Brick Apartment
New
For Sale
$285,000
448 Berlin Drive, Knoxville, TN 37923
Multi-Family, Knoxville, TN
Property Size1,898 SF
Price / SF$150.16
Days on Market4
Property Features for 448 Berlin Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Patio and Porch features
Porch
Interior features
Walk-In Closet(s)
Appliances
Dishwasher, Disposal, Microwave, Range, Refrigerator, Self Cleaning Oven
Subdivision
Palisades
Directions
W.KINGSTON PIKE TO L. GALLAHER VIEW, R. GLEASON, L. INTO PALISADES IMMEDIATE R. ON BERLIN TO UNIT ON LEFT(UNITS ARE NUMBERED ON OUTSIDE OF BUILDING-NOT BY NUMBERS ON FRONT DOORS #448
Standard status
Active
APN
133 00107N
Size
1,898 SF
Taxes and HOA fees
Tax Annual Amount
398
Utilities
Heating system
Central, Electric (Heating), Ceiling
Cooling system
Ceiling Fan(s), Central Air
Building Details
Year built
1975
Number of units
6
Flooring type
Carpet, Vinyl, Laminate
Building materials
Brick
Roof type
Asphalt
Listing Agency:
Wallace Twin Lakes
(865) 328-1111
Listed By:
Ed Plante
(865) 317-2648
Added: Sep 16
Changed: Sep 17
Last Checked: Sep 19 at 4:06AM
MLS# 1355723
Copyright © 2026 East Tennessee 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 apartment building at 448 Berlin Drive in Knoxville offers 1,898 square feet of residential space within a brick structure completed in 1975. Interior features include a walk-in closet, while the flooring mix combines carpet, vinyl, and laminate.
The property includes a porch and a residential kitchen equipped with a dishwasher, disposal, microwave, range, refrigerator, and self-cleaning oven. Heating is electric with central and ceiling-based components, and cooling includes central air and ceiling fans. An asphalt roof completes the existing improvements.
The property includes a porch and a residential kitchen equipped with a dishwasher, disposal, microwave, range, refrigerator, and self-cleaning oven. Heating is electric with central and ceiling-based components, and cooling includes central air and ceiling fans. An asphalt roof completes the existing improvements.
Key Highlights
- 1,898‑square‑foot apartment building at 448 Berlin Drive, Knoxville, TN 37923
- Constructed in 1975 with brick exterior walls
- Kitchen includes dishwasher, disposal, microwave, range, refrigerator, and self‑cleaning oven
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
$17,033
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
5.98%
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%
$340,660
$340.7K
Cap Rate 7%
$243,329
$243.3K
Cap Rate 9%
$189,256
$189.3K
Market Conditions
NOI Build-Up for 1,898 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
$33.5K $17.64/SF
− Vacancy
−$2.5K −$1.32/SF
EGI
$31.0K $16.32/SF
− OpEx
−$13.9K −$7.34/SF
NOI
$17.0K $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 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%
$340,660
Cap Rate 7%
$243,329
Cap Rate 9%
$189,256
Alternative Uses
Best Use
Apartment 5plus
$243.3K
$212.9K – $283.9K
NOI $17,033 @ 7.0% cap · market cap 5.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$470.1K
$411.3K – $548.5K
NOI $32,907 @ 7.0% cap · market cap 11.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
467
Businesses Nearby
Explore this area
Business Placement
Demographics for 37923, TN
29,705
Population
14,238
Households
2.1
Avg Household Size
37
Median Age
47%
College-Educated
93%
High-School Grad
11.1 sq mi
ZIP Area
2,676
Density / Sq Mi
$70,046
Median Household Income
$42,498
Median Earnings
$1,303
Median Rent
$292,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Built in 1975 with central air, a porch, and a full complement of residential kitchen appliances.
Where is this apartment building located?
The property is located at 448 Berlin Drive Knoxville, TN.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: 1,898‑square‑foot apartment building at 448 Berlin Drive, Knoxville, TN 37923; Constructed in 1975 with brick exterior walls; Kitchen includes dishwasher, disposal, microwave, range, refrigerator, and self‑cleaning oven
