Building Details

Year Built 1978

Listing Agency: Century 21 1st Choice Realtors

Listed By: Gabe Cartwright · License #363796 Show Phone

Source: Grayfoxrealty

Added: Aug 1 Changed: Oct 3 Last Checked: Oct 7 at 3:03PM

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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

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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.

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 / Yr

$18,017

Cap Rate

5.48%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$360,340 $360.3K

Cap Rate 7%

$257,386 $257.4K

Cap Rate 9%

$200,189 $200.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,108 SF

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 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 (±1% cap)

NOI $18,017 @ 7.0% cap · market cap 5.48%

Second Best

Apartment 5plus

$224.0K

$196.0K – $261.3K (±1% cap)

NOI $15,677 @ 7.0% cap · market cap 4.77%

Theoretical Best

Office A

$442.3K

$387.0K – $516.0K (±1% cap)

NOI $30,962 @ 7.0% cap · market cap 9.41%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Quadplexes

Suggested Use

Top Pick Real Estate Agency Dental Office Parking Lot & Garage Daycare Center (Bike/Boat/Book/etc) Store Locksmith

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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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