Four-Unit Quadplex with Mini-Split
New
For Sale
$350,000
1645 Blythe Ave, Cleveland, TN 37311
All four two-bedroom apartments are occupied, with public water and sewer serving the property.
Property Size2,652 SF
Price / SF$131.98
Days on Market7
Property Features for 1645 Blythe Ave
General Information
Standard status
Active
Size
2,652 SF
Property subtype
Residential Income
Occupancy
100%
Financials
Gross Income
$43,200
Average Monthly Rent
$900
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Utilities to Site
Yes
Tenant in Place
Yes
Building Details
Year Built
1983
Buildings
1
Tenancy
Multi
Listing Agency:
The Source Real Estate Group
Listed By:
Destanie Asher · License #352109
(423) 596-2295
Source:
Viewchattanoogaproperties
Added: Oct 22
Changed: Oct 27
Last Checked: Oct 27 at 3:55AM
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 The Source Real Estate Group
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Investment Insights
Based on property information with market context.
This 2,652-square-foot quadplex contains four apartments, each configured with two bedrooms and one bathroom. Luxury vinyl flooring, updated cabinetry and fixtures, and a ductless mini-split heating and cooling system in each unit are among the interior features. The building dates to 1983.
The property is located in Cleveland, Tennessee, and is served by public water and sewer.
The property is located in Cleveland, Tennessee, and is served by public water and sewer.
Key Highlights
- Four 2‑bedroom, 1‑bath units; all are currently occupied
- 2,652 square feet total
- Each apartment has a ductless mini‑split heating and cooling system
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,666
Cap Rate
6.48%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$453,320
$453.3K
Cap Rate 7%
$323,800
$323.8K
Cap Rate 9%
$251,844
$251.8K
Market Conditions
NOI Build-Up for 2,652 SF
Gross rent
$34.4K $12.96/SF
− Vacancy
−$2.0K −$0.75/SF
EGI
$32.4K $12.21/SF
− OpEx
−$9.7K −$3.66/SF
NOI
$22.7K $8.55/SF
Area
Bradley County, TN
Vacancy
5.79%
Lease Rate
$12.96 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$453,320
Cap Rate 7%
$323,800
Cap Rate 9%
$251,844
Alternative Uses
Best Use
Multifamily LT 5
$323.8K
$283.3K – $377.8K
NOI $22,666 @ 7.0% cap · market cap 6.48%
Second Best
Apartment 5plus
$281.8K
$246.5K – $328.7K
NOI $19,723 @ 7.0% cap · market cap 5.64%
Theoretical Best
Office A
$556.5K
$486.9K – $649.2K
NOI $38,953 @ 7.0% cap · market cap 11.13%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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See the owner, sales and loan history
Open Analytics
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - All four two-bedroom apartments are occupied, with public water and sewer serving the property.
Where is this quadplex located?
The property is located at 1645 Blythe Ave Cleveland, TN.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Four 2‑bedroom, 1‑bath units; all are currently occupied; 2,652 square feet total; Each apartment has a ductless mini‑split heating and cooling system
