Two-Duplex Income
1511 S Greenwood Ave, Chattanooga, TN 37404
For Sale
$399,900
Four residential units provide an established rental configuration in Chattanooga’s Southside area.
Property Size2,936 SF
Price / SF$136.21
Days on Market187
Property Features for 1511 S Greenwood Ave
General Information
Standard status
Size
Property subtype
Financials
Gross Income
Average Monthly Rent
Site & Location
Neighborhood
Additional Details
Multifamily Units
Building Details
Year Built
Buildings
Listing Agency:
Keller Williams Realty
Listed By:
Liam Pinson · License TN #347690
(423) 260-5578
Source:
Searchchattanoogahomesnow
Added: May 7
Changed: Nov 1
Last Checked: Nov 8 at 7:32AM
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 Keller Williams Realty
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Investment Insights
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This multifamily property includes two duplex buildings with four separate residential units. Built in 1920, the asset is configured for ongoing rental use, with each unit currently occupied under an established income-producing arrangement. The separate-unit layout also provides flexibility for future rental strategies and property improvements.
Located at 1511 S Greenwood Avenue in Chattanooga, the property sits just off Main Street in the Southside area. The location provides access to Downtown Chattanooga as well as Southside restaurants, shops, entertainment venues, and businesses. The property is offered for sale by the owner/agent.
Located at 1511 S Greenwood Avenue in Chattanooga, the property sits just off Main Street in the Southside area. The location provides access to Downtown Chattanooga as well as Southside restaurants, shops, entertainment venues, and businesses. The property is offered for sale by the owner/agent.
Key Highlights
- Two duplex buildings with four total residential units
- Established income‑producing rental configuration
- Each unit currently rents for $900 per month
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,824
Cap Rate
7.21%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$576,480
$576.5K
Cap Rate 7%
$411,771
$411.8K
Cap Rate 9%
$320,267
$320.3K
Market Conditions
NOI Build-Up for 2,936 SF
Gross rent
$44.0K $15.00/SF
− Vacancy
−$2.9K −$0.98/SF
EGI
$41.2K $14.03/SF
− OpEx
−$12.4K −$4.21/SF
NOI
$28.8K $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 Rate 5%
$576,480
Cap Rate 7%
$411,771
Cap Rate 9%
$320,267
Alternative Uses
Best Use
Multifamily LT 5
$411.8K
$360.3K – $480.4K
NOI $28,824 @ 7.0% cap · market cap 7.21%
Second Best
Apartment 5plus
$369.5K
$323.3K – $431.1K
NOI $25,865 @ 7.0% cap · market cap 6.47%
Theoretical Best
Office A
$648.4K
$567.4K – $756.5K
NOI $45,390 @ 7.0% cap · market cap 11.35%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
761
Businesses Nearby
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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
$235,300
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Chattanooga, TN
Properties on Market for Duplexes in Chattanooga
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Four residential units provide an established rental configuration in Chattanooga’s Southside area.
Where is this duplex located?
The property is located at 1511 S Greenwood Ave Chattanooga, TN.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Two duplex buildings with four total residential units; Established income‑producing rental configuration; Each unit currently rents for $900 per month
