4-Plex Multifamily Building with Private
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 Market92
Property Features for 2828 NE Colt Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
9
Full bathrooms
5
Rooms
Bedroom 4, Bathroom 4, Bedroom 2, Bedroom 8, Bedroom 7, Bedroom 9, Bedroom 1, Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 5, Dining Room, Bedroom 3, Bedroom 5, Bedroom 6
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
Electric (Heating), Central, Heat Pump (Heating)
Cooling system
Central Air, Ceiling Fan(s)
Amenities
washer/dryer hookups
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 · License #364237
(865) 696-8089
Added: Jun 4
Changed: Aug 1
Last Checked: Sep 3 at 8:06PM
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.
Investment Insights
Based on property information with market context.
This fully occupied 4-plex features four leased units on month-to-month agreements. The layout includes three two-bedroom, one-and-a-half-bath units and one larger three-bedroom, two-and-a-half-bath unit. Each unit has washer and dryer hookups, and tenants pay their own utilities while the owner maintains the grounds. Each unit also has its own HVAC system in working condition, with central heating and cooling supported by heat pump and central air systems.
The building is a brick structure built in 1974 and offers off-street parking and a patio. The property also includes a basement area with three large storage rooms suitable for maintenance equipment, supplies, and building materials. The basement storage may also present an opportunity for additional income-producing units, subject to buyer verification and approval.
Additional property notes include an asphalt shingle roof reported as one year old. Situated on a quiet dead-end street just off North Broadway, the property is minutes from restaurants, grocery stores, parks, ball fields, schools, and other everyday conveniences. Downtown Knoxville is described as 12 minutes away.
The building is a brick structure built in 1974 and offers off-street parking and a patio. The property also includes a basement area with three large storage rooms suitable for maintenance equipment, supplies, and building materials. The basement storage may also present an opportunity for additional income-producing units, subject to buyer verification and approval.
Additional property notes include an asphalt shingle roof reported as one year old. Situated on a quiet dead-end street just off North Broadway, the property is minutes from restaurants, grocery stores, parks, ball fields, schools, and other everyday conveniences. Downtown Knoxville is described as 12 minutes away.
Key Highlights
- Fully occupied 4‑plex with four units on month‑to‑month agreements
- Three 2‑bedroom, 1.5‑bath units plus one 3‑bedroom, 2.5‑bath unit
- Washer and dryer hookups in every 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
$46,100
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
7.75%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully occupied 4-plex with month-to-month leases and washer/dryer hookups, plus each unit with its own HVAC system.
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: Fully occupied 4‑plex with four units on month‑to‑month agreements; Three 2‑bedroom, 1.5‑bath units plus one 3‑bedroom, 2.5‑bath unit; Washer and dryer hookups in every unit
