Renovated
For Sale
$480,000
200 S Aster Ave, Chattanooga, TN 37419
Three-unit property with separate utility metering, updated interiors, and one vacant unit available for occupancy.
Property Size3,400 SF
Price / SF$141.18
Days on Market51
Property Features for 200 S Aster Ave
General Information
Standard status
Active
Size
3,400 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
3
Building Details
Year Built
1980
Listing Agency:
Keller Williams Realty
(423) 521-5545
Listed By:
Turner Olson · License #357015
Source:
Weathersbeerealty
Added: Jul 13
Changed: Aug 30
Last Checked: Aug 31 at 7:21PM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
Built in 1980, this three-unit residential income property has been substantially renovated across its exterior systems and interior finishes. Improvements include a new roof and gutters, Hardie siding on the front, HVAC systems, basement insulation and drywall, water heaters, interior doors, fresh paint, and LVP flooring. Kitchens feature new cabinets, granite countertops, and stainless appliances, while bathrooms include updated tubs, tile surrounds, vanities, and toilets.
Two units are occupied under long-term leases, and the bottom unit is vacant. Each residence has separate water and electric meters. The property is located on the west side of Chattanooga with interstate access nearby.
Two units are occupied under long-term leases, and the bottom unit is vacant. Each residence has separate water and electric meters. The property is located on the west side of Chattanooga with interstate access nearby.
Key Highlights
- Three‑unit property built in 1980
- Two units occupied under long‑term leases; bottom unit is vacant
- Separate water and electric meters 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
$33,380
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
6.95%
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%
$667,600
$667.6K
Cap Rate 7%
$476,857
$476.9K
Cap Rate 9%
$370,889
$370.9K
Market Conditions
NOI Build-Up for 3,400 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
$51.0K $15.00/SF
− Vacancy
−$3.3K −$0.98/SF
EGI
$47.7K $14.03/SF
− OpEx
−$14.3K −$4.21/SF
NOI
$33.4K $9.82/SF
Area
Chattanooga, TN
Vacancy
6.50%
Lease Rate
$15.00 /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%
$667,600
Cap Rate 7%
$476,857
Cap Rate 9%
$370,889
Alternative Uses
Best Use
Multifamily LT 5
$476.9K
$417.3K – $556.3K
NOI $33,380 @ 7.0% cap · market cap 6.95%
Second Best
Apartment 5plus
$427.9K
$374.4K – $499.2K
NOI $29,953 @ 7.0% cap · market cap 6.24%
Theoretical Best
Office A
$750.9K
$657.0K – $876.1K
NOI $52,563 @ 7.0% cap · market cap 10.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
250
Businesses Nearby
Explore this area
Business Placement
Demographics for 37419, TN
6,438
Population
2,952
Households
2.2
Avg Household Size
45
Median Age
48%
College-Educated
92%
High-School Grad
49.0 sq mi
ZIP Area
131
Density / Sq Mi
$86,029
Median Household Income
$51,528
Median Earnings
$979
Median Rent
$302,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit property with separate utility metering, updated interiors, and one vacant unit available for occupancy.
Where is this triplex located?
The property is located at 200 S Aster Ave Chattanooga, TN.
What is the asking price?
The asking price for this property is $480,000.
What are key features of this property?
This property features: Three‑unit property built in 1980; Two units occupied under long‑term leases; bottom unit is vacant; Separate water and electric meters for each unit
