Six-Unit Apartment
For Sale
$700,000
Pending
310 Gilbert Lane, Knoxville, TN 37920
Multi-Family, Knoxville, TN
Property Size4,611 SF
Lot Size0.56 Acres
Days on Market60
Property Features for 310 Gilbert Lane
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
10
Full bathrooms
6
Rooms
Bedroom 5, Bedroom 9, Bedroom 10, Bathroom 2, Bathroom 1, Bedroom 1, Bedroom 8, Bathroom 4, Bedroom 7, Bedroom 2, Bathroom 5, Bathroom 6, Bedroom 3, Bathroom 3, Bedroom 4, Bedroom 6
Exterior features
Windows - Vinyl
Appliances
Range, Refrigerator
Elementary school
Dogwood
Middle school
South Doyle
High school
South Doyle
Directions
From I-40, take exit 388Highway 158/James White Parkway S Knoxville. merge to Hwy 71 South, exit Sevier Avenue/Hillwood Avenue, turn left onto Hillwood, left onto Anita Drive, right onto Island Home Avenue, right onto S Haven Road, left on Price Avenue. left onto Gilbert Lane to complex on the right.
Subdivision
Knox County - 1
Standard status
Pending
APN
109EE028
Size
4,611 SF
Lot size
0.56 Acres
Taxes and HOA fees
Tax Annual Amount
3208
Utilities
Heating system
Central, Natural Gas, Electric (Heating)
Cooling system
Central Air
Building Details
Year built
1968
Number of units
6
Building materials
Brick, Frame
Roof type
Asphalt
Listing Agency:
Keller Williams Realty
(865) 694-5904
Listed By:
Nancy Keith
(865) 384-4744
Added: Jul 6
Changed: Sep 1
Last Checked: Sep 3 at 7:06PM
MLS# 1347141
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 6-plex contains six apartments totaling 4,611 square feet on 0.56 acres. The unit mix includes four two-bedroom, one-bath apartments and two one-bedroom, one-bath apartments. Four residences feature updated flooring, kitchen cabinetry, lighting, and plumbing fixtures. The property was built in 1968 and includes brick and frame construction, vinyl double-pane windows, asphalt roofing, central air, and electric and natural gas service. Owner-paid water and sewer are supplied through a single water meter.
The property is in Knoxville near the University of Tennessee, Downtown Knoxville, Ijams Nature Park, Baker Creek Preserve, Sevier Avenue commercial development, and the riverfront. The roof is approximately 5 years old, while the HVAC units are 10 years old. Included appliances are ranges and refrigerators.
The property is in Knoxville near the University of Tennessee, Downtown Knoxville, Ijams Nature Park, Baker Creek Preserve, Sevier Avenue commercial development, and the riverfront. The roof is approximately 5 years old, while the HVAC units are 10 years old. Included appliances are ranges and refrigerators.
Key Highlights
- Six apartments totaling 4,611 square feet on 0.56 acres
- Unit mix includes four 2BR/1BA apartments and 2 1BR/1BA apartments
- Fully leased property with owner‑provided water/sewer through one water meter
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
$41,381
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
5.91%
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%
$827,620
$827.6K
Cap Rate 7%
$591,157
$591.2K
Cap Rate 9%
$459,789
$459.8K
Market Conditions
NOI Build-Up for 4,611 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
$81.3K $17.64/SF
− Vacancy
−$6.1K −$1.32/SF
EGI
$75.2K $16.32/SF
− OpEx
−$33.9K −$7.34/SF
NOI
$41.4K $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 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%
$827,620
Cap Rate 7%
$591,157
Cap Rate 9%
$459,789
Alternative Uses
Best Use
Apartment 5plus
$591.2K
$517.3K – $689.7K
NOI $41,381 @ 7.0% cap · market cap 5.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.14M
$999.3K – $1.33M
NOI $79,944 @ 7.0% cap · market cap 11.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
85
Businesses Nearby
Explore this area
Business Placement
Demographics for 37920, TN
41,210
Population
20,180
Households
2
Avg Household Size
37
Median Age
34%
College-Educated
91%
High-School Grad
72.3 sq mi
ZIP Area
570
Density / Sq Mi
$61,348
Median Household Income
$35,591
Median Earnings
$1,092
Median Rent
$231,300
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 leased multifamily property with refreshed interiors in four residences and central HVAC throughout.
Where is this apartment building located?
The property is located at 310 Gilbert Lane Knoxville, TN.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Six apartments totaling 4,611 square feet on 0.56 acres; Unit mix includes four 2BR/1BA apartments and 2 1BR/1BA apartments; Fully leased property with owner‑provided water/sewer through one water meter
