Frame
Roof type
Composition
Listing Agency:
Goldman Partners Realty, LLC
(865) 444-3240
Listed By:
Solange Velas · License #263596
(865) 444-3241
Added: Sep 16
Changed: Sep 17
Last Checked: Sep 18 at 10:06PM
MLS# 1355827
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.
Investment Insights
Based on property information with market context.
This quadplex contains four 2-bedroom, 1-bath apartments. Each unit includes washer and dryer hookups, a rear porch, and access to a gated yard. Tenants pay all utilities, two apartments are leased, and all occupancies are month-to-month. One apartment was updated in June 2024 with new cabinetry, LVP flooring, and refreshed bathroom fixtures; another requires a complete rehabilitation. Appliances include dishwashers, ranges, and refrigerators. The property also features central air, electric and natural-gas heating, vinyl siding, and a composition roof replaced in June 2020.
The 0.47-acre property is positioned on a corner lot in Oak Ridge, approximately 7 minutes from Walmart, Chick-fil-A, and other daily amenities. Oak Ridge National Laboratory and Y-12 are approximately 15 minutes away. Built in 1943, the building offers on-street parking and a patio.
The 0.47-acre property is positioned on a corner lot in Oak Ridge, approximately 7 minutes from Walmart, Chick-fil-A, and other daily amenities. Oak Ridge National Laboratory and Y-12 are approximately 15 minutes away. Built in 1943, the building offers on-street parking and a patio.
Key Highlights
- Four 2‑bedroom, 1‑bath units
- 0.47‑acre corner‑lot property in Oak Ridge
- Unit renovated in June 2024 with new cabinets, LVP flooring, and updated bathroom fixtures
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
$26,449
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
5.88%
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%
$528,980
$529.0K
Cap Rate 7%
$377,843
$377.8K
Cap Rate 9%
$293,878
$293.9K
Market Conditions
NOI Build-Up for 2,712 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
$40.7K $15.00/SF
− Vacancy
−$2.9K −$1.07/SF
EGI
$37.8K $13.93/SF
− OpEx
−$11.3K −$4.18/SF
NOI
$26.4K $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%
$528,980
Cap Rate 7%
$377,843
Cap Rate 9%
$293,878
Alternative Uses
Best Use
Multifamily LT 5
$377.8K
$330.6K – $440.8K
NOI $26,449 @ 7.0% cap · market cap 5.88%
Second Best
Apartment 5plus
$347.7K
$304.2K – $405.6K
NOI $24,338 @ 7.0% cap · market cap 5.41%
Theoretical Best
Office A
$671.7K
$587.8K – $783.7K
NOI $47,020 @ 7.0% cap · market cap 10.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
151
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
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?
Quadplex - Four residential units with private porches, washer and dryer hookups, and gated-yard access on a corner lot.
Where is this quadplex located?
The property is located at 146 Lancaster Rd Oak Ridge, TN.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Four 2‑bedroom, 1‑bath units; 0.47‑acre corner‑lot property in Oak Ridge; Unit renovated in June 2024 with new cabinets, LVP flooring, and updated bathroom fixtures
