Knoxville Duplex with Two
For Sale
$310,000
2635 Gaston Ave, Knoxville, TN 37917
MULTI_FAMILY - Knoxville, TN
Property Size1,528 SF
Price / SF$202.88
Days on Market136
Property Features for 2635 Gaston Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 3, Bedroom 2, Bathroom 1, Bedroom 1
Parking features
On Street, Off Street
Patio and Porch features
Porch
Appliances
Dishwasher, Range, Refrigerator
Subdivision
N Place Add
Elementary school
Belle Morris
Middle school
Whittle Springs
High school
Fulton
Directions
I-40E; Use the 2nd from the right lane to take exit 390 for Cherry St; Turn left onto N Cherry St; Turn left onto Citrus St; Citrus St turns slightly right and becomes Gaston Ave; property on the left. Sign on property.
Standard status
Active
APN
070OH015
Size
1,528 SF
Taxes and HOA fees
Tax Annual Amount
2200
Utilities
Heating system
Electric (Heating), Central, Baseboard
Cooling system
Window Unit(s), Central Air
Building Details
Year built
1940
Number of units
2
Flooring type
Tile, Hardwood, Laminate, Vinyl
Building materials
Vinyl Siding, Block
Roof type
Shingle, Metal
Listing Agency:
The Land & Legacy Group
(865) 235-8655
Listed By:
Blake Gonyea
(865) 963-8351
Added: Apr 10
Changed: Jul 10
Last Checked: Aug 23 at 2:06PM
MLS# 1336196
Copyright © 2026 East Tennessee 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 duplex offers two spacious residential units, each with its own entrance. Unit A has 2 bedrooms and 1 bathroom, with washer and dryer connections in the unit. Unit B also has 2 bedrooms and 1 bathroom and is fully furnished, with a living room, dining area, and a kitchen equipped for day-to-day use. One of the bedrooms in Unit B is currently used as an office.
The property has had several major updates, including a new roof installed in 2023, an updated kitchen in one unit, a new HVAC system in the same unit, and a new main sewer line.
The duplex is located at 2635 Gaston Ave, Knoxville, TN 37917, in Knox County.
The property has had several major updates, including a new roof installed in 2023, an updated kitchen in one unit, a new HVAC system in the same unit, and a new main sewer line.
The duplex is located at 2635 Gaston Ave, Knoxville, TN 37917, in Knox County.
Key Highlights
- Duplex built in 1940 with two separate units, each with its own entrance
- Unit A: 2 bedrooms, 1 bathroom, with washer and dryer connections in unit
- Unit B: 2 bedrooms (one used as an office), 1 bathroom and is fully furnished/ready for short‑term rental
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
$14,902
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
4.81%
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%
$298,040
$298.0K
Cap Rate 7%
$212,886
$212.9K
Cap Rate 9%
$165,578
$165.6K
Market Conditions
NOI Build-Up for 1,528 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
$22.9K $15.00/SF
− Vacancy
−$1.6K −$1.07/SF
EGI
$21.3K $13.93/SF
− OpEx
−$6.4K −$4.18/SF
NOI
$14.9K $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%
$298,040
Cap Rate 7%
$212,886
Cap Rate 9%
$165,578
Alternative Uses
Best Use
Multifamily LT 5
$212.9K
$186.3K – $248.4K
NOI $14,902 @ 7.0% cap · market cap 4.81%
Second Best
Apartment 5plus
$195.9K
$171.4K – $228.6K
NOI $13,713 @ 7.0% cap · market cap 4.42%
Theoretical Best
Office A
$378.5K
$331.2K – $441.5K
NOI $26,492 @ 7.0% cap · market cap 8.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
356
Businesses Nearby
Explore this area
Business Placement
Demographics for 37917, TN
25,013
Population
14,216
Households
1.8
Avg Household Size
39
Median Age
31%
College-Educated
87%
High-School Grad
9.5 sq mi
ZIP Area
2,633
Density / Sq Mi
$51,232
Median Household Income
$37,853
Median Earnings
$1,063
Median Rent
$189,100
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?
Duplex - Duplex in Knoxville featuring two separate units with independent entrances and recent property updates, including a 2023 roof.
Where is this duplex located?
The property is located at 2635 Gaston Ave Knoxville, TN.
What is the asking price?
The asking price for this property is $310,000.
What are key features of this property?
This property features: Duplex built in 1940 with two separate units, each with its own entrance; Unit A: 2 bedrooms, 1 bathroom, with washer and dryer connections in unit; Unit B: 2 bedrooms (one used as an office), 1 bathroom and is fully furnished/ready for short‑term rental
