Contemporary Duplex with Central
For Sale
$255,000
506 Hargraves Avenue, Chattanooga, TN 37411
MULTI_FAMILY - Contemporary - Chattanooga, TN
Property Size1,378 SF
Lot Size0.30 Acres
Price / SF$185.05
Days on Market105
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, Bedroom 4, Bathroom 2, Bedroom 2, Bathroom 1
Parking features
Off Street, Driveway
Window features
Insulated Windows
Patio and Porch features
Porch
Interior features
Ceiling Fan(s), Entrance Foyer, Pantry, Tub/shower Combo
Fencing
Fenced
Basement
Crawl Space
Appliances
Free-Standing Refrigerator, Electric Range
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
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
Central, Electric (Heating)
Cooling system
Central Air
Water source
Public
Amenities
washer/dryer hookups
separate utility meters
central HVAC
shared fenced backyard
Building Details
Year built
1950
Floors in Building
1
Number of units
2
Flooring type
Carpet, Tile, Vinyl
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: Aug 1
Last Checked: Aug 4 at 10:06PM
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.
Investment Insights
Based on property information with market context.
Contemporary duplex at 506 Hargraves Avenue featuring two units, each with two bedrooms, one bathroom, washer/dryer hookups, and central HVAC. The home includes ceiling fans, an entrance foyer, a pantry, and tub/shower combinations, with flooring that includes carpet, tile, and vinyl. Heating is central electric, cooling is central air, and parking is available off-street via a driveway.
The property sits on a level 0.3-acre lot with a porch and a shared fenced backyard. Both units have separate utility meters, a public water source, and public sewer. Architectural style is contemporary, with an asphalt shingle roof. The duplex was built in 1950.
Updates include central HVAC, several vinyl windows, and carpet replaced in 2019. Sellers are also completing replacement of the horizontal water supply and drain plumbing, estimated to finish in early August.
If you’re seeking immediate income and potential owner-occupant flexibility, this duplex is currently generating rental income, with one tenant in place since 2018 and the second lease expiring in August. Showings are available during due diligence with an accepted purchase agreement or Letter of Intent.
The property sits on a level 0.3-acre lot with a porch and a shared fenced backyard. Both units have separate utility meters, a public water source, and public sewer. Architectural style is contemporary, with an asphalt shingle roof. The duplex was built in 1950.
Updates include central HVAC, several vinyl windows, and carpet replaced in 2019. Sellers are also completing replacement of the horizontal water supply and drain plumbing, estimated to finish in early August.
If you’re seeking immediate income and potential owner-occupant flexibility, this duplex is currently generating rental income, with one tenant in place since 2018 and the second lease expiring in August. Showings are available during due diligence with an accepted purchase agreement or Letter of Intent.
Key Highlights
- Two‑unit duplex, each unit with 2 bedrooms and 1 bathroom
- Central HVAC plus central air, with washer/dryer hookups in both units
- 0.3‑acre level lot with shared fenced backyard and porch
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $20.7k | $15.00 |
| − Vacancy | −$1.3k | −$0.98 |
| EGI | $19.3k | $14.03 |
| − OpEx | −$5.8k | −$4.21 |
| NOI | $13.5k | $9.82 |
1,378 SF · lease $15.00/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$193.3K
$169.1K – $225.5K
NOI $13,529 @ 7.0% cap · market cap 5.31%
Second Best
Apartment 5plus
$173.4K
$151.8K – $202.3K
NOI $12,140 @ 7.0% cap · market cap 4.76%
Theoretical Best
Office A
$304.3K
$266.3K – $355.1K
NOI $21,304 @ 7.0% cap · market cap 8.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
175
Businesses Nearby
Explore this area
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
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 - Contemporary duplex on a fenced, shared backyard with central HVAC and washer/dryer hookups in both units.
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 $255,000.
What are key features of this property?
This property features: Two‑unit duplex, each unit with 2 bedrooms and 1 bathroom; Central HVAC plus central air, with washer/dryer hookups in both units; 0.3‑acre level lot with shared fenced backyard and porch
