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    Knoxville Multifamily Investment Opportunity Title is generated by Realmo AI

    1903 Piney Grove Church Road, Knoxville, TN 37909

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    Eight-unit apartment community with Housing Assistance Payments contract.

    Type:Multifamily
    Property size:
    5,200 SF
    Price / SF:
    $129/SF
    Added:
    May 22, 2026
    Days on Market:
    12
    Last Refresh:
    May 27 at 8:20 am

    Property Features for 1903 Piney Grove Church Road

    General Information

    Standard status
    Active
    Size
    5,200 SF
    Property subtype
    Multifamily

    Building Details

    Year Built
    1986

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    Listing Contact
    Cohl Morgan
    Cohl Morgan

    Listing agent Cohl Morgan License #351465

    Listing office PWA Properties

    Listing date May 22, 2026

    Source Crexi

    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 PWA Properties

    HighLights

    • Stable, contract‑backed income due to Housing Assistance Payments (HAP) contract.
    • 8‑unit affordable housing community, meeting a critical need in the market.
    • Professional third‑party management already in place, structured in accordance with HAP regulations.
    • Located in Knoxville, TN, a market positioned for long‑term multifamily performance and rent growth.
    • Consists of 8 studio‑style units.
    • Built in 1986.

    Overview

    Located in Knoxville, Tennessee, the property at 1903 Piney Grove Church Road features an 8-unit affordable housing community. The property consists of studio-style units. A Housing Assistance Payments (HAP) contract is in place, providing stable, contract-backed income. The property is managed by a professional third-party management company, structured in accordance with HAP regulations. The building has a total size of 5200 square feet. The Knoxville market, with increasing housing demand, limited affordable inventory, and continued regional investment, is well-positioned for long-term multifamily performance and rent growth.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $91.7k $17.64
    − Vacancy −$6.9k −$1.32
    EGI $84.8k $16.32
    − OpEx −$38.2k −$7.34
    NOI $46.7k $8.97
    5,200 SF · lease $17.64/SF/yr · vacancy 7.50% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $666.7K
    $583.3K – $777.8K (±1% cap)
    NOI $46,667 @ 7.0% cap · market cap 6.91%
    Second Best
    no second resolved use
    Theoretical Best
    Office A
    $1.29M
    $1.13M – $1.50M (±1% cap)
    NOI $90,156 @ 7.0% cap · market cap 13.36%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Knoxville
    County
    Knox
    State
    Tennessee
    Longitude
    -84.049695
    Latitude
    35.952195

    FAQs

    What type of property is this?
    Apartment building - Eight-unit apartment community with Housing Assistance Payments contract.
    Where is this apartment building located?
    The property is located at 1903 Piney Grove Church Road Knoxville, TN.
    What is the asking price?
    The asking price for this property is $675,000.
    What are key features of this property?
    This property features: Stable, contract‑backed income due to Housing Assistance Payments (HAP) contract.; 8‑unit affordable housing community, meeting a critical need in the market.; Professional third‑party management already in place, structured in accordance with HAP regulations.
    (865) 936-9999 Call to check price and availability
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