Contemporary Quadplex with Attached
For Sale
$1,060,000
Pending
1922 1924 1926 1928 Cypress Lane lot 15, Cleveland, TN 37323
MULTI_FAMILY - Contemporary - Cleveland, TN
Property Size6,040 SF
Lot Size0.06 Acres
Days on Market297
Property Features for 1922 1924 1926 1928 Cypress Lane lot 15
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Property condition
Under Construction
Bedrooms
12
Bathrooms
14
Full bathrooms
14
Rooms
Bedroom 6, Bedroom 5, Bedroom 8, Bathroom 1, Bathroom 4, Bathroom 2, Bathroom 8, Bedroom 10, Bedroom 12, Bathroom 13, Bathroom 11, Bathroom 12, Bathroom 7, Bathroom 5, Bedroom 7, Bedroom 11, Bedroom 4, Bathroom 6, Bathroom 14, Bedroom 1, Bedroom 3, Bathroom 10, Bedroom 9, Bathroom 3, Bathroom 9, Bedroom 2
Parking features
Driveway, Garage, On Street
Spa
1
Window features
Vinyl Frames, Insulated Windows
Patio and Porch features
Patio
Interior features
Bar, Eat-in Kitchen, En Suite, Granite Counters, Open Floorplan, Pantry, Walk-In Closet(s)
Exterior features
Awning(s), Rain Gutters
Fireplace
1
Appliances
Refrigerator, Microwave, Electric Water Heater, Electric Range, Disposal, Dishwasher
Subdivision
Arbors Hills Townhomes
Lot features
Level
Elementary school
Blythe-Bower Elementary
Middle school
Cleveland Middle
High school
Cleveland High
Directions
Take APD 40 in Cleveland, Tennessee to McGrady Road at Food City. Take an immediate left onto Young Rd. Arbor Hills will be on your right then right on Cypress Lane
Standard status
Pending
APN
066h B 025.00
Size
6,040 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Description
Part of lot 15 Arbor Hills Subdivision
Tax Annual Amount
2156
HOA Fee
$600 Annually
Legal Description
Part of lot 15 Arbor Hills Subdivision
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
2024
Floors in Building
2
Number of units
4
Flooring type
Tile - Ceramic, Vinyl
Building materials
Brick, Fiber Cement, Stone
Roof type
Asphalt, Shingle
Architectural style
Contemporary
Listing Agency:
Keller Williams Realty
(423) 664-1600
Listed By:
Gina Shumway · License #TN373412
(770) 686-9366
Added: Oct 13, 2025
Changed: Aug 1
Last Checked: Aug 5 at 12:06AM
MLS# 1522225
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 contemporary quadplex is being built to townhome specifications, with Craftsman-style exterior elements. Scheduled to commence in mid-October and estimated for completion in March/April 2025, the property is set up as four separate units, each with three bedrooms and 2.5 bathrooms. Interiors are planned with an open floorplan and features that include granite counters, pantry space, and walk-in closets, along with en suite bathrooms in each unit. Kitchens are specified with stainless-steel appliances, soft-close cabinetry, and LVP flooring through the main living areas.
Each unit includes an attached two-car garage, with additional parking on the driveway and on-street. The community is supported by an HOA that covers landscaping, and there are plans for a future community pool. The property is connected to public sewer and served by public water, with cable available.
The exterior is planned with brick, fiber cement, and stone, complemented by awnings and rain gutters. Heating and cooling are central electric systems, and the roof is planned as asphalt shingle. The property is situated on a 0.06-acre lot with a total property size of 6,040 square feet, with construction year listed as 2024.
Each unit includes an attached two-car garage, with additional parking on the driveway and on-street. The community is supported by an HOA that covers landscaping, and there are plans for a future community pool. The property is connected to public sewer and served by public water, with cable available.
The exterior is planned with brick, fiber cement, and stone, complemented by awnings and rain gutters. Heating and cooling are central electric systems, and the roof is planned as asphalt shingle. The property is situated on a 0.06-acre lot with a total property size of 6,040 square feet, with construction year listed as 2024.
Key Highlights
- Under construction with construction commencing mid‑October and estimated completion in March/April 2025
- Four‑unit contemporary quadplex with townhome‑style specifications
- Each unit planned for three bedrooms and 2.5 bathrooms
Financial Insights For Multifamily LT 5
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 | $78.3k | $12.96 |
| − Vacancy | −$4.5k | −$0.75 |
| EGI | $73.7k | $12.21 |
| − OpEx | −$22.1k | −$3.66 |
| NOI | $51.6k | $8.55 |
6,040 SF · lease $12.96/SF/yr · vacancy 5.79% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$737.5K
$645.3K – $860.4K
NOI $51,622 @ 7.0% cap · market cap 4.87%
Second Best
Apartment 5plus
$641.7K
$561.5K – $748.7K
NOI $44,919 @ 7.0% cap · market cap 4.24%
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,716 @ 7.0% cap · market cap 8.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
218
Businesses Nearby
Explore this area
Business Placement
Demographics for 37323, TN
31,497
Population
12,841
Households
2.5
Avg Household Size
41
Median Age
18%
College-Educated
88%
High-School Grad
114.6 sq mi
ZIP Area
275
Density / Sq Mi
$67,538
Median Household Income
$41,922
Median Earnings
$908
Median Rent
$213,900
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?
Quadplex - Under-construction contemporary quadplex with townhome-style interiors and attached two-car garages per unit.
Where is this quadplex located?
The property is located at 1922 1924 1926 1928 Cypress Lane lot 15 Cleveland, TN.
What is the asking price?
The asking price for this property is $1,060,000.
What are key features of this property?
This property features: Under construction with construction commencing mid‑October and estimated completion in March/April 2025; Four‑unit contemporary quadplex with townhome‑style specifications; Each unit planned for three bedrooms and 2.5 bathrooms
