Renovated Four-Unit Downtown
For Sale
$245,000
1600/1610 Chippewa Avenue SE, Cleveland, TN 37311
Recently updated residential units occupy multiple buildings on a corner parcel with municipal water, sewer, and electric service.
Property Size2,934 SF
Days on Market551
Property Features for 1600/1610 Chippewa Avenue SE
General Information
Standard status
Active
Size
2,934 SF
Property subtype
Quadruplex
Additional Details
Utilities to Site
Yes
Multifamily Units
4
Building Details
Building Size
2,934 SF
Year Built
1990
Listing Agency:
KW Cleveland
(423) 813-9800
Listed By:
William Eilf · License #337177
Source:
Kwcleveland.kw
Added: Feb 25, 2025
Changed: Aug 29
Last Checked: Aug 25 at 9:34AM
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 Cleveland
Investment Insights
Based on property information with market context.
This four-unit residential property is arranged across multiple buildings on a corner lot in downtown Cleveland. The improvements date to 1990 and have undergone recent renovations. Three units have in-place rental income, while the fourth is currently being rehabilitated for future occupancy.
Municipal water, sewer, and electric service are available to the property. Its downtown setting places the buildings near shopping, dining, the Greenway, and public services, with those destinations described as walkable from the site. The address is 1600/1610 Chippewa Avenue SE in Cleveland, Tennessee.
Municipal water, sewer, and electric service are available to the property. Its downtown setting places the buildings near shopping, dining, the Greenway, and public services, with those destinations described as walkable from the site. The address is 1600/1610 Chippewa Avenue SE in Cleveland, Tennessee.
Key Highlights
- Four residential units across multiple buildings
- Recent renovations throughout the property
- Three units with in‑place rental income
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
$21,820
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
8.91%
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%
$436,400
$436.4K
Cap Rate 7%
$311,714
$311.7K
Cap Rate 9%
$242,444
$242.4K
Market Conditions
NOI Build-Up for 2,934 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
$42.2K $14.40/SF
− Vacancy
−$2.6K −$0.88/SF
EGI
$39.7K $13.52/SF
− OpEx
−$17.9K −$6.08/SF
NOI
$21.8K $7.44/SF
Area
Bradley County, TN
Vacancy
6.10%
Lease Rate
$14.40 /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%
$436,400
Cap Rate 7%
$311,714
Cap Rate 9%
$242,444
Alternative Uses
Best Use
Multifamily LT 5
$358.2K
$313.5K – $417.9K
NOI $25,076 @ 7.0% cap · market cap 10.24%
Second Best
Apartment 5plus
$311.7K
$272.8K – $363.7K
NOI $21,820 @ 7.0% cap · market cap 8.91%
Theoretical Best
Office A
$615.6K
$538.7K – $718.3K
NOI $43,095 @ 7.0% cap · market cap 17.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
303
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 - Recently updated residential units occupy multiple buildings on a corner parcel with municipal water, sewer, and electric service.
Where is this quadplex located?
The property is located at 1600/1610 Chippewa Avenue SE Cleveland, TN.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: Four residential units across multiple buildings; Recent renovations throughout the property; Three units with in‑place rental income
