7-Unit Apartment
For Sale
$999,950
311 Silver Pl, Knoxville, TN 37917
Long-term rental configuration with RN-4 zoning in North Knoxville.
Property Size5,626 SF
Price / SF$177.74
Days on Market54
Property Features for 311 Silver Pl
General Information
Standard status
Active
Size
5,626 SF
Property subtype
Multi-Family
Building Details
Year Built
1899
Listing Agency:
Pace Probity Asset Management
(865) 388-7131
Listed By:
Christy CJ Pace
Source:
Mr10realty
Added: Jul 9
Changed: Aug 30
Last Checked: Aug 30 at 8:57PM
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 Pace Probity Asset Management
Investment Insights
Based on property information with market context.
This North Knoxville multifamily property contains 7 units within 5,626 square feet and was built in 1899. The units are operated as long-term rentals, with no short-term rental income assumed. Current operations include continued efforts to refill vacant units and establish a revised rent structure incorporating a water/sewer offset.
Utility arrangements include individual metering where applicable, while ownership covers common utilities and water/sewer service. The property is zoned RN-4 and is located near Downtown Knoxville, the University of Tennessee, major employers, and local entertainment districts.
Utility arrangements include individual metering where applicable, while ownership covers common utilities and water/sewer service. The property is zoned RN-4 and is located near Downtown Knoxville, the University of Tennessee, major employers, and local entertainment districts.
Key Highlights
- 7‑unit multifamily property totaling 5,626 square feet
- Built in 1899
- All units operated as long‑term rentals
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
$50,490
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
5.05%
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%
$1,009,800
$1.0M
Cap Rate 7%
$721,286
$721.3K
Cap Rate 9%
$561,000
$561.0K
Market Conditions
NOI Build-Up for 5,626 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
$99.2K $17.64/SF
− Vacancy
−$7.4K −$1.32/SF
EGI
$91.8K $16.32/SF
− OpEx
−$41.3K −$7.34/SF
NOI
$50.5K $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%
$1,009,800
Cap Rate 7%
$721,286
Cap Rate 9%
$561,000
Alternative Uses
Best Use
Apartment 5plus
$721.3K
$631.1K – $841.5K
NOI $50,490 @ 7.0% cap · market cap 5.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.39M
$1.22M – $1.63M
NOI $97,541 @ 7.0% cap · market cap 9.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,038
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Long-term rental configuration with RN-4 zoning in North Knoxville.
Where is this apartment building located?
The property is located at 311 Silver Pl Knoxville, TN.
What is the asking price?
The asking price for this property is $999,950.
What are key features of this property?
This property features: 7‑unit multifamily property totaling 5,626 square feet; Built in 1899; All units operated as long‑term rentals
