Residential Income Property with Screened
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 Market6
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
Elementary school
A L Lotts
Middle school
West Valley
High school
Bearden
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, Ceiling, Electric (Heating)
Cooling system
Ceiling Fan(s), Central Air
Amenities
screened in porch
picnic area
club house
Building Details
Year built
1975
Number of units
6
Flooring type
Vinyl, Carpet, 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 19
Last Checked: Sep 21 at 3:06AM
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 1,898-square-foot condominium is configured as a residential income property and was built in 1975. The interior includes a spacious living area, walk-in closet, vinyl, carpet, and laminate flooring, along with a kitchen equipped with a dishwasher, disposal, microwave, range, refrigerator, and self-cleaning oven. Central heating, electric heat, central air, and ceiling fans support year-round comfort. A screened porch adds usable outdoor space, while brick construction and an asphalt roof provide durable exterior features.
Located at 448 Berlin Drive in Knoxville’s 37923 ZIP code, the property is in West Knoxville and offers access to community amenities including a clubhouse and picnic area. The residence also includes a privacy screen at the porch and is offered with its existing fixtures and finishes.
Located at 448 Berlin Drive in Knoxville’s 37923 ZIP code, the property is in West Knoxville and offers access to community amenities including a clubhouse and picnic area. The residence also includes a privacy screen at the porch and is offered with its existing fixtures and finishes.
Key Highlights
- 1,898‑square‑foot condominium built in 1975
- Screened porch with privacy screen
- Community clubhouse and picnic area
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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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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Frequently Asked Questions
What type of property is this?
Residential income property - West Knoxville condo with a spacious layout, screened porch, and community clubhouse and picnic area.
Where is this residential income property 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 condominium built in 1975; Screened porch with privacy screen; Community clubhouse and picnic area
