Turnkey 5-Unit Townhome
For Sale
$599,900
1531 East Knollwood Circle, Clarksville, TN 37043
Five occupied townhome units with major 2025 mechanical and unit-turn upgrades in a low-flood-risk Zone X location.
Property Size4,368 SF
Lot Size0.55 Acres
Price / SF$137.34
Days on Market121
Property Features for 1531 East Knollwood Circle
General Information
Standard status
Active
Size
4,368 SF
Class
B
Lot size
0.55 Acres
Property subtype
Multi-Family
Zoning
R-4
Occupancy
100%
Additional Details
Cap Rate
5.57%
Multifamily Units
5
Amenities
fiber internet
Building Details
Building Size
4,368 SF
Year Built
1989
Year Renovated
2025
Stories
2
Tenancy
Multi
Listing Agency:
KW Commercial
Listed By:
James Church · License #367269
(931) 648-8500
Source:
Commercialcafe
Added: May 9
Changed: Aug 31
Last Checked: Sep 6 at 3:56AM
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 KW Commercial
Investment Insights
Based on property information with market context.
This 5-unit brick townhome property was built in 1989 and is arranged across two stories. The offering totals 4,368 square feet and sits on 0.55 acres within Clarksville city limits. Major capital improvements were completed in 2025, including a full HVAC replacement in November 2025 and a water heater replacement in May 2025, along with appliance upgrades, plumbing fixture updates, and cosmetic rehab during a four-unit turnover cycle.
All five units are currently occupied at seller-confirmed market rents of $825 to $900 per month. Four of the five units signed new 12-month leases in 2025 following the rehab work. The property is located in Zone X (low flood risk) and is zoned R-4 Multi-Family Residential.
Professional management is in place through PMI Clarksville, and fiber internet is available from three providers: AT&T, CDE Lightband, and Spectrum. The 2025 financials reflect one-time capital expenditure tied to the rehab and turnovers.
All five units are currently occupied at seller-confirmed market rents of $825 to $900 per month. Four of the five units signed new 12-month leases in 2025 following the rehab work. The property is located in Zone X (low flood risk) and is zoned R-4 Multi-Family Residential.
Professional management is in place through PMI Clarksville, and fiber internet is available from three providers: AT&T, CDE Lightband, and Spectrum. The 2025 financials reflect one-time capital expenditure tied to the rehab and turnovers.
Key Highlights
- 5‑unit brick townhome built in 1989 with 4,368 SF across two stories on 0.55 acres in Clarksville city limits.
- Low‑flood‑risk location in Zone X.
- 2025 capital improvements: HVAC fully replaced (Nov 2025, $6,750), water heater replaced (May 2025, $1,464).
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
$35,229
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
5.87%
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%
$704,580
$704.6K
Cap Rate 7%
$503,271
$503.3K
Cap Rate 9%
$391,433
$391.4K
Market Conditions
NOI Build-Up for 4,368 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
$68.1K $15.60/SF
− Vacancy
−$4.1K −$0.94/SF
EGI
$64.1K $14.66/SF
− OpEx
−$28.8K −$6.60/SF
NOI
$35.2K $8.07/SF
Area
Clarksville, TN
Vacancy
6.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
45.00%
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%
$704,580
Cap Rate 7%
$503,271
Cap Rate 9%
$391,433
Alternative Uses
Best Use
Apartment 5plus
$503.3K
$440.4K – $587.2K
NOI $35,229 @ 7.0% cap · market cap 5.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$733.2K
$641.6K – $855.4K
NOI $51,326 @ 7.0% cap · market cap 8.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
443
Businesses Nearby
Explore this area
Business Placement
Demographics for 37043, TN
52,792
Population
22,221
Households
2.4
Avg Household Size
37
Median Age
43%
College-Educated
97%
High-School Grad
108.5 sq mi
ZIP Area
487
Density / Sq Mi
$91,871
Median Household Income
$46,602
Median Earnings
$1,208
Median Rent
$325,400
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?
Apartment building - Five occupied townhome units with major 2025 mechanical and unit-turn upgrades in a low-flood-risk Zone X location.
Where is this apartment building located?
The property is located at 1531 East Knollwood Circle Clarksville, TN.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: 5‑unit brick townhome built in 1989 with 4,368 SF across two stories on 0.55 acres in Clarksville city limits.; Low‑flood‑risk location in Zone X.; 2025 capital improvements: HVAC fully replaced (Nov 2025, $6,750), water heater replaced (May 2025, $1,464).
