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    197 Wedgewood Lane Spring City, TN 37381

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    For Sale
    $425,000

    MULTI_FAMILY - Spring City, TN

    Property size:
    4,520 SF
    Lot size:
    1.50 Acres
    Price / SF:
    $94/SF
    Added:
    Jul 9, 2025
    Days on Market:
    303
    Last Refresh:
    May 7 at 8:06 am

    Property Features for 197 Wedgewood Lane

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    6
    Rooms
    Bedroom 3, Bathroom 4, Dining Room, Bedroom 6, Bedroom 1, Bedroom 2, Bathroom 2, Bedroom 5, Bedroom 4, Bathroom 1, Bathroom 3
    Patio and Porch features
    Patio, Porch
    Interior features
    Walk-In Closet(s), Kitchen Island, Pantry
    Exterior features
    Windows - Vinyl
    Appliances
    Range, Refrigerator
    Standard status
    Active
    APN
    042 009.10
    Size
    4,520 SF
    Lot size
    1.50 Acres

    Taxes and HOA fees

    Tax Annual Amount
    992

    Utilities

    Heating system
    Natural Gas, Electric (Heating), Central
    Cooling system
    Central Air

    Building Details

    Year built
    1982
    Number of units
    3
    Flooring type
    Laminate, Carpet, Tile
    Building materials
    Frame
    Roof type
    Metal

    We can help!

    Listing Contact
    Jennifer Scates
    Jennifer Scates

    Listing agent Jennifer Scates

    Listing office Wallace Jennifer Scates Group 102 Adair Drive, Knoxville, TN

    Listing date Jul 9, 2025

    MLS# 1307644 Listing URL

    Copyright © 2026 East Tennessee Realtors®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Three separate living units on 1.5 acres offer diverse income or multi‑generational living options.
    • Unit 1 features 3,000 sq. ft. with significant recent upgrades including new flooring, shower, staircase, windows, back door, and central HVAC.
    • Unit 2 is an attached efficiency suite with a separate address and updated bathroom fixtures and windows.
    • Unit 3 is a detached 2‑bedroom home with new windows and a full walkout basement.
    • Conveniently located minutes from Spring City, offering both privacy and accessibility.
    • Lower level of Unit 1 is ready to be finished with some materials already on‑site, opening to a fenced backyard.

    Overview

    Versatile Multi-Unit Property in Tennessee

    This property offers a unique investment opportunity with three separate units situated on 1.5 acres. Located minutes from the heart of Spring City, Tennessee, this property is suitable for rental income, a multi-generational family compound, or a combination of both. Unit 1 features 3,000 square feet of living space with an open-concept main floor, new flooring, shower, staircase, windows, and back door. Central HVAC provides year-round comfort. The upstairs includes two bedrooms and a full bath. The downstairs level contains a bedroom, a bathroom, and two additional rooms suitable for game rooms, offices, or storage. The lower level, with some materials already on-site, opens to a fenced backyard. Unit 2 is an attached efficiency or mother-in-law suite with a separate address, a full bath with new vanity, toilet, and windows, providing a private living space. Unit 3 is a detached home with two bedrooms, one full bath, an open-concept living room, kitchen, and dining area, plus a full walkout basement. Updates include new windows. The property offers privacy, flexibility, and potential as income-producing rentals, a family retreat, or a combination of both.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Auto Repair Shop Auto Parts Store Food Market Garden Center Car Rental Facility Pet Store & Service Farmer's Market Fish Market Tanning Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Spring City
    County
    Rhea
    State
    Tennessee
    Longitude
    -84.880452
    Latitude
    35.65665

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    FAQs

    What type of property is this?
    Multifamily property - Three separate units on 1.5 acres near Spring City.
    Where is this multifamily property located?
    The property is located at 197 Wedgewood Lane Spring City, TN.
    What is the asking price?
    The asking price for this property is $425,000.
    What are key features of this property?
    This property features: Three separate living units on 1.5 acres offer diverse income or multi‑generational living options.; Unit 1 features 3,000 sq. ft. with significant recent upgrades including new flooring, shower, staircase, windows, back door, and central HVAC.; Unit 2 is an attached efficiency suite with a separate address and updated bathroom fixtures and windows.
    (404) 403-9855
    We can help!
    Listing Contact
    Jennifer Scates
    Jennifer Scates
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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