Quadruplex with Attached
For Sale
$1,060,000
Pending
1922 1924 1926 1928 Cypress Lane lot 15, Cleveland, TN 37323
Residential Income, Cleveland, TN
Property Size6,040 SF
Lot Size0.06 Acres
Days on Market333
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
Bathroom 10, Bedroom 1, Bathroom 3, Bedroom 12, Bathroom 2, Bathroom 14, Bedroom 3, Bathroom 9, Bedroom 9, Bathroom 1, Bathroom 7, Bedroom 8, Bedroom 2, Bedroom 7, Bedroom 10, Bathroom 12, Bedroom 6, Bedroom 5, Bathroom 5, Bathroom 4, Bathroom 6, Bathroom 11, Bedroom 4, Bedroom 11, Bathroom 13, Bathroom 8
Parking features
Driveway, On Street, Garage
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
Electric (Heating), Central
Cooling system
Electric, Central Air
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: Sep 8
Last Checked: Sep 10 at 4:06AM
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 quadruplex in Cleveland, Tennessee, contains 6,040 square feet across four residences. Each unit is planned with three bedrooms, two-and-a-half bathrooms, an open floor plan, an eat-in kitchen, pantry, en suite features, and walk-in closets. Interior specifications include granite counters, stainless steel appliances, soft-close cabinetry, LVP flooring, ceramic tile, central electric heating and cooling, and contemporary finishes. Every residence includes an attached two-car garage, patio, and rain gutters. Brick, fiber cement, and stone are specified for the exterior.
The property is located within walking distance of grocery, dining, and shopping options and provides access to major highways. Public water and public sewer serve the development. HOA services include landscaping, while plans call for a future community pool. The property is identified as a 2024 build and carries an under-construction condition.
The property is located within walking distance of grocery, dining, and shopping options and provides access to major highways. Public water and public sewer serve the development. HOA services include landscaping, while plans call for a future community pool. The property is identified as a 2024 build and carries an under-construction condition.
Key Highlights
- Four‑unit property with 3 bedrooms and 2.5 bathrooms in each residence
- 6,040 square feet across the quadruplex
- Attached 2‑car garage for each unit
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
$51,622
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
4.87%
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%
$1,032,440
$1.0M
Cap Rate 7%
$737,457
$737.5K
Cap Rate 9%
$573,578
$573.6K
Market Conditions
NOI Build-Up for 6,040 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
$78.3K $12.96/SF
− Vacancy
−$4.5K −$0.75/SF
EGI
$73.7K $12.21/SF
− OpEx
−$22.1K −$3.66/SF
NOI
$51.6K $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%
$1,032,440
Cap Rate 7%
$737,457
Cap Rate 9%
$573,578
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
4
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
261
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 - The planned community includes HOA landscaping, public sewer service, and attached garages for each residence.
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: Four‑unit property with 3 bedrooms and 2.5 bathrooms in each residence; 6,040 square feet across the quadruplex; Attached 2‑car garage for each unit
