Updated Two-Unit
For Sale
$239,000
4607 Highland Ave, Chattanooga, TN 37410
Each residence includes two bedrooms, one full bathroom, and refreshed interior and exterior finishes.
Property Size1,456 SF
Price / SF$164.15
Days on Market35
Property Features for 4607 Highland Ave
General Information
Standard status
Active
Size
1,456 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,199
Listing Agency:
Veridical Realty, LLC
(423) 771-9061
Listed By:
Kristy Clements · License #339386
(423) 313-6068
Source:
Exprealty
Added: Aug 5
Changed: Sep 4
Last Checked: Sep 8 at 6:47AM
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 Veridical Realty, LLC
Investment Insights
Based on property information with market context.
This 1,456 SF duplex contains two separate residences, each configured with 2 bedrooms and 1 full bathroom. Improvements include updated flooring, new windows, and freshly painted interiors and exteriors. Each side also has 3 new mini split HVAC units, providing updated heating and cooling equipment for both residences. New porch railings add another recent exterior improvement.
Located at 4607 Highland Ave in Chattanooga, TN, the property is offered as a duplex with two residential units and a recently updated finish package. The combination of unit-specific HVAC improvements, window replacements, flooring updates, and interior and exterior painting provides a clear summary of the work completed across the property.
Located at 4607 Highland Ave in Chattanooga, TN, the property is offered as a duplex with two residential units and a recently updated finish package. The combination of unit-specific HVAC improvements, window replacements, flooring updates, and interior and exterior painting provides a clear summary of the work completed across the property.
Key Highlights
- 2‑unit duplex totaling 1,456 SF
- Each side includes 2 bedrooms and 1 full bathroom
- 3 new mini split HVAC units installed on each side
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
$14,294
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%
$285,880
$285.9K
Cap Rate 7%
$204,200
$204.2K
Cap Rate 9%
$158,822
$158.8K
Market Conditions
NOI Build-Up for 1,456 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
$21.8K $15.00/SF
− Vacancy
−$1.4K −$0.98/SF
EGI
$20.4K $14.03/SF
− OpEx
−$6.1K −$4.21/SF
NOI
$14.3K $9.82/SF
Area
Chattanooga, TN
Vacancy
6.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$285,880
Cap Rate 7%
$204,200
Cap Rate 9%
$158,822
Alternative Uses
Best Use
Multifamily LT 5
$204.2K
$178.7K – $238.2K
NOI $14,294 @ 7.0% cap · market cap 5.98%
Second Best
Apartment 5plus
$183.2K
$160.3K – $213.8K
NOI $12,827 @ 7.0% cap · market cap 5.37%
Theoretical Best
Office A
$321.6K
$281.4K – $375.2K
NOI $22,510 @ 7.0% cap · market cap 9.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
253
Businesses Nearby
Explore this area
Business Placement
Demographics for 37410, TN
4,082
Population
1,893
Households
2.2
Avg Household Size
33
Median Age
10%
College-Educated
65%
High-School Grad
3.0 sq mi
ZIP Area
1,361
Density / Sq Mi
$22,127
Median Household Income
$28,967
Median Earnings
$695
Median Rent
$133,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Each residence includes two bedrooms, one full bathroom, and refreshed interior and exterior finishes.
Where is this duplex located?
The property is located at 4607 Highland Ave Chattanooga, TN.
What is the asking price?
The asking price for this property is $239,000.
What are key features of this property?
This property features: 2‑unit duplex totaling 1,456 SF; Each side includes 2 bedrooms and 1 full bathroom; 3 new mini split HVAC units installed on each side
