Updated Two-Unit
For Sale
$429,000
243 Edwina Court, Chattanooga, TN 37412
Residential Income, Chattanooga, TN
Property Size2,640 SF
Lot Size0.36 Acres
Price / SF$162.50
Days on Market53
Property Features for 243 Edwina Court
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bathroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 4, Bathroom 3, Bathroom 2
Parking features
Off Street
Spa
1
Exterior features
Rain Gutters
Basement
Crawl Space
Appliances
Free-Standing Refrigerator, Free-Standing Electric Range, Dishwasher
Subdivision
Edwina Ests
Lot features
Back Yard, Cul-De-Sac, Level
Elementary school
Spring Creek Elementary
Middle school
East Ridge Middle
High school
East Ridge High
Directions
From I-75 South, take Exit 1, left onto Ringgold Road, left onto Frawley Road, left onto Beulah Drive, left onto Edwina Court.
Standard status
Active
APN
170b C 010.04
Size
2,640 SF
Lot size
0.36 Acres
Taxes and HOA fees
Tax Description
LT 4 EDWINA ESTATES PB 26 PG 43
Tax Annual Amount
2001
Legal Description
LT 4 EDWINA ESTATES PB 26 PG 43
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air, Electric
Water source
Public
Building Details
Year built
1974
Floors in Building
2
Number of units
2
Flooring type
Vinyl
Building materials
Brick
Roof type
Shingle
Additional Structures
Storage
Listing Agency:
United Real Estate Experts
(423) 771-7611
Listed By:
Jeremy Parvin · License #367106
(423) 785-7359
Added: Jul 29
Changed: Sep 15
Last Checked: Sep 19 at 5:06AM
MLS# 1539670
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 1974 duplex contains two residences, each configured with two bedrooms and one-and-one-half bathrooms across a combined 2,640 square feet. Both sides feature open layouts, vinyl flooring, central electric heating and cooling, and kitchens equipped with stainless-steel appliances. One unit includes quartz countertops, refreshed bathrooms, and LVP flooring, while the other has updated flooring, lighting, and appliances. The owner-occupied residence is available for showings by appointment.
Set on 0.36 acres at the end of a cul-de-sac, the property has a brick exterior, shingle roof, rain gutters, and off-street parking. Exterior improvements completed in 2025 included a new roof, gutters, and paint. Public water and public sewer serve the property.
Set on 0.36 acres at the end of a cul-de-sac, the property has a brick exterior, shingle roof, rain gutters, and off-street parking. Exterior improvements completed in 2025 included a new roof, gutters, and paint. Public water and public sewer serve the property.
Key Highlights
- Two‑unit duplex with 2,640 square feet on 0.36 acres
- Each residence includes 2 bedrooms and 1.5 bathrooms
- Exterior updates in 2025 included a new roof, gutters, and paint
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
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Two matching residences offer open-plan interiors, private occupancy arrangements, and off-street parking.
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: Two‑unit duplex with 2,640 square feet on 0.36 acres; Each residence includes 2 bedrooms and 1.5 bathrooms; Exterior updates in 2025 included a new roof, gutters, and paint
