Vacant Duplex with
For Sale
$254,000
356 Tanager Circle, Chattanooga, TN 37412
Both residences are unoccupied, with connected water, sewer, and electrical service.
Property Size2,294 SF
Price / SF$110.72
Days on Market207
Property Features for 356 Tanager Circle
General Information
Standard status
Active
Size
2,294 SF
Property subtype
Duplex
Units
Unit Mix
2 x 2BR/1.5BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Amenities
Electric
Central Air
Central
Refrigerator
Microwave
Free-Standing Electric Range
Porch, Electricity Connected, Sewer Connected, Water Connected, Shingle
Building Details
Building Size
2,294 SF
Year Built
1993
Buildings
1
Listing Agency:
Keller Williams Realty
Listed By:
Nick Miles · License #372538
(256) 490-9246
Source:
Kw
Added: Feb 7
Changed: Sep 2
Last Checked: Sep 1 at 4:00PM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
Located at 356 Tanager Circle in Chattanooga, this two-unit duplex includes approximately 2,294 square feet. Each residence offers two bedrooms, 1.5 bathrooms, central air, a central heating system, a porch, and a kitchen equipped with a refrigerator, microwave, and free-standing electric range. Both units are vacant, allowing the next owner to determine the property's occupancy and improvement plan.
Constructed in 1993, the property has a shingle roof that was replaced approximately three years ago and a water heater replaced approximately five years ago. Electricity, sewer, and water are connected. The duplex is positioned behind the middle of three adjacent driveways and is not visible from the road; access is through the middle driveway only. Its East Ridge setting provides access to Downtown Chattanooga, Brainerd Road, Shallowford Road, Hamilton Place, medical facilities, employers, shopping, dining, and interstate routes.
Constructed in 1993, the property has a shingle roof that was replaced approximately three years ago and a water heater replaced approximately five years ago. Electricity, sewer, and water are connected. The duplex is positioned behind the middle of three adjacent driveways and is not visible from the road; access is through the middle driveway only. Its East Ridge setting provides access to Downtown Chattanooga, Brainerd Road, Shallowford Road, Hamilton Place, medical facilities, employers, shopping, dining, and interstate routes.
Key Highlights
- Two‑unit duplex with approximately 2,294 square feet
- Each unit has 2 bedrooms and 1.5 bathrooms
- Both units are currently vacant
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
$22,521
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
8.87%
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%
$450,420
$450.4K
Cap Rate 7%
$321,729
$321.7K
Cap Rate 9%
$250,233
$250.2K
Market Conditions
NOI Build-Up for 2,294 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
$34.4K $15.00/SF
− Vacancy
−$2.2K −$0.98/SF
EGI
$32.2K $14.03/SF
− OpEx
−$9.7K −$4.21/SF
NOI
$22.5K $9.82/SF
Area
Chattanooga, TN
Vacancy
6.50%
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%
$450,420
Cap Rate 7%
$321,729
Cap Rate 9%
$250,233
Alternative Uses
Best Use
Multifamily LT 5
$321.7K
$281.5K – $375.4K
NOI $22,521 @ 7.0% cap · market cap 8.87%
Second Best
Apartment 5plus
$288.7K
$252.6K – $336.8K
NOI $20,209 @ 7.0% cap · market cap 7.96%
Theoretical Best
Office A
$506.6K
$443.3K – $591.1K
NOI $35,465 @ 7.0% cap · market cap 13.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
235
Businesses Nearby
Explore this area
Business Placement
Demographics for 37412, TN
21,881
Population
10,305
Households
2.1
Avg Household Size
39
Median Age
23%
College-Educated
86%
High-School Grad
8.7 sq mi
ZIP Area
2,515
Density / Sq Mi
$56,600
Median Household Income
$37,858
Median Earnings
$1,120
Median Rent
$182,600
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 - Both residences are unoccupied, with connected water, sewer, and electrical service.
Where is this duplex located?
The property is located at 356 Tanager Circle Chattanooga, TN.
What is the asking price?
The asking price for this property is $254,000.
What are key features of this property?
This property features: Two‑unit duplex with approximately 2,294 square feet; Each unit has 2 bedrooms and 1.5 bathrooms; Both units are currently vacant
