New Construction
For Sale
$569,900
3215 Johnston St, Knoxville, TN 37921
Two three-bedroom residences feature flexible layouts with private primary suites and open-concept main living areas.
Property Size2,900 SF
Price / SF$196.52
Days on Market31
Property Features for 3215 Johnston St
General Information
Standard status
Active
Size
2,900 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2.5BA
Multifamily Units
2
Building Details
Year Built
2026
Buildings
1
Construction
Craftsman-style
Listing Agency:
(865) 250-4094
Listed By:
TNLiving.homes
(865) 250-4094
Source:
Tnliving
Added: Aug 1
Changed: Aug 29
Last Checked: Aug 30 at 4:22PM
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 TNLiving.homes
Investment Insights
Based on property information with market context.
This 2026-built duplex contains 2,900 square feet across two residences. Each unit includes 3 bedrooms and 2.5 bathrooms, with a Craftsman-style exterior and an open main-level layout connecting the living area and kitchen. The primary bedroom suite is located on the main floor, while two additional bedrooms and a full bathroom are positioned upstairs. Each residence also has a main-level half bathroom, private primary bath, and spacious closet.
The property is at 3215 Johnston St in Knoxville, approximately 10 minutes from downtown Knoxville. Shopping, dining, entertainment, major employers, and the University of Tennessee are identified as nearby destinations. The configuration supports separate residential occupancy within a single duplex property.
The property is at 3215 Johnston St in Knoxville, approximately 10 minutes from downtown Knoxville. Shopping, dining, entertainment, major employers, and the University of Tennessee are identified as nearby destinations. The configuration supports separate residential occupancy within a single duplex property.
Key Highlights
- Duplex with 2,900 square feet of total property size
- Each unit offers 3 bedrooms and 2.5 bathrooms
- 2026 construction year
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
$28,282
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
4.96%
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%
$565,640
$565.6K
Cap Rate 7%
$404,029
$404.0K
Cap Rate 9%
$314,244
$314.2K
Market Conditions
NOI Build-Up for 2,900 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
$43.5K $15.00/SF
− Vacancy
−$3.1K −$1.07/SF
EGI
$40.4K $13.93/SF
− OpEx
−$12.1K −$4.18/SF
NOI
$28.3K $9.75/SF
Area
Knoxville, TN
Vacancy
7.12%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$565,640
Cap Rate 7%
$404,029
Cap Rate 9%
$314,244
Alternative Uses
Best Use
Multifamily LT 5
$404.0K
$353.5K – $471.4K
NOI $28,282 @ 7.0% cap · market cap 4.96%
Second Best
Apartment 5plus
$371.8K
$325.3K – $433.8K
NOI $26,026 @ 7.0% cap · market cap 4.57%
Theoretical Best
Office A
$718.3K
$628.5K – $838.0K
NOI $50,279 @ 7.0% cap · market cap 8.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
227
Businesses Nearby
Explore this area
Business Placement
Demographics for 37921, TN
28,903
Population
12,969
Households
2.2
Avg Household Size
35
Median Age
27%
College-Educated
87%
High-School Grad
15.9 sq mi
ZIP Area
1,818
Density / Sq Mi
$57,813
Median Household Income
$37,518
Median Earnings
$1,147
Median Rent
$204,300
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?
Duplex - Two three-bedroom residences feature flexible layouts with private primary suites and open-concept main living areas.
Where is this duplex located?
The property is located at 3215 Johnston St Knoxville, TN.
What is the asking price?
The asking price for this property is $569,900.
What are key features of this property?
This property features: Duplex with 2,900 square feet of total property size; Each unit offers 3 bedrooms and 2.5 bathrooms; 2026 construction year
