Renovated Duplex with Separate
New
For Sale
$349,900
1615 Washington Pike, Knoxville, TN 37917
Multi-Family, Knoxville, TN
Property Size1,374 SF
Lot Size0.17 Acres
Price / SF$254.66
Days on Market2
Property Features for 1615 Washington Pike
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Carport, Off Street
Interior features
Kitchen Island
Exterior features
Prof Landscaped
Appliances
Dishwasher, Microwave, Range, Refrigerator
Subdivision
Rose Mound Add
Directions
Head toward N Broadway from Hall of Fame Dr., Merge onto N Broadway, Pass by Firestone Complete Auto Care (on the right Turn right onto Washington Pike Destination will be on the left
Standard status
Active
APN
081DF028
Size
1,374 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Annual Amount
2368
Utilities
Heating system
Natural Gas, Central
Cooling system
Central Air
Amenities
new appliances
outbuilding
Building Details
Year built
1920
Number of units
2
Building materials
Vinyl Siding, Frame
Roof type
Metal
Listing Agency:
United Real Estate Solutions
(865) 444-2400
Listed By:
Ed Harrison
(865) 415-6012
Added: Sep 11
Changed: Sep 12
Last Checked: Sep 12 at 5:06PM
MLS# 1355221
Copyright © 2026 East Tennessee 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 1,374-square-foot duplex on a 0.17-acre lot includes two 2-bedroom, 1.5-bath units. Recent improvements include new flooring, bathrooms, kitchen cabinetry and counters, doors, plumbing, and electrical work. Each side has its own central HVAC system and separate utility metering, while included appliances comprise a range, refrigerator, dishwasher, and microwave. A detached outbuilding adds supplemental storage or workspace.
The property is located near downtown Knoxville, the University of Tennessee, I-40, the baseball stadium, and the Old City. Exterior features include a professionally landscaped setting, vinyl siding, a metal roof, off-street parking, and a carport. Built in 1920, the duplex combines updated unit interiors with separately metered operations and a residential income configuration.
The property is located near downtown Knoxville, the University of Tennessee, I-40, the baseball stadium, and the Old City. Exterior features include a professionally landscaped setting, vinyl siding, a metal roof, off-street parking, and a carport. Built in 1920, the duplex combines updated unit interiors with separately metered operations and a residential income configuration.
Key Highlights
- Two 2‑bedroom, 1.5‑bath units in a duplex configuration
- 1,374 square feet on a 0.17‑acre lot
- Separate utility metering for each side
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
$13,400
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
3.83%
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%
$268,000
$268.0K
Cap Rate 7%
$191,429
$191.4K
Cap Rate 9%
$148,889
$148.9K
Market Conditions
NOI Build-Up for 1,374 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
$20.6K $15.00/SF
− Vacancy
−$1.5K −$1.07/SF
EGI
$19.1K $13.93/SF
− OpEx
−$5.7K −$4.18/SF
NOI
$13.4K $9.75/SF
Area
Knoxville, TN
Vacancy
7.12%
Lease Rate
$15.00 /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%
$268,000
Cap Rate 7%
$191,429
Cap Rate 9%
$148,889
Alternative Uses
Best Use
Multifamily LT 5
$191.4K
$167.5K – $223.3K
NOI $13,400 @ 7.0% cap · market cap 3.83%
Second Best
Apartment 5plus
$176.2K
$154.1K – $205.5K
NOI $12,331 @ 7.0% cap · market cap 3.52%
Theoretical Best
Office A
$340.3K
$297.8K – $397.0K
NOI $23,822 @ 7.0% cap · market cap 6.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
812
Businesses Nearby
Explore this area
Business Placement
Demographics for 37917, TN
25,013
Population
14,216
Households
1.8
Avg Household Size
39
Median Age
31%
College-Educated
87%
High-School Grad
9.5 sq mi
ZIP Area
2,633
Density / Sq Mi
$51,232
Median Household Income
$37,853
Median Earnings
$1,063
Median Rent
$189,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units feature updated interiors, private central HVAC, and off-street parking near downtown Knoxville and UT.
Where is this duplex located?
The property is located at 1615 Washington Pike Knoxville, TN.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Two 2‑bedroom, 1.5‑bath units in a duplex configuration; 1,374 square feet on a 0.17‑acre lot; Separate utility metering for each side
