Renovated Main Street Mixed-Use
For Sale
$375,000
311 S Main St, Lake City, TN 37769
Multi-Family, Rocky Top, TN
Property Size2,848 SF
Price / SF$131.67
Days on Market334
Property Features for 311 S Main St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Full bathrooms
3
Rooms
Bathroom 3, Bedroom 1, Bathroom 1, Bathroom 2, Bedroom 2
Parking features
Off Street, Carport
Security features
Security Alarm
Patio and Porch features
Porch
Exterior features
Windows - Vinyl
Appliances
Dryer, Range, Refrigerator, Self Cleaning Oven, Washer
Subdivision
Hornsby Sub
Directions
GPS
Standard status
Active
APN
018D D 012.00
Size
2,848 SF
Taxes and HOA fees
Tax Annual Amount
894
Utilities
Heating system
Central, Electric (Heating)
Cooling system
Central Air
Building Details
Year built
1925
Number of units
3
Flooring type
Vinyl, Radiant floors
Building materials
Brick, Block
Roof type
Rubber
Listing Agency:
United Real Estate Solutions
(865) 444-2400
Listed By:
Chris Wrede
(865) 712-8192
Added: Oct 21, 2025
Changed: Sep 14
Last Checked: Sep 19 at 1:06PM
MLS# 1321026
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 mixed-use property combines a commercial area on the main level with two one-bedroom apartments upstairs. The commercial portion is suited to retail, office, or professional use, while the residential units provide separate living accommodations within the same building. The property was renovated in 2008 with updates to wiring, plumbing, HVAC, windows, and interior finishes.
Located at 311 S Main St in Rocky Top, the building has a visible Main Street position and rear off-street parking with a carport. Additional features include a low-maintenance brick and block exterior, vinyl windows, central heating and cooling, radiant flooring, a rubber roof, and a porch. Commercial zoning supports the property’s mixed-use configuration.
Located at 311 S Main St in Rocky Top, the building has a visible Main Street position and rear off-street parking with a carport. Additional features include a low-maintenance brick and block exterior, vinyl windows, central heating and cooling, radiant flooring, a rubber roof, and a porch. Commercial zoning supports the property’s mixed-use configuration.
Key Highlights
- Main‑level commercial space with two upstairs one‑bedroom apartments
- Renovated in 2008 with updated wiring, plumbing, HVAC, windows, and finishes
- Located on Main Street in Rocky Top, TN
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
$31,100
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
8.29%
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%
$622,000
$622.0K
Cap Rate 7%
$444,286
$444.3K
Cap Rate 9%
$345,556
$345.6K
Market Conditions
NOI Build-Up for 2,848 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
$54.7K $19.20/SF
− Vacancy
−$4.9K −$1.73/SF
EGI
$49.8K $17.47/SF
− OpEx
−$18.7K −$6.55/SF
NOI
$31.1K $10.92/SF
Area
Anderson County, TN
Vacancy
9.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
37.50%
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%
$622,000
Cap Rate 7%
$444,286
Cap Rate 9%
$345,556
Alternative Uses
Best Use
Mixed Use
$444.3K
$388.8K – $518.3K
NOI $31,100 @ 7.0% cap · market cap 8.29%
Second Best
Apartment 5plus
$365.1K
$319.5K – $426.0K
NOI $25,559 @ 7.0% cap · market cap 6.82%
Theoretical Best
Office A
$705.4K
$617.2K – $823.0K
NOI $49,377 @ 7.0% cap · market cap 13.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
154
Businesses Nearby
Explore this area
Business Placement
Demographics for 37769, TN
5,724
Population
2,855
Households
2
Avg Household Size
44
Median Age
11%
College-Educated
87%
High-School Grad
30.0 sq mi
ZIP Area
191
Density / Sq Mi
$51,691
Median Household Income
$38,417
Median Earnings
$700
Median Rent
$192,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial space and two apartments create a flexible live-work or income-producing configuration.
Where is this mixed-use property located?
The property is located at 311 S Main St Lake City, TN.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Main‑level commercial space with two upstairs one‑bedroom apartments; Renovated in 2008 with updated wiring, plumbing, HVAC, windows, and finishes; Located on Main Street in Rocky Top, TN
