Renovated
For Sale
$329,000
1514 Aurora Avenue SE, Cleveland, TN 37311
Residential Income, Cleveland, TN
Property Size2,108 SF
Lot Size0.37 Acres
Price / SF$156.07
Days on Market143
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 1, Bedroom 3, Bathroom 3, Bathroom 4, Bathroom 2, Bathroom 5, Bedroom 2, Bedroom 4, Bathroom 1
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: Sep 1
Last Checked: Sep 2 at 9:06PM
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.
This renovated quadplex contains four residential units within a 2,108-square-foot ranch-style property on 0.37 acres. Recent work includes a new shingle roof, ductless mini-split heating and cooling systems, refreshed cabinetry, and washer/dryer hookups in each unit. Vinyl flooring, open floorplans, and block construction add to the practical configuration.
The property is located on Aurora Avenue SE in Cleveland, Tennessee, with public water and public sewer service. Unit appliances include refrigerators, microwaves, electric ranges, and electric water heaters. Additional exterior features include rain gutters, while the 1978 construction provides an established building footprint for the current multifamily use.
The property is located on Aurora Avenue SE in Cleveland, Tennessee, with public water and public sewer service. Unit appliances include refrigerators, microwaves, electric ranges, and electric water heaters. Additional exterior features include rain gutters, while the 1978 construction provides an established building footprint for the current multifamily use.
Key Highlights
- Four‑unit residential property with 2,108 square feet of building area
- 0.37‑acre parcel in Cleveland, TN 37311
- Each unit includes washer/dryer hookups
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 residential units feature updated systems, modern finishes, 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‑unit residential property with 2,108 square feet of building area; 0.37‑acre parcel in Cleveland, TN 37311; Each unit includes washer/dryer hookups
