4-Unit Brick Apartment
For Sale
$595,000
Pending
2828 NE Colt Drive, Knoxville, TN 37918
Multi-Family, Knoxville, TN
Property Size4,727 SF
Lot Size0.38 Acres
Days on Market139
Property Features for 2828 NE Colt Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
9
Full bathrooms
5
Rooms
Bathroom 3, Bedroom 4, Bathroom 4, Bedroom 6, Bathroom 1, Bedroom 7, Bedroom 2, Bedroom 1, Bedroom 9, Bathroom 2, Bedroom 5, Dining Room, Bedroom 3, Bedroom 8, Bathroom 5
Parking features
Off Street
Window features
Aluminum Frames
Patio and Porch features
Patio
Appliances
Dishwasher, Disposal, Range, Refrigerator
Subdivision
Rifle Range Estates Sub Unit 1
Elementary school
Adrian Burnett
Middle school
Halls
High school
Halls
Directions
From I-75 N, take the exit onto Merchants Dr. Turn right onto Merchants Dr. Turn right onto Dry Gap Pike. Take a slight right onto Rifle Range Dr. Turn left onto Luger Rd. Turn left onto Colt Dr NE. Property on left.
Standard status
Pending
APN
048KC004
Size
4,727 SF
Lot size
0.38 Acres
Taxes and HOA fees
Tax Annual Amount
2149
Utilities
Heating system
Heat Pump (Heating), Electric (Heating), Central
Cooling system
Central Air, Ceiling Fan(s)
Amenities
washer/dryer hookups
on-site parking
Building Details
Year built
1974
Number of units
4
Flooring type
Carpet, Vinyl
Building materials
Brick
Roof type
Shingle
Listing Agency:
Realty Executives Associates · Realty Executives International
(865) 693-3232
Listed By:
Brooke Miracle
(865) 696-8089
Added: Jun 4
Changed: Oct 16
Last Checked: Oct 20 at 5:06PM
MLS# 1343358
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.
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Investment Insights
Based on property information with market context.
This 4-unit apartment property in Knoxville includes three 2-bedroom, 1.5-bath residences and one 3-bedroom, 2.5-bath residence. Each unit has a dining room, washer and dryer hookups, its own HVAC system, and kitchen appliances including a range, refrigerator, dishwasher, and disposal. The 4727-square-foot building was built in 1974 and features brick construction, vinyl and carpet flooring, central air, and a shingle roof replaced 1 year ago.
All four units are occupied under month-to-month agreements, with residents responsible for their own utilities while the owner maintains the grounds. The property sits on a 0.38-acre parcel at the end of a street and provides off-street parking and patios. A basement area contains three large storage rooms. North Broadway, restaurants, grocery stores, parks, schools, and other daily conveniences are nearby, with downtown Knoxville approximately 12 minutes away.
All four units are occupied under month-to-month agreements, with residents responsible for their own utilities while the owner maintains the grounds. The property sits on a 0.38-acre parcel at the end of a street and provides off-street parking and patios. A basement area contains three large storage rooms. North Broadway, restaurants, grocery stores, parks, schools, and other daily conveniences are nearby, with downtown Knoxville approximately 12 minutes away.
Key Highlights
- Four occupied units with month‑to‑month agreements
- Three 2‑bedroom, 1.5‑bath units plus one 3‑bedroom, 2.5‑bath unit
- 4727 square feet on a 0.38‑acre parcel
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$46,100
Cap Rate
7.75%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$922,000
$922.0K
Cap Rate 7%
$658,571
$658.6K
Cap Rate 9%
$512,222
$512.2K
Market Conditions
NOI Build-Up for 4,727 SF
Gross rent
$70.9K $15.00/SF
− Vacancy
−$5.0K −$1.07/SF
EGI
$65.9K $13.93/SF
− OpEx
−$19.8K −$4.18/SF
NOI
$46.1K $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 Rate 5%
$922,000
Cap Rate 7%
$658,571
Cap Rate 9%
$512,222
Alternative Uses
Best Use
Multifamily LT 5
$658.6K
$576.3K – $768.3K
NOI $46,100 @ 7.0% cap · market cap 7.75%
Second Best
Apartment 5plus
$606.0K
$530.3K – $707.0K
NOI $42,422 @ 7.0% cap · market cap 7.13%
Theoretical Best
Office A
$1.17M
$1.02M – $1.37M
NOI $81,955 @ 7.0% cap · market cap 13.77%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
92
Businesses Nearby
Explore this area
Business Placement
Demographics for 37918, TN
46,245
Population
20,228
Households
2.3
Avg Household Size
40
Median Age
31%
College-Educated
93%
High-School Grad
34.6 sq mi
ZIP Area
1,337
Density / Sq Mi
$69,311
Median Household Income
$41,882
Median Earnings
$1,102
Median Rent
$237,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - Fully leased property with individual HVAC systems, utility-paid tenants, and on-site parking.
Where is this quadplex located?
The property is located at 2828 NE Colt Drive Knoxville, TN.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Four occupied units with month‑to‑month agreements; Three 2‑bedroom, 1.5‑bath units plus one 3‑bedroom, 2.5‑bath unit; 4727 square feet on a 0.38‑acre parcel
