Two-Bedroom Duplex with Vacant
For Sale
$250,000
212 Gillespie Road, Chattanooga, TN 37411
MULTI_FAMILY - Chattanooga, TN
Property Size1,664 SF
Lot Size0.14 Acres
Price / SF$150.24
Days on Market176
Property Features for 212 Gillespie Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
5
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 3, Bathroom 5, Bathroom 3, Bedroom 1, Bedroom 4, Bathroom 2, Bedroom 2, Bathroom 1
Parking features
Off Street
Appliances
Refrigerator, Electric Range
Subdivision
Brantlys
Elementary school
Barger Academy of Fine Arts
Middle school
Dalewood Middle
High school
Brainerd High
Directions
From Brainerd Rd to Germantown Rd going north second street to the right is Gillespie Rd home is on the right.
Standard status
Active
APN
157a E 002
Size
1,664 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Description
Lt 2 Pt 21 Brantlys Sub Pb 4 Pg 1
Tax Annual Amount
2262
Legal Description
Lt 2 Pt 21 Brantlys Sub Pb 4 Pg 1
Utilities
Sewer type
Public Sewer
Heating system
Central, Heat Pump (Heating)
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1979
Number of units
2
Roof type
Shingle
Listing Agency:
Chattanooga Real Estate Co
(423) 894-3050
Listed By:
Gerald Mitchell · License #250910
(423) 320-6809
Added: Feb 16
Changed: Aug 1
Last Checked: Aug 11 at 12:06PM
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.
Investment Insights
Based on property information with market context.
This two-bedroom duplex offers a built-in leasing scenario with side A vacant and remodeled for a new tenant, while side B is currently occupied. Each side includes two bedrooms and a bath and a half, providing consistent unit layouts. The home was built in 1979, and the roof is approximately 5 years old.
The property is located on a transit line close to downtown and shopping malls, supporting tenant demand. Utilities are provided via public water and public sewer, and the home is heated with central heat pump and cooled with electric central air. Off-street parking is available, and each unit includes a refrigerator and electric range.
For showings, a 4-hour notice is requested to view side A.
The property is located on a transit line close to downtown and shopping malls, supporting tenant demand. Utilities are provided via public water and public sewer, and the home is heated with central heat pump and cooled with electric central air. Off-street parking is available, and each unit includes a refrigerator and electric range.
For showings, a 4-hour notice is requested to view side A.
Key Highlights
- Side A is vacant and remodeled; side B is occupied
- Each side offers two bedrooms and a bath and a half
- Roof is approximately 5 years old
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
$16,336
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
6.53%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
266
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - One side is vacant and remodeled for a new tenant, while the other side is occupied in this two-bedroom duplex.
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: Side A is vacant and remodeled; side B is occupied; Each side offers two bedrooms and a bath and a half; Roof is approximately 5 years old
