Duplex with Transferable STVR
New
For Sale
$950,000
1605 Mitchell Ave, Chattanooga, TN 37408
Two residences have separate living areas, kitchens, laundry hookups, and front and rear entrances.
Property Size3,677 SF
Price / SF$258.36
Days on Market5
Property Features for 1605 Mitchell Ave
General Information
Standard status
Active
Size
3,677 SF
Total Parking Spaces
6
Property subtype
Residential Income
Site & Location
Neighborhood
Fort Negley Neighborhood Association
Highway Access
Yes
Units
Unit Mix
1 x 3BR/2.5BA, 1 x 4BR/2BA
Multifamily Units
2
Additional Details
Currently Operating
Yes
Amenities
front porches
laundry hookups
tankless water heater
Building Details
Year Built
1950
Buildings
1
Construction
brick
Listing Agency:
Real Estate Partners Chattanooga LLC
Listed By:
Sarah E Brogdon · License #324028
(423) 290-4416
Source:
Chattanoogaareahomesforsale
Added: Oct 29
Changed: Nov 1
Last Checked: Nov 1 at 4:38AM
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 Real Estate Partners Chattanooga LLC
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Investment Insights
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This 3,677-square-foot duplex contains two residences, each with a living room, kitchen, dining area, laundry hookups, and front and rear entrances. A pass-through door connects the units. The brick property has separate front porches, oversized windows, and renovations that retain original character. Improvements include a 2019 roof, updated electrical, new windows, and a tankless water heater. Each unit has a transferable absentee STVR permit.
Located on Mitchell Avenue in Chattanooga’s Southside, the property is near Common House and within walking distance of restaurants including Alleia, Main Street Meats, and State of Confusion. The Chattanooga Choo Choo is nearby, with access to downtown and the interstate. The Tennessee Aquarium is approximately seven minutes away; Rock City and Ruby Falls are about 15 minutes away.
The residences can be rented separately or together, and the property includes off-street parking for up to six vehicles plus six street-parking hang tags. Unit 1 has three bedrooms and two and a half bathrooms; Unit 2 has four bedrooms and two full bathrooms. Furnishings may be negotiated.
Located on Mitchell Avenue in Chattanooga’s Southside, the property is near Common House and within walking distance of restaurants including Alleia, Main Street Meats, and State of Confusion. The Chattanooga Choo Choo is nearby, with access to downtown and the interstate. The Tennessee Aquarium is approximately seven minutes away; Rock City and Ruby Falls are about 15 minutes away.
The residences can be rented separately or together, and the property includes off-street parking for up to six vehicles plus six street-parking hang tags. Unit 1 has three bedrooms and two and a half bathrooms; Unit 2 has four bedrooms and two full bathrooms. Furnishings may be negotiated.
Key Highlights
- Two residences, each with a transferable absentee STVR permit
- 3,677 square feet with a pass‑through door connecting the units
- Off‑street parking for up to six vehicles and six street‑parking hang tags
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$36,099
Cap Rate
3.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$721,980
$722.0K
Cap Rate 7%
$515,700
$515.7K
Cap Rate 9%
$401,100
$401.1K
Market Conditions
NOI Build-Up for 3,677 SF
Gross rent
$55.2K $15.00/SF
− Vacancy
−$3.6K −$0.98/SF
EGI
$51.6K $14.03/SF
− OpEx
−$15.5K −$4.21/SF
NOI
$36.1K $9.82/SF
Area
Chattanooga, TN
Vacancy
6.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$721,980
Cap Rate 7%
$515,700
Cap Rate 9%
$401,100
Alternative Uses
Best Use
Multifamily LT 5
$515.7K
$451.2K – $601.7K
NOI $36,099 @ 7.0% cap · market cap 3.80%
Second Best
Apartment 5plus
$462.8K
$404.9K – $539.9K
NOI $32,393 @ 7.0% cap · market cap 3.41%
Theoretical Best
Office A
$812.1K
$710.6K – $947.4K
NOI $56,846 @ 7.0% cap · market cap 5.98%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,815
Businesses Nearby
Explore this area
Business Placement
Demographics for 37408, TN
3,353
Population
1,945
Households
1.7
Avg Household Size
33
Median Age
59%
College-Educated
96%
High-School Grad
2.1 sq mi
ZIP Area
1,597
Density / Sq Mi
$91,000
Median Household Income
$65,377
Median Earnings
$1,338
Median Rent
$460,000
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two residences have separate living areas, kitchens, laundry hookups, and front and rear entrances.
Where is this duplex located?
The property is located at 1605 Mitchell Ave Chattanooga, TN.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Two residences, each with a transferable absentee STVR permit; 3,677 square feet with a pass‑through door connecting the units; Off‑street parking for up to six vehicles and six street‑parking hang tags
