92-Unit Apartment
For Sale
$7,499,000
3700/04/22 Stephens Road NE, Cleveland, TN 37312
COMMERCIAL - Cleveland, TN
Property Size61,954 SF
Lot Size5.36 Acres
Price / SF$121.04
Days on Market158
Property Features for 3700/04/22 Stephens Road NE
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Parking
133
Parking features
Assigned, Parking Lot
Exterior features
Rain Gutters
Appliances
Electric Range, Refrigerator
Lot features
Sloped, Near Public Transit, Level, Cleared, Corner Lot, Sloped, Near Public Transit, Level, Cleared, Corner Lot
Elementary school
Ross-Yates
Middle school
Cleveland
High school
Cleveland
Directions
North on I- 75 to Exit # 25. Turn left on 25th Street. Turn left on Ocoee Street. Turn right on Blythe Ferry Road. Turn left on Stephens Road.
Standard status
Active
APN
042n B 003.00/003.01/003.02
Size
61,954 SF
Lot size
5.36 Acres
Taxes and HOA fees
Tax Annual Amount
36358
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Window Unit(s), Multi Units, Central Air
Water source
Public
Amenities
community laundry facility
Building Details
Year built
1984
Flooring type
Laminate, Carpet, Vinyl
Building materials
Brick Veneer, Vinyl Siding
Listing Agency:
Crye-Leike REALTORS - Cleveland
(423) 473-9545
Listed By:
Max Phillips · License #203547
(423) 596-7173
Added: Mar 11
Changed: Aug 4
Last Checked: Aug 15 at 10:06AM
MLS# 20261220
Copyright © 2026 River Counties Association of 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.
Well maintained 92-unit apartment community on a 5.36-acre site. The tenant mix includes 64 one-bedroom, one-bath units; 19 two-bedroom, one-and-a-half-bath units; 8 two-bedroom, one-and-a-half-bath units with washer & dryer hookups; and 1 one-bedroom, one-bath unit with a washer & dryer hookup. Residents have access to a community laundry facility with pay-per-use washers & dryers, and the owner currently pays water & sewer.
Construction is described as brick veneer with vinyl siding, and the buildings include rain gutters. Heating is central, with cooling provided through multi-unit central air and window unit(s). Parking includes a parking lot and assigned parking. Appliances listed include electric range and refrigerator.
Recent capital improvements include replacement of the main water line, new roofs, new windows, new steel steps, new paving, new gutters, updated siding and exterior paints, and new dumpsters. Interior upgrades include Allure Traffic Master flooring in approximately 90 percent of units, new HVAC systems in an estimated 80 percent of units, and new appliances. Seven buildings were built in 1978 and the other seven buildings were built in 1984.
Construction is described as brick veneer with vinyl siding, and the buildings include rain gutters. Heating is central, with cooling provided through multi-unit central air and window unit(s). Parking includes a parking lot and assigned parking. Appliances listed include electric range and refrigerator.
Recent capital improvements include replacement of the main water line, new roofs, new windows, new steel steps, new paving, new gutters, updated siding and exterior paints, and new dumpsters. Interior upgrades include Allure Traffic Master flooring in approximately 90 percent of units, new HVAC systems in an estimated 80 percent of units, and new appliances. Seven buildings were built in 1978 and the other seven buildings were built in 1984.
Key Highlights
- 92‑unit apartment community
- 64 one‑bedroom/one‑bath units; 19 two‑bedroom/one‑and‑a‑half‑bath units; 8 two‑bedroom with washer/dryer hookups; 1 one‑bedroom with washer/dryer hookup
- 5.36‑acre site
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
$460,744
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
6.14%
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%
$9,214,880
$9.2M
Cap Rate 7%
$6,582,057
$6.6M
Cap Rate 9%
$5,119,378
$5.1M
Market Conditions
NOI Build-Up for 61,954 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
$892.1K $14.40/SF
− Vacancy
−$54.4K −$0.88/SF
EGI
$837.7K $13.52/SF
− OpEx
−$377.0K −$6.08/SF
NOI
$460.7K $7.44/SF
Area
Bradley County, TN
Vacancy
6.10%
Lease Rate
$14.40 /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%
$9,214,880
Cap Rate 7%
$6,582,057
Cap Rate 9%
$5,119,378
Alternative Uses
Best Use
Apartment 5plus
$6.58M
$5.76M – $7.68M
NOI $460,744 @ 7.0% cap · market cap 6.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$13.00M
$11.37M – $15.17M
NOI $909,980 @ 7.0% cap · market cap 12.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
92
Residential units
Location Intelligence
Trade Area within ½ mile
105
Businesses Nearby
Explore this area
Business Placement
Demographics for 37312, TN
36,291
Population
15,023
Households
2.4
Avg Household Size
42
Median Age
36%
College-Educated
93%
High-School Grad
64.4 sq mi
ZIP Area
564
Density / Sq Mi
$75,369
Median Household Income
$41,148
Median Earnings
$1,080
Median Rent
$270,500
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 - Well maintained 92-unit apartment community zoned Commercial with public water and sewer.
Where is this apartment building located?
The property is located at 3700/04/22 Stephens Road NE Cleveland, TN.
What is the asking price?
The asking price for this property is $7,499,000.
What are key features of this property?
This property features: 92‑unit apartment community; 64 one‑bedroom/one‑bath units; 19 two‑bedroom/one‑and‑a‑half‑bath units; 8 two‑bedroom with washer/dryer hookups; 1 one‑bedroom with washer/dryer hookup; 5.36‑acre site
