Triplex Ranch with Attached
For Sale
$360,000
2609 Campbell Bridge Road NW, Cleveland, TN 37312
MULTI_FAMILY - Ranch - Cleveland, TN
Property Size1,925 SF
Lot Size0.50 Acres
Price / SF$187.01
Days on Market58
Property Features for 2609 Campbell Bridge Road NW
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 1, Bathroom 3
Interior features
Primary Downstairs, Laminate Counters, High Speed Internet, Granite Counters, Eat-in Kitchen, Ceiling Fan(s)
Exterior features
Rain Gutters
Appliances
Electric Range, Electric Water Heater, Refrigerator
Subdivision
Villa Heights
Lot features
Level, Level
Elementary school
Candys Creek Cherokee
Middle school
Cleveland
High school
Cleveland
Directions
From 75 North, turn left onto Georgetown Rd NW. Turn left onto Villa Dr. Turn right onto Campbell Bridge Rd. Home will be on the left.
Standard status
Active
APN
033j B 00600 000
Size
1,925 SF
Lot size
0.50 Acres
Taxes and HOA fees
Tax Annual Amount
3060
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Cooling system
Varies by Unit, Window Unit(s), Ceiling Fan(s), Multi Units
Water source
Public
Building Details
Year built
1988
Floors in Building
1
Number of units
3
Flooring type
Vinyl
Building materials
Brick
Roof type
Shingle
Architectural style
Ranch
Listing Agency:
RE/MAX Experience
(423) 790-3086
Listed By:
Kristi Mayeux · License #357241
(423) 503-5465
Added: Jun 29
Changed: Aug 16
Last Checked: Aug 25 at 2:06PM
MLS# 20263398
Copyright © 2026 River Counties 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.
Ranch-style triplex with brick exterior on a flat half-acre lot in North Cleveland. The property totals 1,925 square feet and was built in 1988. Each unit has one bedroom and one full bathroom, along with an eat-in kitchen and living room. Interior features include high-speed internet, ceiling fans, and laminate/granite counters. Cooling varies by unit, and appliances include electric range, refrigerator, and an electric water heater.
The home has rain gutters and uses public water and public sewer services, with cable available. Roofing is shingle. An end unit includes an attached one-car garage that is extra long and deep. The property was updated three years ago with a new roof, gutters, LVP flooring, fresh paint, and other cosmetic interior updates.
Tenants are in place with 100% occupancy, and leases are currently month-to-month, which may offer flexibility for continued rental use or owner occupancy. The third unit setup supports an investor-friendly, low-maintenance rental structure.
The home has rain gutters and uses public water and public sewer services, with cable available. Roofing is shingle. An end unit includes an attached one-car garage that is extra long and deep. The property was updated three years ago with a new roof, gutters, LVP flooring, fresh paint, and other cosmetic interior updates.
Tenants are in place with 100% occupancy, and leases are currently month-to-month, which may offer flexibility for continued rental use or owner occupancy. The third unit setup supports an investor-friendly, low-maintenance rental structure.
Key Highlights
- Brick ranch triplex totaling 1,925 SF on a flat half‑acre lot
- 100% occupancy with long‑term tenants; leases currently month‑to‑month
- Built in 1988; shingle roof with rain gutters
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 - Brick triplex on a flat half-acre lot with one extra-long attached one-car garage on an end unit.
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: Brick ranch triplex totaling 1,925 SF on a flat half‑acre lot; 100% occupancy with long‑term tenants; leases currently month‑to‑month; Built in 1988; shingle roof with rain gutters
