2-Unit Duplex with Transferable STVR
New
For Sale
$950,000
1605 Mitchell Avenue, Chattanooga, TN 37408
Residential Income, Chattanooga, TN
Property Size3,677 SF
Lot Size0.14 Acres
Price / SF$258.36
Days on Market2
Property Features for 1605 Mitchell Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
7
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 2, Bathroom 1, Bedroom 4, Bedroom 6, Bedroom 2, Bedroom 7, Bathroom 5, Basement, Bedroom 1, Bathroom 4, Bedroom 3, Dining Room, Bathroom 3, Bedroom 5
Parking features
Off Street
Patio and Porch features
Porch
Interior features
Eat-in Kitchen, En Suite, Separate Dining Room, Storage
Exterior features
Private Yard
Basement
Crawl Space
Appliances
Electric Range, Electric Oven
Subdivision
Fort Negley Addn
Lot features
Level
Elementary school
Battle Academy
Middle school
Orchard Knob Middle
High school
Howard School of Academics & Tech
Directions
Take I-24 to Exit 178 toward Market Street. Continue to E. 16th Street or Main Street and turn right. From there, turn right onto Mitchell Avenue. The property will be on the right, three doors down from Common House. Look for the sign in the yard.
Standard status
Active
APN
145ldc 005
Size
3,677 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Description
LOT 128 FORT NEGLEY ADDN PB1 PG26
Tax Annual Amount
5458
Legal Description
LOT 128 FORT NEGLEY ADDN PB1 PG26
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central, Natural Gas
Cooling system
Electric, Central Air
Water source
Public
Amenities
separate front porches
laundry hookups
tankless water heater
pass-through door
Building Details
Year built
1950
Floors in Building
2
Number of units
2
Flooring type
Hardwood, Tile, Wood
Building materials
Brick
Roof type
Rolled Hot Mop, Flat
Additional Structures
Storage
Listing Agency:
Real Estate Partners Chattanooga LLC
(423) 265-0088
Listed By:
Sarah E Brogdon · License #324028
(423) 290-4416
Added: Oct 30
Last Checked: Oct 31 at 1:06PM
MLS# 1545429
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.
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Investment Insights
Based on property information with market context.
This 3,677-square-foot brick duplex, built in 1950, contains two residences with at least seven bedrooms and four and a half bathrooms combined. Each unit has a living room, kitchen, dining area, laundry hookups, and front and rear entrances; a pass-through connects the units. Transferable absentee short-term vacation rental permits apply to both residences. The property also has porches and off-street parking for up to six vehicles, along with six street-parking hang tags.
Updates include a roof installed in 2019, electrical improvements, replacement windows, and a tankless water heater. The 0.14-acre property is in Chattanooga’s Southside, within walking distance of restaurants and shops. The Chattanooga Choo Choo and downtown are nearby, while the Tennessee Aquarium is approximately seven minutes away by car and Rock City and Ruby Falls are about 15 minutes away.
Updates include a roof installed in 2019, electrical improvements, replacement windows, and a tankless water heater. The 0.14-acre property is in Chattanooga’s Southside, within walking distance of restaurants and shops. The Chattanooga Choo Choo and downtown are nearby, while the Tennessee Aquarium is approximately seven minutes away by car and Rock City and Ruby Falls are about 15 minutes away.
Key Highlights
- Two residences with transferable absentee short‑term vacation rental permits
- At least 7 bedrooms and 4.5 bathrooms across both units
- 3,677 square feet on a 0.14‑acre lot; built in 1950
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
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,815
Businesses Nearby
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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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two residences offer separate kitchens and entrances, with a connecting door for combined use.
Where is this duplex located?
The property is located at 1605 Mitchell Avenue 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 with transferable absentee short‑term vacation rental permits; At least 7 bedrooms and 4.5 bathrooms across both units; 3,677 square feet on a 0.14‑acre lot; built in 1950
