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    407 Colville Street Chattanooga, TN 37405

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    For Sale
    $574,000

    MULTI_FAMILY - Chattanooga, TN

    Property size:
    2,218 SF
    Lot size:
    0.16 Acres
    Price / SF:
    $258/SF
    Added:
    Oct 8, 2025
    Days on Market:
    208
    Last Refresh:
    May 3 at 12:06 am

    Property Features for 407 Colville Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    5
    Rooms
    Bedroom 2, Bedroom 5, Bedroom 3, Bedroom 1, Bathroom 3, Bathroom 2, Bathroom 1, Bedroom 4
    Parking features
    Off Street, On Street
    Window features
    Blinds, Drapes, Insulated Windows
    Patio and Porch features
    Porch, Deck
    Interior features
    Eat-in Kitchen, Laminate Counters, Primary Downstairs, Storage, Tub/shower Combo
    Exterior features
    Private Entrance
    Fencing
    Chain Link
    Appliances
    Washer/Dryer, Washer, Stainless Steel Appliance(s), Refrigerator, Microwave, Free-Standing Refrigerator, Free-Standing Range, Electric Range, Electric Oven, Dryer
    Standard status
    Active
    APN
    135d J 024
    Size
    2,218 SF
    Lot size
    0.16 Acres

    Taxes and HOA fees

    Tax Description
    LOT 2 COLVILLES ADDN N/R
    Tax Annual Amount
    6233

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Electric (Heating), Central
    Cooling system
    Central Air, Ceiling Fan(s), Varies by Unit
    Water source
    Public

    Building Details

    Year built
    1920
    Floors in Building
    2
    Number of units
    3
    Flooring type
    Hardwood, Vinyl, Laminate
    Building materials
    Block, Concrete, Vinyl Siding
    Roof type
    Metal
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Reena Nichols

    Listing agent Reena Nichols License #374587

    Listing office Homesmart 2911 Piedmont Road, Atlanta, TN

    Listing date Oct 8, 2025

    MLS# 1521911 Listing URL

    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.

    Overview

    Chattanooga Northshore Income-Producing Triplex

    This income-producing triplex is located in the heart of Chattanooga's Northshore neighborhood. The property features three units: a 3-bedroom, 1-bath unit on the main floor, a 1-bedroom, 1-bath unit accessed from the front lower level, and an efficiency accessed from the upstairs deck at the back of the property. The main floor unit (A) is currently rented for $1700 per month through December 2027. Unit C is rented at $850 from January 2026 to January 2027. Unit B is available to lease at $1250. Recent updates in 2024 include a replaced sewer line from the house to the street, an updated breaker box, a mini-split added to Apartment C, a renovated kitchenette in Apartment C, updated refrigerator and oven/stove in Apartment A with a built-in microwave, a rebuilt exterior staircase for Apartment C, and programmable thermostats in Apt B and a smart thermostat in Apt A. A new range/oven was installed for Apt A in February 2026. The property is situated across from a community park with a playground and tennis courts, and is in close proximity to Walnut Street Bridge, boutiques, dining, grocery stores, and entertainment. It is located in a good school district with sidewalks and mature landscaping. The lot size is 0.16 acres, and the property size is 2218 square feet. Selling as part of a 1031 exchange, with existing tenants.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Daycare Center Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chattanooga
    County
    Hamilton
    State
    Tennessee
    Longitude
    -85.303237
    Latitude
    35.069776

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    FAQs

    What type of property is this?
    Triplex - Income-generating triplex in Chattanooga's desirable Northshore neighborhood.
    Where is this triplex located?
    The property is located at 407 Colville Street Chattanooga, TN.
    What is the asking price?
    The asking price for this property is $574,000.
    What are key features of this property?
    This property features: Income‑producing triplex in a highly desirable Northshore location; Existing tenants provide immediate rental income; Prime location across from a community park, near Walnut Street Bridge, dining, and entertainment
    (470) 428-6637
    We can help!
    Listing Contact
    Reena Nichols
    Real Estate License ID: 374587
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    407 Colville Street, Chattanooga, TN 37405

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