Updated Two-Unit
For Sale
$429,000
243 Edwina Court, Chattanooga, TN 37412
Two distinct units offer open-plan interiors and recent updates throughout.
Property Size2,640 SF
Days on Market14
Property Features for 243 Edwina Court
General Information
Standard status
Active
Size
2,640 SF
Property subtype
Duplex
Units
Unit Mix
2 x 2BR/1.5BA
Multifamily Units
2
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$2,001
Building Details
Building Size
2,640 SF
Year Built
1974
Listing Agency:
United Real Estate Experts
(423) 785-7359
Listed By:
Jeremy Parvin · License #367106
(423) 785-7359
Source:
Gracefrankgroup
Added: Jul 29
Changed: Aug 5
Last Checked: Aug 10 at 10:04AM
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 United Real Estate Experts
Investment Insights
Based on property information with market context.
Built in 1974, this duplex at 243 Edwina Court contains two separately configured residences, each with two bedrooms, one full bathroom, one half bathroom, and an open interior layout. The 245 side has undergone a full renovation with LVP flooring, a refreshed kitchen featuring stainless steel appliances and quartz countertops, plus upgraded bathrooms. The 243 side includes updated flooring, lighting, and stainless-steel appliances. One unit is owner occupied, while the other is leased on a month-to-month basis.
Exterior improvements completed in 2025 include a new roof, gutters, and paint. The property sits at the end of a cul-de-sac in Chattanooga’s Camp Jordan area. Showings of the owner-occupied unit are available by appointment.
Exterior improvements completed in 2025 include a new roof, gutters, and paint. The property sits at the end of a cul-de-sac in Chattanooga’s Camp Jordan area. Showings of the owner-occupied unit are available by appointment.
Key Highlights
- Duplex with two 2‑bedroom, 1.5‑bath units
- 245 side fully remodeled with LVP flooring, quartz counters, stainless‑steel appliances, and updated bathrooms
- 243 side features refreshed flooring, lighting, and stainless‑steel appliances
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
$25,918
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
6.04%
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%
$518,360
$518.4K
Cap Rate 7%
$370,257
$370.3K
Cap Rate 9%
$287,978
$288.0K
Market Conditions
NOI Build-Up for 2,640 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
$39.6K $15.00/SF
− Vacancy
−$2.6K −$0.98/SF
EGI
$37.0K $14.03/SF
− OpEx
−$11.1K −$4.21/SF
NOI
$25.9K $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%
$518,360
Cap Rate 7%
$370,257
Cap Rate 9%
$287,978
Alternative Uses
Best Use
Multifamily LT 5
$370.3K
$324.0K – $432.0K
NOI $25,918 @ 7.0% cap · market cap 6.04%
Second Best
Apartment 5plus
$332.3K
$290.7K – $387.6K
NOI $23,258 @ 7.0% cap · market cap 5.42%
Theoretical Best
Office A
$583.1K
$510.2K – $680.2K
NOI $40,814 @ 7.0% cap · market cap 9.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
55
Businesses Nearby
Explore this area
Business Placement
Demographics for 37412, TN
21,881
Population
10,305
Households
2.1
Avg Household Size
39
Median Age
23%
College-Educated
86%
High-School Grad
8.7 sq mi
ZIP Area
2,515
Density / Sq Mi
$56,600
Median Household Income
$37,858
Median Earnings
$1,120
Median Rent
$182,600
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?
Duplex - Two distinct units offer open-plan interiors and recent updates throughout.
Where is this duplex located?
The property is located at 243 Edwina Court Chattanooga, TN.
What is the asking price?
The asking price for this property is $429,000.
What are key features of this property?
This property features: Duplex with two 2‑bedroom, 1.5‑bath units; 245 side fully remodeled with LVP flooring, quartz counters, stainless‑steel appliances, and updated bathrooms; 243 side features refreshed flooring, lighting, and stainless‑steel appliances
