Turnkey 5-Unit Townhouse
2861 Michigan Ave Road NE Cleveland, TN 37323
2861 Michigan Ave Road NE, Cleveland, TN, 37323
$999,900
For Sale
$999,900
MULTI_FAMILY - Cleveland, TN
Property Size4,948 SF
Price / SF$202.08
Days on Market103
Property Features for 2861 Michigan Ave Road NE
General Information
- Property type
- Residential Multi Family
- Property subtype
- Quadruplex
- Bathrooms
- 3
- Rooms
- Bathroom 1, Bathroom 2, Bathroom 3
- Patio and Porch features
- Deck
- Interior features
- Open Floorplan
- Basement
- Crawl Space
- Appliances
- Dishwasher, Electric Range, Refrigerator
- 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
4035 Keith St NW STE A, Cleveland, TN
Listed by
Sommer Oder · License #329188
(423) 790-6592
Added: Apr 7 Checked: Jul 18 at 8:06 pm
MLS# 20261783
Listing URL
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.
This is a fully tenant-occupied 5-unit apartment building located in a desirable area. Each unit features a 2-bedroom, 1.5-bathroom townhouse layout, offering spacious living areas suitable for attracting and retaining tenants. The property is fully rented, providing immediate cash flow and low vacancy risk. Its location offers convenient access to major amenities, shopping, and schools, positioning it for long-term growth and stability. The property size is 4948 square feet. This income-producing property presents an opportunity to acquire a stable, income-generating asset with a built-in tenant base.
Key Highlights
- 5‑unit townhouse building built in 1997, fully tenant occupied
- Each unit features 2 bedrooms and 1.5 bathrooms
- Open floorplan interior features
Local 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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Tenant-occupied 5-unit apartment building in a high-demand area.
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: 5‑unit townhouse building built in 1997, fully tenant occupied; Each unit features 2 bedrooms and 1.5 bathrooms; Open floorplan interior features
