Updated Duplex with New
For Sale
$275,000
Pending
188 Frawley Road, Chattanooga, TN 37412
Residential Income, Chattanooga, TN
Property Size1,860 SF
Lot Size0.11 Acres
Days on Market75
Property Features for 188 Frawley Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 3, Bedroom 4, Bedroom 2
Parking features
Off Street
Patio and Porch features
Patio, Deck
Interior features
Ceiling Fan(s), Eat-in Kitchen
Basement
Crawl Space
Appliances
Refrigerator, Microwave, Electric Range, Dishwasher
Lot features
Level
Elementary school
Spring Creek Elementary
Middle school
East Ridge Middle
High school
East Ridge High
Directions
Ringgold Road East 1/4 mile from I-75, turn left onto Frawley Road. Duplex is on right approximately 1/4 mile.
Subdivision
Chattanooga
Standard status
Pending
APN
170b D 005.05
Size
1,860 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Description
LT 3 JOHN C WHITMIRES SUB 39-257 OU T OF 170B-D-5.2 FOR 1985
Tax Annual Amount
2831
Legal Description
LT 3 JOHN C WHITMIRES SUB 39-257 OU T OF 170B-D-5.2 FOR 1985
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Electric
Water source
Public
Building Details
Year built
1985
Floors in Building
2
Number of units
2
Flooring type
Carpet, Vinyl
Building materials
Vinyl Siding
Roof type
Shingle
Listing Agency:
REAL Broker
(844) 591-7325
Listed By:
Michael Kelly · License #322724
(423) 645-3862
Added: Jun 23
Changed: Aug 22
Last Checked: Sep 5 at 3:06AM
MLS# 1537375
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 duplex contains 1,860 square feet across two residences, with each side offering two bedrooms, one full bathroom, an eat-in kitchen, and separate living space. Interior improvements include updated kitchens, new vinyl flooring, fresh paint, ceiling fans, and a combination of carpet and vinyl flooring. The property also features a recently installed shingle roof, vinyl siding, patios, decks, and off-street parking.
Both units are vacant. Unit 188 has a replaced HVAC heater blower, while the HVAC system in unit 190 is four years old. Electric central heating and central air serve the residences. Public water and public sewer are in place, with cable available. Built in 1985, the property occupies 0.11 acres at 188 Frawley Road in Chattanooga.
The location provides access to I-75 at Exit 1 and nearby Camp Jordan, Topgolf, Bass Pro Shops, Red Wolves Soccer Stadium, Chick-fil-A, and East Ridge restaurants and entertainment. Downtown Chattanooga is also a short drive away.
Both units are vacant. Unit 188 has a replaced HVAC heater blower, while the HVAC system in unit 190 is four years old. Electric central heating and central air serve the residences. Public water and public sewer are in place, with cable available. Built in 1985, the property occupies 0.11 acres at 188 Frawley Road in Chattanooga.
The location provides access to I-75 at Exit 1 and nearby Camp Jordan, Topgolf, Bass Pro Shops, Red Wolves Soccer Stadium, Chick-fil-A, and East Ridge restaurants and entertainment. Downtown Chattanooga is also a short drive away.
Key Highlights
- Two‑unit duplex with 1,860 SF of total property size
- Each residence includes 2 bedrooms, 1 full bathroom, and an eat‑in kitchen
- Both units are currently vacant
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
$18,261
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
6.64%
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%
$365,220
$365.2K
Cap Rate 7%
$260,871
$260.9K
Cap Rate 9%
$202,900
$202.9K
Market Conditions
NOI Build-Up for 1,860 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
$27.9K $15.00/SF
− Vacancy
−$1.8K −$0.98/SF
EGI
$26.1K $14.03/SF
− OpEx
−$7.8K −$4.21/SF
NOI
$18.3K $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 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%
$365,220
Cap Rate 7%
$260,871
Cap Rate 9%
$202,900
Alternative Uses
Best Use
Multifamily LT 5
$260.9K
$228.3K – $304.4K
NOI $18,261 @ 7.0% cap · market cap 6.64%
Second Best
Apartment 5plus
$234.1K
$204.8K – $273.1K
NOI $16,386 @ 7.0% cap · market cap 5.96%
Theoretical Best
Office A
$410.8K
$359.4K – $479.3K
NOI $28,755 @ 7.0% cap · market cap 10.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
48
Businesses Nearby
Explore this area
Business Placement
Demographics for 37412, TN
21,881
Population
10,305
Households
2.1
Avg Household Size
39
Median Age
23%
College-Educated
86%
High-School Grad
8.7 sq mi
ZIP Area
2,515
Density / Sq Mi
$56,600
Median Household Income
$37,858
Median Earnings
$1,120
Median Rent
$182,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two vacant residences provide separate living spaces with refreshed interiors, patios, decks, and off-street parking.
Where is this duplex located?
The property is located at 188 Frawley Road Chattanooga, TN.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,860 SF of total property size; Each residence includes 2 bedrooms, 1 full bathroom, and an eat‑in kitchen; Both units are currently vacant
