Quadplex Converted From Historic
For Sale
$682,000
602 Elm Avenue, South Pittsburg, TN 37380
MULTI_FAMILY - Contemporary - South Pittsburg, TN
Property Size4,553 SF
Lot Size0.48 Acres
Price / SF$149.79
Days on Market112
Property Features for 602 Elm Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
9
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 1, Bathroom 4, Bedroom 3, Bathroom 6, Bedroom 4, Bedroom 7, Bedroom 8, Bedroom 1, Bedroom 6, Bathroom 5, Bathroom 2, Bathroom 3, Bedroom 9, Bedroom 2, Bedroom 5
Parking features
On Street, Driveway, Off Street, Parking Lot
Window features
Vinyl Frames, Insulated Windows
Patio and Porch features
Porch
Interior features
Double Vanity, En Suite, Entrance Foyer, High Speed Internet, Kitchen Island, Open Floorplan, Recessed Lighting, Storage, Tub/shower Combo, Walk-In Closet(s)
Exterior features
Garden
Appliances
Water Heater, Washer, Stainless Steel Appliance(s), Refrigerator, Oven, Microwave, Free-Standing Refrigerator, Free-Standing Electric Range, Free-Standing Electric Oven, Electric Range, Electric Oven, Dryer, Dishwasher
Lot features
Corner Lot, Front Yard, Garden, Gentle Sloping, Level, Open Lot, Sloped
View
City
Elementary school
South Pittsburg Elementary
Middle school
South Pittsburg Middle
High school
South Pittsburg High
Directions
From I 24: Take exit 152A Route 72 West. Stay to the right to Route 156 towards S. Pittsburg. Turn right on 6th St. Turn left on Elm Ave. 602 Elm will be on the corner.
Standard status
Active
APN
142p C 04200 000
Size
4,553 SF
Lot size
0.48 Acres
Taxes and HOA fees
Tax Description
Apartments
Tax Annual Amount
4756
Legal Description
Apartments
Utilities
Utilities
Phone Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Electric, Varies by Unit, Central Air, Multi Units
Water source
Public
Amenities
in-unit washer/dryer
shared outdoor space
Building Details
Year built
1975
Number of units
4
Flooring type
Vinyl, Tile
Building materials
Brick
Roof type
Asphalt, Shingle
Architectural style
Contemporary
Additional Structures
Storage
Listing Agency:
Real Estate Partners Chattanooga LLC
(423) 265-0088
Listed By:
Diana Davies · License #356940
(703) 764-0907
Added: Apr 23
Changed: Aug 11
Last Checked: Aug 12 at 12:06AM
MLS# 1533145
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.
This quadplex is a historic church conversion built in 1975 and reimagined in a contemporary style for today’s renters. The property has four units and has been maintained as fully leased since its renovation, with consistent occupancy. Interiors include durable vinyl and tile flooring, and each unit is equipped with stainless steel appliances, plus in-unit washer and dryer for added convenience. Unit layouts include a shared entrance foyer and in-unit features such as walk-in closets, storage, and double vanities where applicable.
The building offers a mix of unit types: Unit 1 is 3 bed / 2 bath, Unit 2 is 2 bed / 1 bath, Unit 3 is 2 bed / 2 bath, and Unit 4 is 2 bed / 1 bath. Exterior amenities include a garden and a porch, along with dedicated parking plus access to a shared outdoor space. Parking options include driveway, parking lot, and on-street and off-street spaces.
Utilities and systems include public water and public sewer, with electric heating and central cooling options that vary by unit. Construction is brick with an asphalt shingle roof.
The building offers a mix of unit types: Unit 1 is 3 bed / 2 bath, Unit 2 is 2 bed / 1 bath, Unit 3 is 2 bed / 2 bath, and Unit 4 is 2 bed / 1 bath. Exterior amenities include a garden and a porch, along with dedicated parking plus access to a shared outdoor space. Parking options include driveway, parking lot, and on-street and off-street spaces.
Utilities and systems include public water and public sewer, with electric heating and central cooling options that vary by unit. Construction is brick with an asphalt shingle roof.
Key Highlights
- Fully leased 4‑unit quadplex converted from a historic church
- Unit mix: 3 bed/2 bath, 2 bed/1 bath, 2 bed/2 bath, and 2 bed/1 bath
- In‑unit washer and dryer plus stainless steel appliance package in every unit
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
$44,699
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
6.55%
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%
$893,980
$894.0K
Cap Rate 7%
$638,557
$638.6K
Cap Rate 9%
$496,656
$496.7K
Market Conditions
NOI Build-Up for 4,553 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
$68.3K $15.00/SF
− Vacancy
−$4.4K −$0.98/SF
EGI
$63.9K $14.03/SF
− OpEx
−$19.2K −$4.21/SF
NOI
$44.7K $9.82/SF
Area
Marion County, 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%
$893,980
Cap Rate 7%
$638,557
Cap Rate 9%
$496,656
Alternative Uses
Best Use
Multifamily LT 5
$638.6K
$558.7K – $745.0K
NOI $44,699 @ 7.0% cap · market cap 6.55%
Second Best
Apartment 5plus
$573.0K
$501.4K – $668.5K
NOI $40,110 @ 7.0% cap · market cap 5.88%
Theoretical Best
Office A
$1.01M
$879.9K – $1.17M
NOI $70,389 @ 7.0% cap · market cap 10.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
253
Businesses Nearby
Explore this area
Business Placement
Demographics for 37380, TN
6,305
Population
2,906
Households
2.2
Avg Household Size
45
Median Age
11%
College-Educated
80%
High-School Grad
126.2 sq mi
ZIP Area
50
Density / Sq Mi
$53,160
Median Household Income
$31,146
Median Earnings
$921
Median Rent
$185,000
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?
Quadplex - Fully leased 4-unit quadplex with stainless steel appliances and in-unit washer and dryer in each unit.
Where is this quadplex located?
The property is located at 602 Elm Avenue South Pittsburg, TN.
What is the asking price?
The asking price for this property is $682,000.
What are key features of this property?
This property features: Fully leased 4‑unit quadplex converted from a historic church; Unit mix: 3 bed/2 bath, 2 bed/1 bath, 2 bed/2 bath, and 2 bed/1 bath; In‑unit washer and dryer plus stainless steel appliance package in every unit
