2-Unit Duplex with
New
For Sale
$365,000
3932 Bowman Lane, Chattanooga, TN 37416
Residential Income, Chattanooga, TN
Property Size2,428 SF
Lot Size0.31 Acres
Price / SF$150.33
Days on Market4
Property Features for 3932 Bowman Lane
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 3, Bedroom 2, Bathroom 3, Bedroom 1, Bedroom 5, Bathroom 2, Bathroom 1, Basement, Bedroom 4
Parking features
Driveway, Garage
Patio and Porch features
Porch, Deck
Exterior features
Private Yard
Basement
Finished
Appliances
Water Heater, Refrigerator, Dishwasher, Built-In Electric Range, Built-In Electric Oven
Subdivision
Murray Hill Ests
Lot features
Back Yard
Elementary school
Harrison Elementary
Middle school
Brown Middle
High school
Central High School
Directions
Take Highway 58 north to Webb Road, then turn left onto Bowman Lane and continue to 3932 Bowman Lane
Standard status
Active
APN
129b A 028
Size
2,428 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Description
Lt 94 Murray Hill Estates Unit 4 Pb 25 Pg117 3188 01C 56
Tax Annual Amount
3936
Legal Description
Lt 94 Murray Hill Estates Unit 4 Pb 25 Pg117 3188 01C 56
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Water source
Public
Building Details
Year built
1971
Number of units
2
Building materials
Block
Roof type
Shingle
Listing Agency:
Real Estate Partners Chattanooga LLC
(423) 265-0088
Listed By:
Gregory Depasquale · License #TN357488
(423) 664-3074
Added: Oct 2
Last Checked: Oct 5 at 7:06AM
MLS# 1543830
Copyright © 2026 Greater Chattanooga 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.
This 2,428-square-foot duplex in Chattanooga contains two units: one with three bedrooms and two bathrooms, and another with two bedrooms and one-and-a-half bathrooms. The property was built in 1971 and has central air, a porch, a deck, and two garage spaces. Electrical, plumbing, flooring, and appliances have been updated, and the property is served by public water and sewer.
The duplex sits near Highway 58. Its two-unit configuration and varied floor plans are complemented by established occupancy, with one tenancy on a one-year lease beginning August 2026 and the other on a month-to-month agreement.
The duplex sits near Highway 58. Its two-unit configuration and varied floor plans are complemented by established occupancy, with one tenancy on a one-year lease beginning August 2026 and the other on a month-to-month agreement.
Key Highlights
- Two units with 3 bedrooms and 2 bathrooms, and 2 bedrooms and 1.5 bathrooms
- 2,428 square feet
- Two garage spaces
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
$23,837
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
6.53%
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%
$476,740
$476.7K
Cap Rate 7%
$340,529
$340.5K
Cap Rate 9%
$264,856
$264.9K
Market Conditions
NOI Build-Up for 2,428 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
$36.4K $15.00/SF
− Vacancy
−$2.4K −$0.98/SF
EGI
$34.1K $14.03/SF
− OpEx
−$10.2K −$4.21/SF
NOI
$23.8K $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%
$476,740
Cap Rate 7%
$340,529
Cap Rate 9%
$264,856
Alternative Uses
Best Use
Multifamily LT 5
$340.5K
$298.0K – $397.3K
NOI $23,837 @ 7.0% cap · market cap 6.53%
Second Best
Apartment 5plus
$305.6K
$267.4K – $356.5K
NOI $21,390 @ 7.0% cap · market cap 5.86%
Theoretical Best
Office A
$536.2K
$469.2K – $625.6K
NOI $37,536 @ 7.0% cap · market cap 10.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
505
Businesses Nearby
Explore this area
Business Placement
Demographics for 37416, TN
14,844
Population
6,598
Households
2.2
Avg Household Size
42
Median Age
34%
College-Educated
94%
High-School Grad
20.5 sq mi
ZIP Area
724
Density / Sq Mi
$65,083
Median Household Income
$37,379
Median Earnings
$1,086
Median Rent
$229,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two occupied units offer distinct bedroom and bath layouts, with central air and garage parking.
Where is this duplex located?
The property is located at 3932 Bowman Lane Chattanooga, TN.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Two units with 3 bedrooms and 2 bathrooms, and 2 bedrooms and 1.5 bathrooms; 2,428 square feet; Two garage spaces
