Stud-Ready Multifamily
For Sale
Contact for pricing
481 Old Chattanooga Pike Southwest, Cleveland, TN 37311
Multifamily property built in 1995 and brought down to the stud, ready for your buildout.
Property Size2,773 SF
Price / SF$84.75
Days on Market55
Property Features for 481 Old Chattanooga Pike Southwest
General Information
Standard status
Active
Size
2,773 SF
Total Parking Spaces
25
Property subtype
Multifamily, Retail, Mixed Use
Zoning
Commercial
Building Details
Year Built
1995
Buildings
1
Units
1
Listing Agency:
RE/MAX Renaissance Realtors
Listed By:
Dawn O'Neil · License #302511
(423) 838-0373
Source:
Crexi
Added: Jul 27
Changed: Sep 7
Last Checked: Sep 18 at 7:59AM
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 RE/MAX Renaissance Realtors
Investment Insights
Based on property information with market context.
A stud-ready multifamily property built in 1995, now brought down to the stud and ready for your buildout. The existing structure is stripped for a renovation and interior improvements can be planned around the current shell.
The property is located at 481 Old Chattanooga Pike Southwest in Cleveland, TN 37311. With the home in its current condition, the space can be tailored to your preferred multifamily layout and finishing scope while working from the established framework.
Property size is listed at 2,773, providing a defined footprint for interior planning and potential reconfiguration as part of your redevelopment strategy.
The property is located at 481 Old Chattanooga Pike Southwest in Cleveland, TN 37311. With the home in its current condition, the space can be tailored to your preferred multifamily layout and finishing scope while working from the established framework.
Property size is listed at 2,773, providing a defined footprint for interior planning and potential reconfiguration as part of your redevelopment strategy.
Key Highlights
- Brought down to the stud for renovation and buildout
- Multifamily property built in 1995
- 2,773 property size
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
$20,622
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
8.78%
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%
$412,440
$412.4K
Cap Rate 7%
$294,600
$294.6K
Cap Rate 9%
$229,133
$229.1K
Market Conditions
NOI Build-Up for 2,773 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
$39.9K $14.40/SF
− Vacancy
−$2.4K −$0.88/SF
EGI
$37.5K $13.52/SF
− OpEx
−$16.9K −$6.08/SF
NOI
$20.6K $7.44/SF
Area
Bradley County, TN
Vacancy
6.10%
Lease Rate
$14.40 /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%
$412,440
Cap Rate 7%
$294,600
Cap Rate 9%
$229,133
Alternative Uses
Best Use
Apartment 5plus
$294.6K
$257.8K – $343.7K
NOI $20,622 @ 7.0% cap · market cap 8.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$581.9K
$509.1K – $678.8K
NOI $40,730 @ 7.0% cap · market cap 17.33%
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
150
Businesses Nearby
Explore this area
Business Placement
Demographics for 37311, TN
29,687
Population
12,942
Households
2.3
Avg Household Size
34
Median Age
18%
College-Educated
83%
High-School Grad
50.1 sq mi
ZIP Area
593
Density / Sq Mi
$46,827
Median Household Income
$28,839
Median Earnings
$890
Median Rent
$205,800
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
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Frequently Asked Questions
What type of property is this?
Multifamily property - Multifamily property built in 1995 and brought down to the stud, ready for your buildout.
Where is this multifamily property located?
The property is located at 481 Old Chattanooga Pike Southwest Cleveland, TN.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: Brought down to the stud for renovation and buildout; Multifamily property built in 1995; 2,773 property size
