Remodeled Fourplex With 2-Bed
For Sale
Contact for pricing
209 Cemetary Lane, Jonesborough, TN 37659
Remodeled fourplex featuring four 2-bedroom, 1.5-bath residences with granite countertops and single-level living.
Property Size3,475 SF
Price / SF$165.47
Days on Market57
Property Features for 209 Cemetary Lane
General Information
Standard status
Active
Size
3,475 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
4
Building Details
Year Built
1998
Buildings
1
Listing Agency:
The Brokers Realty and Auction
(423) 631-0355
Listed By:
Johnathan Forester · License #TN 317675
Source:
Crexi
Added: Jun 17
Changed: Aug 7
Last Checked: Aug 11 at 12:52PM
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 The Brokers Realty and Auction
Investment Insights
Based on property information with market context.
This remodeled fourplex provides a straightforward income-property layout with four separate units. Each unit is configured as a two-bedroom, one-and-a-half-bath home, and each offers generous single-level living. Interior finishes include granite countertops, giving the residences a refreshed, updated feel.
Located in Jonesborough, Tennessee, the property is described as being in the heart of town and within walking distance to downtown. Addressed at 209 Cemetary Lane, the building benefits from an established, local setting convenient to everyday destinations.
For buyers seeking a small multifamily asset, this fourplex offers a manageable scale and a consistent unit mix across all residences. The combination of remodeled condition, granite countertop features, and single-level layouts may appeal to tenants who prefer uncomplicated, easy-to-navigate living spaces. Please contact the listing agent for showing instructions, and note that a minimum 48-hour notice is required for showings.
Located in Jonesborough, Tennessee, the property is described as being in the heart of town and within walking distance to downtown. Addressed at 209 Cemetary Lane, the building benefits from an established, local setting convenient to everyday destinations.
For buyers seeking a small multifamily asset, this fourplex offers a manageable scale and a consistent unit mix across all residences. The combination of remodeled condition, granite countertop features, and single-level layouts may appeal to tenants who prefer uncomplicated, easy-to-navigate living spaces. Please contact the listing agent for showing instructions, and note that a minimum 48-hour notice is required for showings.
Key Highlights
- Remodeled 4‑plex built in 1998
- Four 2‑bedroom, 1.5‑bath units
- Each unit features granite countertops
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
$22,095
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
3.84%
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%
$441,900
$441.9K
Cap Rate 7%
$315,643
$315.6K
Cap Rate 9%
$245,500
$245.5K
Market Conditions
NOI Build-Up for 3,475 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
$33.8K $9.72/SF
− Vacancy
−$2.2K −$0.64/SF
EGI
$31.6K $9.08/SF
− OpEx
−$9.5K −$2.73/SF
NOI
$22.1K $6.36/SF
Area
Washington County, TN
Vacancy
6.55%
Lease Rate
$9.72 /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%
$441,900
Cap Rate 7%
$315,643
Cap Rate 9%
$245,500
Alternative Uses
Best Use
Multifamily LT 5
$315.6K
$276.2K – $368.3K
NOI $22,095 @ 7.0% cap · market cap 3.84%
Second Best
Apartment 5plus
$280.6K
$245.6K – $327.4K
NOI $19,644 @ 7.0% cap · market cap 3.42%
Theoretical Best
Office A
$1.47M
$1.28M – $1.71M
NOI $102,582 @ 7.0% cap · market cap 17.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
604
Businesses Nearby
Explore this area
Business Placement
Demographics for 37659, TN
29,313
Population
12,798
Households
2.3
Avg Household Size
45
Median Age
29%
College-Educated
92%
High-School Grad
126.9 sq mi
ZIP Area
231
Density / Sq Mi
$69,765
Median Household Income
$40,962
Median Earnings
$1,034
Median Rent
$241,700
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 - Remodeled fourplex featuring four 2-bedroom, 1.5-bath residences with granite countertops and single-level living.
Where is this quadplex located?
The property is located at 209 Cemetary Lane Jonesborough, TN.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Remodeled 4‑plex built in 1998; Four 2‑bedroom, 1.5‑bath units; Each unit features granite countertops
