Two-Duplex Income
For Sale
$399,900
1511 S Greenwood Avenue, Chattanooga, TN 37404
Four residential units provide an established rental configuration in Chattanooga’s Southside area.
Property Size2,936 SF
Days on Market8
Property Features for 1511 S Greenwood Avenue
General Information
Standard status
Active
Size
2,936 SF
Property subtype
Duplex
Financials
Gross Income
$43,200
Average Monthly Rent
$900
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$4,399
Building Details
Building Size
2,936 SF
Year Built
1920
Buildings
2
Listing Agency:
Keller Williams Realty
(423) 260-5578
Listed By:
Liam Pinson · License #347690
(423) 260-5578
Source:
Gracefrankgroup
Added: Aug 4
Changed: Aug 9
Last Checked: Aug 10 at 9:19AM
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
Investment Insights
Based on property information with market context.
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 = 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
$28,824
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
7.21%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
813
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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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 Avenue 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
