Two-Unit Residential
212 Gillespie Road, Chattanooga, TN 37411
For Sale
$250,000
Residential Income, Chattanooga, TN
Property Size1,664 SF
Lot Size0.14 Acres
Price / SF$150.24
Days on Market267
Property Features for 212 Gillespie Road
General Information
Property type
Property subtype
Bedrooms
Bathrooms
Full bathrooms
Rooms
Parking features
Appliances
Subdivision
Elementary school
Middle school
High school
Directions
Standard status
APN
Size
Lot size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Description
Tax Annual Amount
Legal Description
Utilities
Sewer type
Heating system
Cooling system
Water source
Building Details
Year built
Number of units
Roof type
Listing Agency:
Chattanooga Real Estate Co
(423) 894-3050
Listed By:
Gerald Mitchell · License TN #250910
(423) 320-6809
Added: Feb 16
Changed: Oct 23
Last Checked: Nov 9 at 10:06PM
MLS# 1528684
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.
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Investment Insights
Based on property information with market context.
This 1,664-square-foot duplex, built in 1979, contains two residences, each with two bedrooms and one-and-a-half bathrooms. One side has been remodeled and is occupied by a tenant; the other has a tenant with at least 20 years of tenure. The exterior was recently repainted, and the shingle roof is approximately five years old. The property occupies 0.14 acres and has off-street parking, central air conditioning, and heat pump heating.
The property is on a transit line, near downtown and shopping malls. Public water and sewer serve the site.
The property is on a transit line, near downtown and shopping malls. Public water and sewer serve the site.
Key Highlights
- Two residences, each with 2 bedrooms and 1.5 bathrooms
- 1,664 square feet on 0.14 acres
- One unit is remodeled and tenant occupied; the other tenant has lived there at least 20 years
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,336
Cap Rate
6.53%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$326,720
$326.7K
Cap Rate 7%
$233,371
$233.4K
Cap Rate 9%
$181,511
$181.5K
Market Conditions
NOI Build-Up for 1,664 SF
Gross rent
$25.0K $15.00/SF
− Vacancy
−$1.6K −$0.98/SF
EGI
$23.3K $14.03/SF
− OpEx
−$7.0K −$4.21/SF
NOI
$16.3K $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 Rate 5%
$326,720
Cap Rate 7%
$233,371
Cap Rate 9%
$181,511
Alternative Uses
Best Use
Multifamily LT 5
$233.4K
$204.2K – $272.3K
NOI $16,336 @ 7.0% cap · market cap 6.53%
Second Best
Apartment 5plus
$209.4K
$183.2K – $244.3K
NOI $14,659 @ 7.0% cap · market cap 5.86%
Theoretical Best
Office A
$367.5K
$321.6K – $428.8K
NOI $25,725 @ 7.0% cap · market cap 10.29%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
452
Businesses Nearby
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Business Placement
Demographics for 37411, TN
17,499
Population
8,807
Households
2
Avg Household Size
40
Median Age
29%
College-Educated
90%
High-School Grad
7.3 sq mi
ZIP Area
2,397
Density / Sq Mi
$50,180
Median Household Income
$34,045
Median Earnings
$1,031
Median Rent
$216,800
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Chattanooga, TN
Properties on Market for Duplexes in Chattanooga
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Each residence has two bedrooms and one-and-a-half bathrooms, with one unit remodeled and tenant occupied.
Where is this duplex located?
The property is located at 212 Gillespie Road Chattanooga, TN.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Two residences, each with 2 bedrooms and 1.5 bathrooms; 1,664 square feet on 0.14 acres; One unit is remodeled and tenant occupied; the other tenant has lived there at least 20 years
