Brick Triplex with Attached
For Sale
$360,000
2609 Campbell Bridge Road NW, Cleveland, TN 37312
Three residential units feature one-bedroom layouts, individual parking, and month-to-month tenancy.
Property Size1,925 SF
Lot Size0.50 Acres
Price / SF$187.01
Days on Market15
Property Features for 2609 Campbell Bridge Road NW
General Information
Standard status
Active
Size
1,925 SF
Lot size
0.50 Acres
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
3 x 1BR/1BA
Multifamily Units
3
Additional Details
Gross Income
$32,400
Building Details
Year Built
1988
Construction
brick
Listing Agency:
RE/MAX Experience
(423) 503-5465
Listed By:
Kristi Mayeux · License #357241
Source:
Weathersbeerealty
Added: Aug 15
Changed: Aug 28
Last Checked: Aug 29 at 12:26PM
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 RE/MAX Experience
Investment Insights
Based on property information with market context.
This 1,925-square-foot triplex was built in 1988 and sits on a flat half-acre lot. The all-brick property contains three units, each with one bedroom, one full bathroom, an eat-in kitchen, and a living room. One end unit includes an attached one-car garage with extended depth. Updates completed three years ago included a roof, gutters, LVP flooring, fresh paint, and other interior cosmetic work.
The property is located at 2609 Campbell Bridge Rd NW in Cleveland, Tennessee. All units are occupied by long-term tenants on month-to-month leases, providing an existing rental arrangement with flexibility for future ownership plans. The property also includes parking for the units and has a reported cap rate exceeding 7 percent.
The property is located at 2609 Campbell Bridge Rd NW in Cleveland, Tennessee. All units are occupied by long-term tenants on month-to-month leases, providing an existing rental arrangement with flexibility for future ownership plans. The property also includes parking for the units and has a reported cap rate exceeding 7 percent.
Key Highlights
- 1,925 SF triplex on a half‑acre lot
- Three one‑bedroom, one‑bathroom units with eat‑in kitchens and living rooms
- All‑brick construction with parking for each unit
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
$16,452
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
4.57%
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%
$329,040
$329.0K
Cap Rate 7%
$235,029
$235.0K
Cap Rate 9%
$182,800
$182.8K
Market Conditions
NOI Build-Up for 1,925 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
$24.9K $12.96/SF
− Vacancy
−$1.4K −$0.75/SF
EGI
$23.5K $12.21/SF
− OpEx
−$7.1K −$3.66/SF
NOI
$16.5K $8.55/SF
Area
Bradley County, TN
Vacancy
5.79%
Lease Rate
$12.96 /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%
$329,040
Cap Rate 7%
$235,029
Cap Rate 9%
$182,800
Alternative Uses
Best Use
Multifamily LT 5
$235.0K
$205.7K – $274.2K
NOI $16,452 @ 7.0% cap · market cap 4.57%
Second Best
Apartment 5plus
$204.5K
$179.0K – $238.6K
NOI $14,316 @ 7.0% cap · market cap 3.98%
Theoretical Best
Office A
$403.9K
$353.4K – $471.2K
NOI $28,274 @ 7.0% cap · market cap 7.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
75
Businesses Nearby
Explore this area
Business Placement
Demographics for 37312, TN
36,291
Population
15,023
Households
2.4
Avg Household Size
42
Median Age
36%
College-Educated
93%
High-School Grad
64.4 sq mi
ZIP Area
564
Density / Sq Mi
$75,369
Median Household Income
$41,148
Median Earnings
$1,080
Median Rent
$270,500
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?
Triplex - Three residential units feature one-bedroom layouts, individual parking, and month-to-month tenancy.
Where is this triplex located?
The property is located at 2609 Campbell Bridge Road NW Cleveland, TN.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: 1,925 SF triplex on a half‑acre lot; Three one‑bedroom, one‑bathroom units with eat‑in kitchens and living rooms; All‑brick construction with parking for each unit
