For Sale
$315,000
2512 Legion Drive, Knoxville, TN 37920
Duplexes
Property Size936 SF
Price / SF$336.54
Days on Market279
Property Features for 2512 Legion Drive
General Information
Standard status
Active
Size
936 SF
Property subtype
Multi-Family
Net Operating Income
$23,389
Taxes and HOA fees
Annual Taxes
$676
Amenities
Wall Cooling, Zoned
Yes
Laminate, Vinyl, Tile
True
Zoned, Other, Electric
Dryer, Range, Refrigerator, Washer
Shed
Frame, Other
Building Details
Year Built
1982
Listing Agency:
Goldman Partners Realty, LLC
Listed By:
Investment Specialist, Solange Velas
Source:
Compass
Added: Nov 25, 2025
Changed: Aug 29
Last Checked: Mar 25 at 3:06PM
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 Goldman Partners Realty, LLC
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
$9,128
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
2.90%
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%
$182,560
$182.6K
Cap Rate 7%
$130,400
$130.4K
Cap Rate 9%
$101,422
$101.4K
Market Conditions
NOI Build-Up for 936 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
$14.0K $15.00/SF
− Vacancy
−$1,000 −$1.07/SF
EGI
$13.0K $13.93/SF
− OpEx
−$3.9K −$4.18/SF
NOI
$9.1K $9.75/SF
Area
Knoxville, TN
Vacancy
7.12%
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%
$182,560
Cap Rate 7%
$130,400
Cap Rate 9%
$101,422
Alternative Uses
Best Use
Multifamily LT 5
$130.4K
$114.1K – $152.1K
NOI $9,128 @ 7.0% cap · market cap 2.90%
Second Best
Apartment 5plus
$120.0K
$105.0K – $140.0K
NOI $8,400 @ 7.0% cap · market cap 2.67%
Theoretical Best
Office A
$231.8K
$202.9K – $270.5K
NOI $16,228 @ 7.0% cap · market cap 5.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
57
Businesses Nearby
Explore this area
Business Placement
Demographics for 37920, TN
41,210
Population
20,180
Households
2
Avg Household Size
37
Median Age
34%
College-Educated
91%
High-School Grad
72.3 sq mi
ZIP Area
570
Density / Sq Mi
$61,348
Median Household Income
$35,591
Median Earnings
$1,092
Median Rent
$231,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
Where is this duplex located?
The property is located at 2512 Legion Drive Knoxville, TN.
What is the asking price?
The asking price for this property is $315,000.
