Six-Unit Apartment
For Sale
$779,900
2818 Dayton St, Knoxville, TN 37921
Multi-Family, Knoxville, TN
Property Size3,550 SF
Price / SF$219.69
Days on Market227
Property Features for 2818 Dayton St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Full bathrooms
6
Rooms
Bathroom 4, Bedroom 6, Bathroom 2, Bedroom 4, Bathroom 6, Bathroom 3, Bathroom 5, Bedroom 5, Bedroom 3, Bedroom 1, Bedroom 2, Bathroom 1
Parking features
Off Street
Subdivision
W Lonsdale
Directions
From I-640 Western Ave exit: Turn right onto Dayton Street Street. 2818 Dayton Street will be on your left
Standard status
Active
APN
093DF019
Size
3,550 SF
Taxes and HOA fees
Tax Annual Amount
5510
Utilities
Heating system
Space Heater, Electric (Heating)
Cooling system
Window Unit(s)
Building Details
Year built
1969
Number of units
6
Flooring type
Vinyl, Laminate
Building materials
Brick, Block
Roof type
Shingle
Listing Agency:
Southland Brokers
(865) 694-6111
Listed By:
Raj Cheema
(865) 466-7240
Added: Feb 16
Changed: Sep 16
Last Checked: Oct 1 at 3:06PM
MLS# 1329548
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.
Located at 2818 Dayton St in Knoxville, this 3,550-square-foot apartment property contains six units, each configured with one bedroom and one bathroom. The building was constructed in 1969 and features brick and block construction, laminate and vinyl flooring, electric heating, window-unit cooling, and off-street parking. A shingle roof was installed in 2021, and the main water line was replaced in 2024.
All six apartments are currently leased. The property is positioned just off Western Ave with access to Downtown Knoxville and I-640, as well as nearby restaurants, shopping, and employers. Its six-unit layout and fully occupied status provide a straightforward multifamily configuration for continued rental operations.
All six apartments are currently leased. The property is positioned just off Western Ave with access to Downtown Knoxville and I-640, as well as nearby restaurants, shopping, and employers. Its six-unit layout and fully occupied status provide a straightforward multifamily configuration for continued rental operations.
Key Highlights
- Six‑unit apartment property at 2818 Dayton St, Knoxville, TN 37921
- 3,550 square feet with six 1‑bedroom, 1‑bathroom units
- All six units are currently leased
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
$31,859
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
4.09%
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%
$637,180
$637.2K
Cap Rate 7%
$455,129
$455.1K
Cap Rate 9%
$353,989
$354.0K
Market Conditions
NOI Build-Up for 3,550 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
$62.6K $17.64/SF
− Vacancy
−$4.7K −$1.32/SF
EGI
$57.9K $16.32/SF
− OpEx
−$26.1K −$7.34/SF
NOI
$31.9K $8.97/SF
Area
Knoxville, TN
Vacancy
7.50%
Lease Rate
$17.64 /SF/Yr
Expense Ratio
45.00%
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%
$637,180
Cap Rate 7%
$455,129
Cap Rate 9%
$353,989
Alternative Uses
Best Use
Apartment 5plus
$455.1K
$398.2K – $531.0K
NOI $31,859 @ 7.0% cap · market cap 4.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$879.3K
$769.4K – $1.03M
NOI $61,548 @ 7.0% cap · market cap 7.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
321
Businesses Nearby
Explore this area
Business Placement
Demographics for 37921, TN
28,903
Population
12,969
Households
2.2
Avg Household Size
35
Median Age
27%
College-Educated
87%
High-School Grad
15.9 sq mi
ZIP Area
1,818
Density / Sq Mi
$57,813
Median Household Income
$37,518
Median Earnings
$1,147
Median Rent
$204,300
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?
Apartment building - Fully leased multifamily property with recent roof and main water line improvements.
Where is this apartment building located?
The property is located at 2818 Dayton St Knoxville, TN.
What is the asking price?
The asking price for this property is $779,900.
What are key features of this property?
This property features: Six‑unit apartment property at 2818 Dayton St, Knoxville, TN 37921; 3,550 square feet with six 1‑bedroom, 1‑bathroom units; All six units are currently leased
