Remodeled 7-Unit Apartment
For Sale
$575,000
508 E Central Ave, La Follette, TN 37766
Multi-Family, LaFollette, TN
Property Size4,040 SF
Price / SF$142.33
Days on Market137
Property Features for 508 E Central Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Exterior features
Windows - Vinyl
Appliances
Range, Refrigerator
Directions
: I 75 exit 134 to Lafollette (approximately 9 miles). Property is on the right. SOP
Subdivision
Campbell County - 37
Standard status
Active
APN
085K F 00300 000
Size
4,040 SF
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Tax Annual Amount
2715
Utilities
Heating system
Electric (Heating), Central
Cooling system
Ceiling Fan(s), Central Air
Building Details
Year built
1930
Number of units
7
Flooring type
Tile, Vinyl
Building materials
Vinyl Siding, Frame
Roof type
Metal
Buildings
2
Listing Agency:
United Real Estate Solutions
(865) 444-2400
Listed By:
Mark Hunter · License #375958
(865) 724-8106
Added: Jun 16
Changed: Oct 27
Last Checked: Oct 30 at 9:06AM
MLS# 1344805
Copyright © 2026 East Tennessee 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 apartment property includes 7 units across two buildings totaling 4,040 square feet. The interiors have been recently updated with vinyl and tile flooring, while exterior construction includes vinyl siding and frame construction. Each building benefits from central heating, electric heat, central air, and ceiling fans. Individual units include ranges and refrigerators, and the property has a metal roof and vinyl windows.
Built in 1930, the complex is located at 508 E Central Ave in LaFollette, Tennessee. The property is positioned near Norris Lake, ATV trails, camping, boating, and other outdoor recreation, with interstate access and nearby shops, dining, and services in LaFollette. The existing seven-unit configuration supports multifamily use, with the source information also identifying potential for short-term rental operation.
Built in 1930, the complex is located at 508 E Central Ave in LaFollette, Tennessee. The property is positioned near Norris Lake, ATV trails, camping, boating, and other outdoor recreation, with interstate access and nearby shops, dining, and services in LaFollette. The existing seven-unit configuration supports multifamily use, with the source information also identifying potential for short-term rental operation.
Key Highlights
- 7 units across 2 buildings
- 4,040 square feet of apartment improvements
- Recently updated interiors with vinyl and tile flooring
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$36,256
Cap Rate
6.31%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$725,120
$725.1K
Cap Rate 7%
$517,943
$517.9K
Cap Rate 9%
$402,844
$402.8K
Market Conditions
NOI Build-Up for 4,040 SF
Gross rent
$71.3K $17.64/SF
− Vacancy
−$5.3K −$1.32/SF
EGI
$65.9K $16.32/SF
− OpEx
−$29.7K −$7.34/SF
NOI
$36.3K $8.97/SF
Area
Campbell County, TN
Vacancy
7.50%
Lease Rate
$17.64 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$725,120
Cap Rate 7%
$517,943
Cap Rate 9%
$402,844
Alternative Uses
Best Use
Apartment 5plus
$517.9K
$453.2K – $604.3K
NOI $36,256 @ 7.0% cap · market cap 6.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.00M
$875.6K – $1.17M
NOI $70,044 @ 7.0% cap · market cap 12.18%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
7
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
391
Businesses Nearby
Explore this area
Business Placement
Demographics for 37766, TN
18,011
Population
9,721
Households
1.9
Avg Household Size
44
Median Age
12%
College-Educated
82%
High-School Grad
137.3 sq mi
ZIP Area
131
Density / Sq Mi
$46,692
Median Household Income
$31,379
Median Earnings
$747
Median Rent
$160,500
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 - Two separate buildings offer updated interiors near Norris Lake and regional outdoor recreation.
Where is this apartment building located?
The property is located at 508 E Central Ave La Follette, TN.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 7 units across 2 buildings; 4,040 square feet of apartment improvements; Recently updated interiors with vinyl and tile flooring
