Duplex in Northwest
1505/1507 Rustic NW Drive Cleveland, TN 37312
1505/1507 Rustic NW Drive, Cleveland, TN, 37312
$234,900
For Sale
$234,900
Duplex with two units in a desirable location.
Property Size1,590 SF
Price / SF$147.74
Days on Market904
Property Features for 1505/1507 Rustic NW Drive
General Information
- Standard status
- Active
- Size
- 1,590 SF
- Property subtype
- Multi Family
Building Details
- Year Built
- 1984
Listing Agency
Crye-Leike REALTORS - Cleveland
(423) 596-7173
Listed by
Max Phillips · License #203547
(423) 596-7173
Source
Exitrealty
Added: Jan 25, 2024 Checked: Jul 16 at 7:28 am
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Crye-Leike REALTORS - Cleveland
Investment Insights
Based on property information with market context.
This duplex, located in Northwest Cleveland, presents an investment opportunity. Each unit features 2 bedrooms, 1.5 bathrooms, a kitchen, and a living room, with washer and dryer hookups available. Tenants are responsible for covering the costs of electricity, water, and sewer services. The property offers the option for an owner to reside in one unit while renting out the other. The total property size is 1590 square feet.
Key Highlights
- Duplex: Live in one unit and rent the other.
- Investment Potential: Build wealth and generate rental income.
- Desirable Location: Located in a great NW city location.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $20.6k | $12.96 |
| − Vacancy | −$1.2k | −$0.75 |
| EGI | $19.4k | $12.21 |
| − OpEx | −$5.8k | −$3.66 |
| NOI | $13.6k | $8.55 |
1,590 SF · lease $12.96/SF/yr · vacancy 5.79% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$194.1K
$169.9K – $226.5K
NOI $13,589 @ 7.0% cap · market cap 5.79%
Second Best
Apartment 5plus
$168.9K
$147.8K – $197.1K
NOI $11,825 @ 7.0% cap · market cap 5.03%
Theoretical Best
Office A
$333.6K
$291.9K – $389.2K
NOI $23,354 @ 7.0% cap · market cap 9.94%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Duplex - Duplex with two units in a desirable location.
Where is this duplex located?
The property is located at 1505/1507 Rustic NW Drive Cleveland, TN.
What is the asking price?
The asking price for this property is $234,900.
What are key features of this property?
This property features: Duplex: Live in one unit and rent the other.; Investment Potential: Build wealth and generate rental income.; Desirable Location: Located in a great NW city location.
