Renovated One-Bedroom Apartment
For Sale
$3,650,000
3014 Forestdale Avenue, Knoxville, TN 37917
Updated apartments near downtown Knoxville with separate kitchen and living areas and on-site expansion possibilities.
Property Size21,760 SF
Days on Market54
Property Features for 3014 Forestdale Avenue
General Information
Standard status
Active
Size
21,760 SF
Property subtype
Multi-Family
Building Details
Building Size
21,760 SF
Year Built
1970
Units
32
Listing Agency:
SVN | Wood Properties
Listed By:
Jon Roosen · License #366234
(865) 936-9999
Source:
Commercialcafe
Added: Aug 25
Changed: Oct 16
Last Checked: Oct 16 at 6:11AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of SVN | Wood Properties
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Investment Insights
Based on property information with market context.
This 32-unit apartment property at 3014 Forestdale Avenue includes one-bedroom, one-bath units with renovated interiors. Improvements include updated flooring, refreshed kitchens and bathrooms, and layouts that distinguish the kitchen from the living area. Water, landscaping, and waste service are included. A vacant building on the property provides space that could be adapted for an on-site laundry room or an additional unit, subject to applicable approvals.
The property includes approximately 0.75 acres at the rear, offering options identified for additional apartment construction, parcel sale, or amenity space. Its North Knoxville location is approximately five minutes from Downtown Knoxville and provides access to transportation routes, parks, grocery stores, restaurants, coffee shops, retail, employment centers, entertainment districts, and university amenities. The building was constructed in 1970.
The property includes approximately 0.75 acres at the rear, offering options identified for additional apartment construction, parcel sale, or amenity space. Its North Knoxville location is approximately five minutes from Downtown Knoxville and provides access to transportation routes, parks, grocery stores, restaurants, coffee shops, retail, employment centers, entertainment districts, and university amenities. The building was constructed in 1970.
Key Highlights
- 32‑unit apartment property with one‑bedroom, one‑bath units
- Renovated interiors with updated flooring, kitchens, and bathrooms
- Approximately 0.75 acres at the rear of the property
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$195,282
Cap Rate
5.35%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,905,640
$3.9M
Cap Rate 7%
$2,789,743
$2.8M
Cap Rate 9%
$2,169,800
$2.2M
Market Conditions
NOI Build-Up for 21,760 SF
Gross rent
$383.8K $17.64/SF
− Vacancy
−$28.8K −$1.32/SF
EGI
$355.1K $16.32/SF
− OpEx
−$159.8K −$7.34/SF
NOI
$195.3K $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 Rate 5%
$3,905,640
Cap Rate 7%
$2,789,743
Cap Rate 9%
$2,169,800
Alternative Uses
Best Use
Apartment 5plus
$2.79M
$2.44M – $3.25M
NOI $195,282 @ 7.0% cap · market cap 5.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.39M
$4.72M – $6.29M
NOI $377,266 @ 7.0% cap · market cap 10.34%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
232
Businesses Nearby
Explore this area
Business Placement
Demographics for 37917, TN
25,013
Population
14,216
Households
1.8
Avg Household Size
39
Median Age
31%
College-Educated
87%
High-School Grad
9.5 sq mi
ZIP Area
2,633
Density / Sq Mi
$51,232
Median Household Income
$37,853
Median Earnings
$1,063
Median Rent
$189,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Updated apartments near downtown Knoxville with separate kitchen and living areas and on-site expansion possibilities.
Where is this apartment building located?
The property is located at 3014 Forestdale Avenue Knoxville, TN.
What is the asking price?
The asking price for this property is $3,650,000.
What are key features of this property?
This property features: 32‑unit apartment property with one‑bedroom, one‑bath units; Renovated interiors with updated flooring, kitchens, and bathrooms; Approximately 0.75 acres at the rear of the property
