Five-Residence Multifamily
New
For Sale
$1,295,000
1500 +1502 E 13th Street, Chattanooga, TN 37404
Residential Income, Chattanooga, TN
Property Size6,455 SF
Lot Size0.30 Acres
Price / SF$200.62
Days on Market5
Property Features for 1500 +1502 E 13th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
11
Bathrooms
9
Full bathrooms
9
Rooms
Bathroom 2, Bedroom 5, Bathroom 8, Bedroom 2, Bathroom 9, Bathroom 5, Bathroom 1, Bathroom 3, Bathroom 7, Bedroom 6, Bedroom 11, Bedroom 9, Bedroom 4, Bathroom 4, Bedroom 3, Bedroom 7, Bedroom 1, Bathroom 6, Bedroom 8, Bedroom 10
Parking features
Off Street
Spa
1
Window features
ENERGY STAR Qualified WIndows, Vinyl Frames
Patio and Porch features
Porch
Pets allowed
Yes
Interior features
Eat-in Kitchen, High Speed Internet, Kitchen Island, Open Floorplan, Recessed Lighting, Tub/shower Combo
Exterior features
Courtyard, Lighting
Fencing
Chain Link
Appliances
Washer/Dryer Stacked, Washer/Dryer, Microwave, Free-Standing Electric Oven, Electric Water Heater, Electric Oven, Disposal, Dishwasher
Subdivision
Fort & Porter Addn
Lot features
Back Yard, City Lot, Front Yard, Level
Elementary school
East Side Elementary
Middle school
Orchard Knob Middle
High school
Howard School of Academics & Tech
Standard status
Active
Size
6,455 SF
Lot size
0.30 Acres
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
2022
Number of units
5
Flooring type
Carpet, Hardwood, Vinyl
Building materials
Block, Cement Siding, Wood Siding
Roof type
Shingle
Architectural style
Contemporary
Listing Agency:
Zach Taylor - Chattanooga
(855) 261-2233
Listed By:
Grace Frank · License #305329
(423) 208-3834
Added: Oct 1
Last Checked: Oct 5 at 6:06AM
MLS# 1543721
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.
This multifamily property comprises four townhomes and one detached single-family residence, with approximately 6,455 square feet across five leased homes. Each townhome measures approximately 1,220 square feet, and the detached residence is approximately 1,575 square feet. The 0.3-acre site includes dedicated parking for each townhome and additional parking behind the detached home. Other site features include alley access, a rear-building sprinkler system, and underground stormwater management.
The property is at 1500 and 1502 E. 13th Street in Chattanooga, near downtown, Highland Park, the Main Street district, UTC, and major medical centers. Townhome leases are generally for one year; Unit 112 is leased month-to-month.
The property is at 1500 and 1502 E. 13th Street in Chattanooga, near downtown, Highland Park, the Main Street district, UTC, and major medical centers. Townhome leases are generally for one year; Unit 112 is leased month-to-month.
Key Highlights
- Five leased residences: four townhomes and one detached single‑family home
- Approximately 6,455 square feet on a 0.3‑acre site
- Townhomes are approximately 1,220 square feet each; detached home is approximately 1,575 square feet
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
$56,866
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
4.39%
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%
$1,137,320
$1.1M
Cap Rate 7%
$812,371
$812.4K
Cap Rate 9%
$631,844
$631.8K
Market Conditions
NOI Build-Up for 6,455 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
$110.0K $17.04/SF
− Vacancy
−$6.6K −$1.02/SF
EGI
$103.4K $16.02/SF
− OpEx
−$46.5K −$7.21/SF
NOI
$56.9K $8.81/SF
Area
Chattanooga, TN
Vacancy
6.00%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
45.00%
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%
$1,137,320
Cap Rate 7%
$812,371
Cap Rate 9%
$631,844
Alternative Uses
Best Use
Apartment 5plus
$812.4K
$710.8K – $947.8K
NOI $56,866 @ 7.0% cap · market cap 4.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.43M
$1.25M – $1.66M
NOI $99,793 @ 7.0% cap · market cap 7.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
100%
Occupancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
726
Businesses Nearby
Explore this area
Business Placement
Demographics for 37404, TN
13,106
Population
5,887
Households
2.2
Avg Household Size
34
Median Age
32%
College-Educated
86%
High-School Grad
5.2 sq mi
ZIP Area
2,520
Density / Sq Mi
$53,585
Median Household Income
$35,983
Median Earnings
$999
Median Rent
$235,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Four townhomes and a detached residence make up this fully leased rental property.
Where is this multifamily property located?
The property is located at 1500 +1502 E 13th Street Chattanooga, TN.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: Five leased residences: four townhomes and one detached single‑family home; Approximately 6,455 square feet on a 0.3‑acre site; Townhomes are approximately 1,220 square feet each; detached home is approximately 1,575 square feet
