6-Unit Apartment
For Sale
$1,000,000
45 Scruggs Street, Chattanooga, TN 37403
Six two-bedroom residences have been updated and include refrigerators, ovens, and stoves.
Property Size5,134 SF
Price / SF$194.78
Days on Market10
Property Features for 45 Scruggs Street
General Information
Standard status
Active
Size
5,134 SF
Property subtype
Multi-family
Site & Location
Neighborhood
Lincoln Park Neighborhood Association
Units
Unit Mix
6 x 2BR/1BA
Multifamily Units
6
Building Details
Year Built
1954
Listed By:
Joshua Ellis
(615) 708-8535
Source:
Benchmarkrealtytn
Added: Oct 15
Changed: Oct 23
Last Checked: Oct 23 at 11:34AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Joshua Ellis
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Investment Insights
Based on property information with market context.
This 5,134-square-foot apartment building contains six units, each with two bedrooms and one bathroom. The units have been updated, and each is equipped with a refrigerator, oven, and stove. Built in 1954, the property has five vacant units and one occupied unit.
At 45 Scruggs Street in Chattanooga, the building is less than a mile from Erlanger Hospital, UTC, and downtown Chattanooga.
At 45 Scruggs Street in Chattanooga, the building is less than a mile from Erlanger Hospital, UTC, and downtown Chattanooga.
Key Highlights
- Six apartments, each with 2 bedrooms and 1 bathroom
- 5,134 square feet; built in 1954
- Five units vacant and one occupied
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$45,229
Cap Rate
4.52%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$904,580
$904.6K
Cap Rate 7%
$646,129
$646.1K
Cap Rate 9%
$502,544
$502.5K
Market Conditions
NOI Build-Up for 5,134 SF
Gross rent
$87.5K $17.04/SF
− Vacancy
−$5.2K −$1.02/SF
EGI
$82.2K $16.02/SF
− OpEx
−$37.0K −$7.21/SF
NOI
$45.2K $8.81/SF
Area
Chattanooga, TN
Vacancy
6.00%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$904,580
Cap Rate 7%
$646,129
Cap Rate 9%
$502,544
Alternative Uses
Best Use
Apartment 5plus
$646.1K
$565.4K – $753.8K
NOI $45,229 @ 7.0% cap · market cap 4.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.13M
$992.1K – $1.32M
NOI $79,371 @ 7.0% cap · market cap 7.94%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,776
Businesses Nearby
Explore this area
Business Placement
Demographics for 37403, TN
5,666
Population
2,394
Households
2.4
Avg Household Size
26
Median Age
49%
College-Educated
95%
High-School Grad
1.7 sq mi
ZIP Area
3,333
Density / Sq Mi
$65,750
Median Household Income
$12,410
Median Earnings
$1,253
Median Rent
$444,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Six two-bedroom residences have been updated and include refrigerators, ovens, and stoves.
Where is this apartment building located?
The property is located at 45 Scruggs Street Chattanooga, TN.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Six apartments, each with 2 bedrooms and 1 bathroom; 5,134 square feet; built in 1954; Five units vacant and one occupied
