6-Unit Apartment
For Sale
$699,995
Pending
630 Elizabethton Highway, Bluff City, TN 37618
Multi Family, Bluff City, TN
Property Size6,174 SF
Lot Size1.28 Acres
Days on Market110
Property Features for 630 Elizabethton Highway
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MF
Bedrooms
12
Bathrooms
12
Full bathrooms
6
Half bathrooms
6
Rooms
Bedroom 12, Bedroom 11, Bedroom 5, Bedroom 3, Bedroom 10, Bedroom 1, Bedroom 6, Bedroom 2, Bathroom 10, Bathroom 7, Bathroom 8, Bathroom 5, Bedroom 7, Bedroom 8, Bedroom 4, Bedroom 9, Bathroom 2, Bathroom 11, Bathroom 4, Bathroom 6, Bathroom 9, Bathroom 12, Bathroom 3, Bathroom 1, Basement
Basement
Crawl Space
Appliances
Dishwasher, Range, Refrigerator
Subdivision
Not Listed
Elementary school
Bluff City
Middle school
East Middle
High school
Sullivan East
Directions
11E to 19E toward Elizabethton. Left on Elizabethton Hwy. Buildings on left.
Standard status
Pending
APN
125b A 008.10
Size
6,174 SF
Lot size
1.28 Acres
Taxes and HOA fees
Tax Annual Amount
3191
Utilities
Sewer type
Septic Tank
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Water source
Public
Building Details
Year built
1993
Floors in Building
2
Number of units
6
Flooring type
Carpet, Laminate, Vinyl
Building materials
Vinyl Siding
Roof type
Metal
Listing Agency:
Path Real Estate LLC
(423) 377-0577
Listed By:
Justin Branson · License #303020
(423) 366-7745
Added: Jun 15
Changed: Oct 1
Last Checked: Oct 2 at 4:06AM
MLS# 9996838
Copyright © 2026 Tennessee Virginia Regional Multiple Listing Service. 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 six-unit apartment property in Bluff City contains 6,174 square feet across residences with two bedrooms and 1.5 baths each. All units are occupied and separately metered. The 1.28-acre parcel is zoned MF. Building details include vinyl siding, a metal roof, and heat-pump heating and cooling. Public water and septic service the property; appliances include a dishwasher, range, and refrigerator in the units.
Constructed in 1993, the building received a metal roof and siding in 2012. Crawl-space water lines are PEX, and cleanup work was completed in 2025. The property is located at 630 Elizabethton Highway in Sullivan County. Carpet, laminate, and vinyl flooring are present within the building.
Constructed in 1993, the building received a metal roof and siding in 2012. Crawl-space water lines are PEX, and cleanup work was completed in 2025. The property is located at 630 Elizabethton Highway in Sullivan County. Carpet, laminate, and vinyl flooring are present within the building.
Key Highlights
- Six units, all occupied
- Each residence has 2 bedrooms and 1.5 baths
- 6,174 square feet on a 1.28‑acre parcel
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
$43,128
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
6.16%
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%
$862,560
$862.6K
Cap Rate 7%
$616,114
$616.1K
Cap Rate 9%
$479,200
$479.2K
Market Conditions
NOI Build-Up for 6,174 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
$83.0K $13.44/SF
− Vacancy
−$4.6K −$0.74/SF
EGI
$78.4K $12.70/SF
− OpEx
−$35.3K −$5.72/SF
NOI
$43.1K $6.99/SF
Area
Sullivan County, TN
Vacancy
5.50%
Lease Rate
$13.44 /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%
$862,560
Cap Rate 7%
$616,114
Cap Rate 9%
$479,200
Alternative Uses
Best Use
Apartment 5plus
$616.1K
$539.1K – $718.8K
NOI $43,128 @ 7.0% cap · market cap 6.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.31M
$2.02M – $2.70M
NOI $161,844 @ 7.0% cap · market cap 23.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
34
Businesses Nearby
Explore this area
Business Placement
Demographics for 37618, TN
12,729
Population
6,250
Households
2
Avg Household Size
47
Median Age
17%
College-Educated
88%
High-School Grad
69.3 sq mi
ZIP Area
184
Density / Sq Mi
$58,413
Median Household Income
$37,003
Median Earnings
$880
Median Rent
$174,000
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Six occupied residences feature separate utility meters and a consistent two-bedroom layout.
Where is this apartment building located?
The property is located at 630 Elizabethton Highway Bluff City, TN.
What is the asking price?
The asking price for this property is $699,995.
What are key features of this property?
This property features: Six units, all occupied; Each residence has 2 bedrooms and 1.5 baths; 6,174 square feet on a 1.28‑acre parcel
