Quadplex with New
For Sale
$579,900
1500 Keeble Street, Chattanooga, TN 37412
Residential Income, Chattanooga, TN
Property Size4,402 SF
Lot Size0.47 Acres
Price / SF$131.74
Days on Market141
Property Features for 1500 Keeble Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
10
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 10, Bathroom 4, Bedroom 6, Bedroom 7, Bedroom 8, Bedroom 5, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 4, Bedroom 9, Bathroom 3, Bedroom 3, Bedroom 2
Parking features
Driveway, Off Street
Subdivision
Waterhouse #1
Elementary school
East Ridge Elementary
Middle school
East Ridge Middle
High school
East Ridge High
Directions
from 75 Take exit 1 toward the tunnel. Take a left on Keeble and apartment is on the left.
Standard status
Active
APN
169k K 025
Size
4,402 SF
Lot size
0.47 Acres
Taxes and HOA fees
Tax Description
Waterhouse No 1 Pb12 Pg21
Tax Annual Amount
3267
Legal Description
Waterhouse No 1 Pb12 Pg21
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Water source
Public
Building Details
Year built
1955
Number of units
4
Listing Agency:
Keller Williams Realty
(423) 664-1600
Listed By:
Rana K Clark · License #TN356685
(803) 448-8340
Added: May 8
Changed: Sep 12
Last Checked: Sep 25 at 8:06PM
MLS# 1534467
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 four-unit residential income property contains 4,402 square feet on a 0.47-acre lot. The building dates to 1955 and includes four bathrooms and ten bedrooms. A new roof has been installed, and central air serves the property.
Parking is provided through a driveway and off-street spaces. The property is connected to public water and public sewer. Occupancy is mixed, with tenant-occupied units alongside vacant units. The property is located at 1500 Keeble Street in Chattanooga, Tennessee.
Parking is provided through a driveway and off-street spaces. The property is connected to public water and public sewer. Occupancy is mixed, with tenant-occupied units alongside vacant units. The property is located at 1500 Keeble Street in Chattanooga, Tennessee.
Key Highlights
- Four‑unit property with 4,402 square feet
- New roof installed
- 0.47‑acre lot
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
$43,217
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
7.45%
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%
$864,340
$864.3K
Cap Rate 7%
$617,386
$617.4K
Cap Rate 9%
$480,189
$480.2K
Market Conditions
NOI Build-Up for 4,402 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
$66.0K $15.00/SF
− Vacancy
−$4.3K −$0.98/SF
EGI
$61.7K $14.03/SF
− OpEx
−$18.5K −$4.21/SF
NOI
$43.2K $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%
$864,340
Cap Rate 7%
$617,386
Cap Rate 9%
$480,189
Alternative Uses
Best Use
Multifamily LT 5
$617.4K
$540.2K – $720.3K
NOI $43,217 @ 7.0% cap · market cap 7.45%
Second Best
Apartment 5plus
$554.0K
$484.8K – $646.3K
NOI $38,780 @ 7.0% cap · market cap 6.69%
Theoretical Best
Office A
$972.2K
$850.7K – $1.13M
NOI $68,054 @ 7.0% cap · market cap 11.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
623
Businesses Nearby
Explore this area
Business Placement
Demographics for 37412, TN
21,881
Population
10,305
Households
2.1
Avg Household Size
39
Median Age
23%
College-Educated
86%
High-School Grad
8.7 sq mi
ZIP Area
2,515
Density / Sq Mi
$56,600
Median Household Income
$37,858
Median Earnings
$1,120
Median Rent
$182,600
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit residential property with central air, public utilities, and off-street parking.
Where is this quadplex located?
The property is located at 1500 Keeble Street Chattanooga, TN.
What is the asking price?
The asking price for this property is $579,900.
What are key features of this property?
This property features: Four‑unit property with 4,402 square feet; New roof installed; 0.47‑acre lot
