92-Unit Apartment
For Sale
$7,499,000
37000422 Stephens Road NE, Cleveland, TN 37312
Commercial-zoned multifamily property with varied floor plans and extensive recent building and unit upgrades.
Property Size61,954 SF
Days on Market147
Property Features for 37000422 Stephens Road NE
General Information
Standard status
Active
Size
61,954 SF
Property subtype
Commercial
Zoning
Commercial
Units
Unit Mix
64 x 1BR/1BA, 19 x 2BR/1.5BA, 8 x 2BR/1.5BA with washer/dryer hookup, 1 x 1BR/1BA with washer/dryer hookup
Multifamily Units
92
Amenities
community laundry facility
Building Details
Building Size
61,954 SF
Year Built
1984
Buildings
14
Listing Agency:
Crye-Leike - Cleveland
(423) 596-7173
Listed By:
Max Phillips · License #203547
(423) 596-7173
Source:
Firstrealty
Added: Mar 11
Changed: Aug 3
Last Checked: Aug 4 at 1:23PM
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 Crye-Leike - Cleveland
Investment Insights
Based on property information with market context.
This 92-unit apartment community includes 64 one-bedroom, one-bath residences; 19 two-bedroom, one-and-a-half-bath residences; eight two-bedroom, one-and-a-half-bath residences with washer and dryer hookups; and one one-bedroom, one-bath residence with hookups. The property is arranged across 14 buildings, with seven constructed in 1978 and seven constructed in 1984. Commercial zoning applies.
Recent work includes replacement of the main water line, roofs, windows, steel steps, paving, gutters, siding, exterior paint, and dumpsters. Approximately 90 percent of the units have Allure Traffic Master flooring, while an estimated 80 percent have new HVAC systems. New appliances have also been installed. Ownership pays water and sewer, and residents have access to a community laundry facility with pay-per-use equipment.
Located at 37000422 Stephens Road NE in Cleveland, Tennessee, the community provides access to shopping, dining, schools, and major routes. Tree removal has improved visibility and the property's exterior presentation.
Recent work includes replacement of the main water line, roofs, windows, steel steps, paving, gutters, siding, exterior paint, and dumpsters. Approximately 90 percent of the units have Allure Traffic Master flooring, while an estimated 80 percent have new HVAC systems. New appliances have also been installed. Ownership pays water and sewer, and residents have access to a community laundry facility with pay-per-use equipment.
Located at 37000422 Stephens Road NE in Cleveland, Tennessee, the community provides access to shopping, dining, schools, and major routes. Tree removal has improved visibility and the property's exterior presentation.
Key Highlights
- 92 total apartment units across 14 buildings
- Unit mix includes 64 one‑bedroom and 28 two‑bedroom residences
- Seven buildings were built in 1978 and seven in 1984
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 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
Current Use
Lease Details
92
Residential units
Location Intelligence
Trade Area within ½ mile
193
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Commercial-zoned multifamily property with varied floor plans and extensive recent building and unit upgrades.
Where is this apartment building located?
The property is located at 37000422 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 total apartment units across 14 buildings; Unit mix includes 64 one‑bedroom and 28 two‑bedroom residences; Seven buildings were built in 1978 and seven in 1984
