Renovated Ranch
For Sale
$329,000
1514 Aurora Avenue SE, Cleveland, TN 37311
MULTI_FAMILY - Ranch - Cleveland, TN
Property Size2,108 SF
Lot Size0.37 Acres
Price / SF$156.07
Days on Market114
Property Features for 1514 Aurora Avenue SE
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Bedrooms
4
Bathrooms
5
Full bathrooms
4
Rooms
Bedroom 3, Bathroom 2, Bathroom 4, Bedroom 4, Bathroom 1, Bedroom 1, Bathroom 5, Bathroom 3, Bedroom 2
Interior features
Open Floorplan
Exterior features
Rain Gutters
Appliances
Refrigerator, Microwave, Electric Water Heater, Electric Range
Subdivision
Ll Co Add
Lot features
Level
Elementary school
Blythe-Bower Elementary
Middle school
Cleveland Middle
High school
Cleveland High
Directions
From Blythe Bower Elementary School, turn left to 20th st SE, then right to Blythe Ave SE, then right on 18thst SE, then left on aurora ave. Building is on left
Standard status
Active
APN
057l C 01700 000
Size
2,108 SF
Lot size
0.37 Acres
Taxes and HOA fees
Tax Description
Lot 25
Tax Annual Amount
1923
Legal Description
Lot 25
Utilities
Sewer type
Public Sewer
Heating system
Ductless (Heating)
Cooling system
Ductless
Water source
Public
Amenities
washer/dryer hookups
Building Details
Year built
1978
Floors in Building
1
Number of units
4
Flooring type
Vinyl
Building materials
Block
Roof type
Shingle
Architectural style
Ranch
Listing Agency:
Century 21 1st Choice Realtors · Century 21 Real Estate
(423) 478-2332
Listed By:
Gabe Cartwright · License #363796
(423) 716-3922
Added: Apr 13
Changed: Aug 1
Last Checked: Aug 4 at 11:06PM
MLS# 1532453
Copyright © 2026 Greater Chattanooga Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Renovated quadplex in a ranch-style layout offering four 1-bedroom, 1-bathroom units. The interior features an open floorplan, and each unit includes washer/dryer hookups for added in-home convenience. Improvements include a brand-new roof, updated cabinets, and new mini-split systems providing ductless heating and cooling. Vinyl flooring and rain gutters round out the property’s updates.
The property is a block construction building built in 1978. Utilities are connected with public water and public sewer. Kitchen appliances include a refrigerator and microwave, along with an electric range and electric water heater.
Additional features include ductless heating and cooling, electric water heating, and the exterior rain gutter system, supporting low-maintenance operations for a multi-family owner.
The property is a block construction building built in 1978. Utilities are connected with public water and public sewer. Kitchen appliances include a refrigerator and microwave, along with an electric range and electric water heater.
Additional features include ductless heating and cooling, electric water heating, and the exterior rain gutter system, supporting low-maintenance operations for a multi-family owner.
Key Highlights
- Four 1‑bedroom, 1‑bath units in a renovated ranch quadplex
- Brand‑new roof and updated cabinets
- New mini‑split systems for ductless heating and cooling
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 | $27.3k | $12.96 |
| − Vacancy | −$1.6k | −$0.75 |
| EGI | $25.7k | $12.21 |
| − OpEx | −$7.7k | −$3.66 |
| NOI | $18.0k | $8.55 |
2,108 SF · lease $12.96/SF/yr · vacancy 5.79% · expense 30.00%
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
Multi-tenant
Tenancy
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 - Renovated four-unit quadplex with new roof and ductless HVAC, offering four 1-bedroom, 1-bath units.
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‑bath units in a renovated ranch quadplex; Brand‑new roof and updated cabinets; New mini‑split systems for ductless heating and cooling
