Five-Unit Townhouse Apartment
For Sale
$999,900
2861 Michigan Ave Road NE, Cleveland, TN 37323
MULTI_FAMILY - Cleveland, TN
Property Size4,948 SF
Price / SF$202.08
Days on Market121
Property Features for 2861 Michigan Ave Road NE
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bathroom 1, Bathroom 3, Bathroom 2
Patio and Porch features
Deck
Interior features
Open Floorplan
Basement
Crawl Space
Appliances
Dishwasher, Electric Range, Refrigerator
Lot features
Cleared, Cleared
Elementary school
Mayfield
Middle school
Cleveland
High school
Cleveland
Directions
From I-75 take Paul huff parkway all the way to Stuart Rd and continue all the way to Michigan Avenue. Take a right onto Michigan Avenue and the property is on the right.
Standard status
Active
APN
050l B 017.00
Size
4,948 SF
Taxes and HOA fees
Tax Annual Amount
1327
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1997
Floors in Building
2
Number of units
5
Flooring type
Laminate
Building materials
Brick Veneer, Vinyl Siding
Roof type
Shingle
Listing Agency:
RE/MAX Experience
(423) 790-3086
Listed By:
Sommer Oder · License #329188
(423) 790-6592
Added: Apr 7
Changed: Aug 3
Last Checked: Aug 5 at 12:06AM
MLS# 20261783
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.
Five-unit townhouse apartment building featuring open floorplan interiors. The property is fully tenant occupied, with each unit configured as a two-bedroom, 1.5-bath townhouse. Central heating and central air provide year-round comfort, and units include in-unit appliances such as dishwasher, electric range, and refrigerator.
Built in 1997, the exterior is constructed with brick veneer and vinyl siding, and the building roof is shingle. The property includes decks and is served by public water and public sewer.
Located at 2861 Michigan Ave Road NE, Cleveland, TN 37323 in Bradley County, this income-producing configuration offers a straightforward, tenant-occupied setup. Interior updates include laminate flooring.
Built in 1997, the exterior is constructed with brick veneer and vinyl siding, and the building roof is shingle. The property includes decks and is served by public water and public sewer.
Located at 2861 Michigan Ave Road NE, Cleveland, TN 37323 in Bradley County, this income-producing configuration offers a straightforward, tenant-occupied setup. Interior updates include laminate flooring.
Key Highlights
- Fully tenant‑occupied five‑unit townhouse apartment building
- Each unit offers two bedrooms and 1.5 bathrooms
- Central heating and central air
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $71.3k | $14.40 |
| − Vacancy | −$4.3k | −$0.88 |
| EGI | $66.9k | $13.52 |
| − OpEx | −$30.1k | −$6.08 |
| NOI | $36.8k | $7.44 |
4,948 SF · lease $14.40/SF/yr · vacancy 6.10% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$525.7K
$460.0K – $613.3K
NOI $36,798 @ 7.0% cap · market cap 3.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.04M
$908.5K – $1.21M
NOI $72,676 @ 7.0% cap · market cap 7.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
123
Businesses Nearby
Explore this area
Business Placement
Demographics for 37323, TN
31,497
Population
12,841
Households
2.5
Avg Household Size
41
Median Age
18%
College-Educated
88%
High-School Grad
114.6 sq mi
ZIP Area
275
Density / Sq Mi
$67,538
Median Household Income
$41,922
Median Earnings
$908
Median Rent
$213,900
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?
Apartment building - Fully tenant-occupied five-unit townhouse building with central heating and cooling, public water and sewer, and decks.
Where is this apartment building located?
The property is located at 2861 Michigan Ave Road NE Cleveland, TN.
What is the asking price?
The asking price for this property is $999,900.
What are key features of this property?
This property features: Fully tenant‑occupied five‑unit townhouse apartment building; Each unit offers two bedrooms and 1.5 bathrooms; Central heating and central air
