Knoxville Multifamily Investment
1903 Piney Grove Church Road, Knoxville, TN 37909
Call to check price and availability
Eight-unit apartment community with Housing Assistance Payments contract.
Type:Multifamily
Property size:
5,200 SFPrice / 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
Listing agent Cohl Morgan License #351465
Listing office PWA Properties (865) 936-9999
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
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
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
Location Insight
- Map
- Local Demand
- City
- Knoxville
- County
- Knox
- State
- Tennessee
- Longitude
- -84.049695
- Latitude
- 35.952195
Nearby Similar for Sale
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.
