Duplex with Refreshed
For Sale
$254,000
506 Hargraves Avenue, Chattanooga, TN 37411
Residential Income, Chattanooga, TN
Property Size1,378 SF
Lot Size0.30 Acres
Price / SF$184.33
Days on Market196
Property Features for 506 Hargraves Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 1, Bathroom 2, Bedroom 2, Bedroom 4, Bathroom 1
Parking features
Off Street, Driveway
Window features
Insulated Windows, Double Pane Windows, Wood Frames
Patio and Porch features
Porch
Interior features
Ceiling Fan(s), Entrance Foyer, Laminate Counters, Pantry, Tub/shower Combo
Fencing
Fenced
Basement
Crawl Space
Subdivision
Shawnee Park
Lot features
Gentle Sloping, Level, Sloped Down
Elementary school
Woodmore Elementary
Middle school
Dalewood Middle
High school
Brainerd High
Directions
Turn right onto Rogers Rd near the intersection of N Germantown Rd and Brainerd Rd. Slight left onto Vaughn Rd. Property is the second on the right.
Standard status
Active
APN
147o Q 020
Size
1,378 SF
Lot size
0.30 Acres
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Tax Description
LT 60 & PT LT 56 SHAWNEE PARK PB16 PG27 0067 05 10
Tax Annual Amount
2262
Legal Description
LT 60 & PT LT 56 SHAWNEE PARK PB16 PG27 0067 05 10
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Amenities
washer/dryer hookups
central HVAC
vinyl windows
shared fenced backyard
Building Details
Year built
1950
Floors in Building
1
Number of units
2
Flooring type
Vinyl, Carpet, Tile
Roof type
Asphalt, Shingle
Architectural style
Contemporary
Listing Agency:
Real Estate Partners Chattanooga LLC
(423) 362-8333
Listed By:
Candice Neal · License #365457
(706) 273-9176
Added: Apr 22
Changed: Oct 26
Last Checked: Nov 3 at 9:06AM
MLS# 1533085
Copyright © 2026 Greater Chattanooga Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 1,378-square-foot duplex contains two 2-bedroom, 1-bath residences on a 0.3-acre lot. Each unit has washer and dryer hookups and its own utility meter. Side A is vacant and has been refreshed with luxury vinyl plank flooring, paint, and updated hardware. Work to the water supply and waste lines has also been completed, and the front windows are vinyl. Central HVAC serves the property.
Side B has had a long-term occupant since 2018; Side A is available to show by appointment. The gently sloped site includes a shared fenced backyard, a porch, and driveway and off-street parking. Public water and sewer serve the property.
Side B has had a long-term occupant since 2018; Side A is available to show by appointment. The gently sloped site includes a shared fenced backyard, a porch, and driveway and off-street parking. Public water and sewer serve the property.
Key Highlights
- Two 2‑bedroom, 1‑bath units totaling 1,378 square feet
- 0.3‑acre lot with a shared fenced backyard
- Vacant Side A has new LVP flooring, paint, and updated hardware
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,529
Cap Rate
5.33%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$270,580
$270.6K
Cap Rate 7%
$193,271
$193.3K
Cap Rate 9%
$150,322
$150.3K
Market Conditions
NOI Build-Up for 1,378 SF
Gross rent
$20.7K $15.00/SF
− Vacancy
−$1.3K −$0.98/SF
EGI
$19.3K $14.03/SF
− OpEx
−$5.8K −$4.21/SF
NOI
$13.5K $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 Rate 5%
$270,580
Cap Rate 7%
$193,271
Cap Rate 9%
$150,322
Alternative Uses
Best Use
Multifamily LT 5
$193.3K
$169.1K – $225.5K
NOI $13,529 @ 7.0% cap · market cap 5.33%
Second Best
Apartment 5plus
$173.4K
$151.8K – $202.3K
NOI $12,140 @ 7.0% cap · market cap 4.78%
Theoretical Best
Office A
$304.3K
$266.3K – $355.1K
NOI $21,304 @ 7.0% cap · market cap 8.39%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
175
Businesses Nearby
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Business Placement
Demographics for 37411, TN
17,499
Population
8,807
Households
2
Avg Household Size
40
Median Age
29%
College-Educated
90%
High-School Grad
7.3 sq mi
ZIP Area
2,397
Density / Sq Mi
$50,180
Median Household Income
$34,045
Median Earnings
$1,031
Median Rent
$216,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Both residences offer two bedrooms, separate utility meters, and washer and dryer connections.
Where is this duplex located?
The property is located at 506 Hargraves Avenue Chattanooga, TN.
What is the asking price?
The asking price for this property is $254,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units totaling 1,378 square feet; 0.3‑acre lot with a shared fenced backyard; Vacant Side A has new LVP flooring, paint, and updated hardware
