Building Details

Building Size 4,160 SF

Year Built 1969

Units 9

Listing Agency: SVN | Wood Properties

Listed By: Jon Roosen · License #366234 Show Phone

Source: Commercialcafe

Added: Jul 13 Changed: Oct 16 Last Checked: Oct 16 at 6:06AM

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Investment Insights

Based on property information with market context.

Built in 1969, this apartment property includes nine units in Knoxville’s Fountain City area. An additional unrented residence provides three bedrooms, two bathrooms, and a connected garage. Water and sewer lines have been replaced, addressing a major infrastructure component of the property.

The asset is located at 412 Watauga Drive in North Knoxville, with access to Downtown Knoxville, nearby parks, greenways, retail, dining, and major routes. The property is included in a larger 129-unit portfolio that may be acquired together.

Key Highlights

• 9‑unit apartment property in Fountain City
• Additional unrented 3‑bedroom, 2‑bathroom unit with connected garage
• Water and sewer lines have been redone

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$37,333

Cap Rate

3.39%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$746,660 $746.7K

Cap Rate 7%

$533,329 $533.3K

Cap Rate 9%

$414,811 $414.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,160 SF

Gross rent

$73.4K $17.64/SF

− Vacancy

−$5.5K −$1.32/SF

EGI

$67.9K $16.32/SF

− OpEx

−$30.5K −$7.34/SF

NOI

$37.3K $8.97/SF

Area

Knoxville, TN

Vacancy

7.50%

Lease Rate

$17.64 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$746,660

Cap Rate 7%

$533,329

Cap Rate 9%

$414,811

Alternative Uses

Best Use

Apartment 5plus

$533.3K

$466.7K – $622.2K (±1% cap)

NOI $37,333 @ 7.0% cap · market cap 3.39%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.03M

$901.6K – $1.20M (±1% cap)

NOI $72,124 @ 7.0% cap · market cap 6.56%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Real Estate Agency Building Supply HVAC Service Grocery & Convenience Store Bakery (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

9

Residential units

Location Intelligence

Trade Area within ½ mile

363

Businesses Nearby

Explore this area Business Placement

Demographics for 37918, TN

46,245

Population

20,228

Households

2.3

Avg Household Size

40

Median Age

31%

College-Educated

93%

High-School Grad

34.6 sq mi

ZIP Area

1,337

Density / Sq Mi

$69,311

Median Household Income

$41,882

Median Earnings

$1,102

Median Rent

$237,500

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - North Knoxville asset includes a three-bedroom, two-bathroom residence with an attached garage and updated water and sewer lines.

Where is this apartment building located?

The property is located at 412 Watauga Drive Knoxville, TN.

What is the asking price?

The asking price for this property is $1,100,000.

What are key features of this property?

This property features: 9‑unit apartment property in Fountain City; Additional unrented 3‑bedroom, 2‑bathroom unit with connected garage; Water and sewer lines have been redone