Renovated Quadplex with
For Sale
$329,000
1514 Aurora Avenue SE, Cleveland, TN 37311
Four one-bedroom units include updated cabinets, individual heating and cooling, and washer/dryer hookups.
Property Size2,108 SF
Price / SF$156.07
Days on Market30
Property Features for 1514 Aurora Avenue SE
General Information
Standard status
Active
Size
2,108 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Amenities
washer/dryer hookups
Building Details
Year Built
1978
Listing Agency:
Century 21 1st Choice Realtors
(423) 716-3922
Listed By:
Gabe Cartwright · License #363796
Source:
Grayfoxrealty
Added: Aug 1
Changed: Aug 27
Last Checked: Aug 29 at 12:29PM
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 Century 21 1st Choice Realtors
Investment Insights
Based on property information with market context.
Renovated multifamily property comprising four 1-bedroom, 1-bathroom units. Improvements include a brand-new roof, new mini-split systems for heating and cooling, updated cabinets, and washer/dryer hookups within each unit. The configuration provides separate residential units with practical in-unit amenities and recent building upgrades.
Built in 1978, the 2,108-square-foot property is located at 1514 Aurora Ave SE in Cleveland, Tennessee. The existing improvements and unit layout offer a straightforward income-property configuration for buyers seeking a four-unit residential asset.
Built in 1978, the 2,108-square-foot property is located at 1514 Aurora Ave SE in Cleveland, Tennessee. The existing improvements and unit layout offer a straightforward income-property configuration for buyers seeking a four-unit residential asset.
Key Highlights
- Four 1‑bedroom, 1‑bathroom units
- 2,108 square feet across the property
- Brand‑new roof
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
$18,017
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
5.48%
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%
$360,340
$360.3K
Cap Rate 7%
$257,386
$257.4K
Cap Rate 9%
$200,189
$200.2K
Market Conditions
NOI Build-Up for 2,108 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
$27.3K $12.96/SF
− Vacancy
−$1.6K −$0.75/SF
EGI
$25.7K $12.21/SF
− OpEx
−$7.7K −$3.66/SF
NOI
$18.0K $8.55/SF
Area
Bradley County, TN
Vacancy
5.79%
Lease Rate
$12.96 /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%
$360,340
Cap Rate 7%
$257,386
Cap Rate 9%
$200,189
Alternative Uses
Best Use
Multifamily LT 5
$257.4K
$225.2K – $300.3K
NOI $18,017 @ 7.0% cap · market cap 5.48%
Second Best
Apartment 5plus
$224.0K
$196.0K – $261.3K
NOI $15,677 @ 7.0% cap · market cap 4.77%
Theoretical Best
Office A
$442.3K
$387.0K – $516.0K
NOI $30,962 @ 7.0% cap · market cap 9.41%
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
302
Businesses Nearby
Explore this area
Business Placement
Demographics for 37311, TN
29,687
Population
12,942
Households
2.3
Avg Household Size
34
Median Age
18%
College-Educated
83%
High-School Grad
50.1 sq mi
ZIP Area
593
Density / Sq Mi
$46,827
Median Household Income
$28,839
Median Earnings
$890
Median Rent
$205,800
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 - Four one-bedroom units include updated cabinets, individual heating and cooling, and washer/dryer hookups.
Where is this quadplex located?
The property is located at 1514 Aurora Avenue SE Cleveland, TN.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: Four 1‑bedroom, 1‑bathroom units; 2,108 square feet across the property; Brand‑new roof
