Value-Add Quadplex with New
For Sale
$579,900
1500 Keeble Street, Chattanooga, TN 37412
MULTI_FAMILY - Chattanooga, TN
Property Size4,402 SF
Lot Size0.47 Acres
Price / SF$131.74
Days on Market95
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 9, Bathroom 4, Bedroom 2, Bathroom 1, Bedroom 3, Bedroom 7, Bathroom 3, Bedroom 1, Bedroom 4, Bathroom 2, Bedroom 8, Bedroom 10, Bedroom 5, Bedroom 6
Parking features
Off Street, Driveway
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: Aug 1
Last Checked: Aug 10 at 12:06AM
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 quadplex at 1500 Keeble Street is presented as a value-add opportunity, featuring a recently installed new roof. The property is described as having mixed occupancy, with tenant-occupied units alongside vacant units that may allow for immediate lease-up or renovation. With central air, the units are supported by public water and public sewer services.
The building was constructed in 1955. Off-street parking and a driveway are provided, supporting day-to-day tenant access and convenience.
Rooms in the provided information include multiple bedrooms and bathrooms across the building, consistent with a multi-unit residential income configuration. Buyers are encouraged to review the property details and verify any items they deem important.
The building was constructed in 1955. Off-street parking and a driveway are provided, supporting day-to-day tenant access and convenience.
Rooms in the provided information include multiple bedrooms and bathrooms across the building, consistent with a multi-unit residential income configuration. Buyers are encouraged to review the property details and verify any items they deem important.
Key Highlights
- 0.47‑acre quadplex for residential income
- New roof recently installed
- Mixed occupancy with tenant‑occupied and vacant units
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
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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
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 - Quadplex on 0.47 acres with a recently installed roof, central air, public water and sewer, 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: 0.47‑acre quadplex for residential income; New roof recently installed; Mixed occupancy with tenant‑occupied and vacant units
