92-Unit Apartment
3700/04/22 Stephens Road NE, Cleveland, TN 37312
COMMERCIAL - Cleveland, TN
Property size:
61,954 SFLot size:
5.36 AcresPrice / SF:
$127/SF- Added:
- Mar 11, 2026
- Days on Market:
- 109
- Last Refresh:
- Jun 27 at 6:06 am
Property Features for 3700/04/22 Stephens Road NE
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- Commercial
- Parking
- 133
- Parking features
- Parking Lot, Assigned
- Exterior features
- Rain Gutters
- Appliances
- Electric Range, Refrigerator
- 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
- Central Air, Window Unit(s), Multi Units
- Water source
- Public
Building Details
- Year built
- 1984
- Flooring type
- Carpet, Laminate, Vinyl
- Building materials
- Brick Veneer, Vinyl Siding
Listing agent Max Phillips License #203547 (423) 596-7173
Listing office Crye-Leike REALTORS - Cleveland 4627 N Lee Highway, TN (423) 473-9545
Listing date Mar 11, 2026
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.
HighLights
- 92‑unit apartment community with a unit mix of 64 1BD/1BA and 27 2BD units (2BD/1.5BA, with some washer & dryer hookups)
- Recent exterior improvements include main water line replacement, new roofs, new windows, new steel steps, new paving, updated siding/exterior paint, and new dumpsters
- Interior upgrades include Allure Traffic Master flooring in about 90% of units, new HVAC systems in an estimated 80% of units, and new appliances
- Water & sewer are paid by the owner; tenants have access to a community laundry facility with pay‑per‑use washers & dryers
- Construction includes brick veneer and vinyl siding; exterior features include rain gutters
- Seven buildings were built in 1978 and seven buildings were built in 1984; year built listed as 1984
Overview
This well-maintained 92-unit apartment community includes 64 one-bedroom, one-bath units and 28 two-bedroom units. Several units feature washer and dryer hookups, and residents have access to a community laundry facility with pay-per-use washers and dryers. The property has undergone extensive capital improvements, including replacement of the main water line, new roofs, new windows, new steel steps, new paving, new gutters, updated siding and exterior paint, and new dumpsters. Interior updates include Allure Traffic Master flooring in approximately 90 percent of the units, new HVAC systems in an estimated 80 percent of units, and new appliances. The community also has updated exterior presentation following the removal of a substantial number of trees.
The property is located in Cleveland, Tennessee, in Bradley County. It consists of 14 apartment buildings, with seven buildings built in 1978 and the other seven built in 1984.
For buyers seeking a larger multifamily asset, this community offers a defined unit mix and documented recent improvements across both common exterior components and substantial portions of the interior. With the owner paying water and sewer and residents using a pay-per-use community laundry facility, the property’s operating setup is clearly established for day-to-day management.
The property is located in Cleveland, Tennessee, in Bradley County. It consists of 14 apartment buildings, with seven buildings built in 1978 and the other seven built in 1984.
For buyers seeking a larger multifamily asset, this community offers a defined unit mix and documented recent improvements across both common exterior components and substantial portions of the interior. With the owner paying water and sewer and residents using a pay-per-use community laundry facility, the property’s operating setup is clearly established for day-to-day management.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $892.1k | $14.40 |
| − Vacancy | −$54.4k | −$0.88 |
| EGI | $837.7k | $13.52 |
| − OpEx | −$377.0k | −$6.08 |
| NOI | $460.7k | $7.44 |
61,954 SF · lease $14.40/SF/yr · vacancy 6.10% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$6.58M
$5.76M – $7.68M
NOI $460,744 @ 7.0% cap · market cap 5.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$13.00M
$11.37M – $15.17M
NOI $909,980 @ 7.0% cap · market cap 11.56%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Cleveland
- County
- Bradley
- State
- Tennessee
- Longitude
- -84.83807
- Latitude
- 35.183829
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Well-maintained 92-unit apartment community with recent exterior and interior improvements and on-site laundry access.
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 $7,874,900.
What are key features of this property?
This property features: 92‑unit apartment community with a unit mix of 64 1BD/1BA and 27 2BD units (2BD/1.5BA, with some washer & dryer hookups); Recent exterior improvements include main water line replacement, new roofs, new windows, new steel steps, new paving, updated siding/exterior paint, and new dumpsters; Interior upgrades include Allure Traffic Master flooring in about 90% of units, new HVAC systems in an estimated 80% of units, and new appliances
