New Construction
For Sale
$479,000
1745 Carolina Avenue NE, Cleveland, TN 37311
Residential Income, Cleveland, TN
Property Size2,280 SF
Lot Size0.17 Acres
Price / SF$210.09
Days on Market201
Property Features for 1745 Carolina Avenue NE
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bathroom 3, Bedroom 3, Bedroom 5, Bathroom 1, Bedroom 6, Bedroom 1, Bathroom 4, Bedroom 4, Bedroom 2
Parking features
Off Street, On Street
Interior features
Kitchen Island
Appliances
Oven, Microwave, Dishwasher
Subdivision
Craigmiles Park Addn
Elementary school
Mayfield Elementary
Middle school
Cleveland Middle
High school
Cleveland High
Standard status
Active
APN
050i J 02500 000
Size
2,280 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
050I J 025.00 000
Tax Annual Amount
82
Legal Description
050I J 025.00 000
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
2025
Floors in Building
2
Number of units
2
Flooring type
Vinyl
Building materials
HardiPlank Type
Listing Agency:
Keller Williams Realty
(423) 664-1600
Listed By:
Gina Shumway · License #TN373412
(770) 686-9366
Added: Feb 13
Changed: Sep 2
Last Checked: Sep 2 at 2:06PM
MLS# 1528460
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.
Investment Insights
Based on property information with market context.
This under-construction duplex contains two residences, each planned with three bedrooms and two bathrooms, within approximately 2,280 square feet on a 0.17-acre lot. Interior details include kitchen islands, ovens, microwaves, dishwashers, vinyl flooring, central heating, and central air. HardiPlank siding, public water, public sewer, and off-street and on-street parking are also specified.
The property is located at 1745 Carolina Avenue NE in Cleveland, near Lee University and within walking distance of campus, dining, and local amenities. Its configuration is presented as suitable for conventional residential leasing or student-oriented room leasing. Plumbing is being roughed into the basement for a possible third-unit build-out. Stock or AI-generated images depict the intended completed appearance, with estimated completion scheduled for September 1, 2026.
The property is located at 1745 Carolina Avenue NE in Cleveland, near Lee University and within walking distance of campus, dining, and local amenities. Its configuration is presented as suitable for conventional residential leasing or student-oriented room leasing. Plumbing is being roughed into the basement for a possible third-unit build-out. Stock or AI-generated images depict the intended completed appearance, with estimated completion scheduled for September 1, 2026.
Key Highlights
- Two‑unit duplex with 3 bedrooms and 2 bathrooms per side
- 2,280 square feet on a 0.17‑acre lot
- Basement plumbing rough‑in supports a potential third‑unit build‑out
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
$19,487
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
4.07%
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%
$389,740
$389.7K
Cap Rate 7%
$278,386
$278.4K
Cap Rate 9%
$216,522
$216.5K
Market Conditions
NOI Build-Up for 2,280 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
$29.5K $12.96/SF
− Vacancy
−$1.7K −$0.75/SF
EGI
$27.8K $12.21/SF
− OpEx
−$8.4K −$3.66/SF
NOI
$19.5K $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 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%
$389,740
Cap Rate 7%
$278,386
Cap Rate 9%
$216,522
Alternative Uses
Best Use
Multifamily LT 5
$278.4K
$243.6K – $324.8K
NOI $19,487 @ 7.0% cap · market cap 4.07%
Second Best
Apartment 5plus
$242.2K
$212.0K – $282.6K
NOI $16,956 @ 7.0% cap · market cap 3.54%
Theoretical Best
Office A
$478.4K
$418.6K – $558.2K
NOI $33,489 @ 7.0% cap · market cap 6.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
366
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two three-bedroom residences offer flexible layouts near Lee University, with a basement prepared for future expansion.
Where is this duplex located?
The property is located at 1745 Carolina Avenue NE Cleveland, TN.
What is the asking price?
The asking price for this property is $479,000.
What are key features of this property?
This property features: Two‑unit duplex with 3 bedrooms and 2 bathrooms per side; 2,280 square feet on a 0.17‑acre lot; Basement plumbing rough‑in supports a potential third‑unit build‑out
