Renovated Triplex with
For Sale
$325,000
Pending
6314 Fisk Ave, Chattanooga, TN 37421
Three separately metered units offer in-unit laundry and durable LVP flooring.
Property Size2,497 SF
Days on Market64
Property Features for 6314 Fisk Ave
General Information
Standard status
Pending
Size
2,497 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
3
Additional Details
Highway Access
Yes
Amenities
in-unit laundry
Building Details
Year Built
1971
Listing Agency:
Keller Williams Realty
(423) 710-4602
Listed By:
Charles Jabaley · License #TN352704
Source:
Searchchattanoogahomesnow
Added: Jun 27
Changed: Aug 28
Last Checked: Aug 25 at 7:39AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Realty
Investment Insights
Based on property information with market context.
This 2,497-square-foot triplex, built in 1971, contains two 2-bedroom, 1-bathroom units measuring just under 800 square feet each and a larger 3-bedroom, 1-bathroom unit of approximately 1,000 square feet. The units have been renovated with LVP flooring and in-unit laundry, and each is separately metered. Unit B is vacant, while Unit A is scheduled for renovation before closing. Unit C includes a private rear entrance and its own 2-car garage.
Property improvements include a newer roof installed 6 years ago and newer siding. The triplex is positioned in a quiet residential neighborhood with access to Highway 153 and connectivity to downtown Chattanooga, Volkswagen, Amazon, and other major employers. Unit C is occupied by a long-term tenant, and its garage door is scheduled for replacement before closing.
Property improvements include a newer roof installed 6 years ago and newer siding. The triplex is positioned in a quiet residential neighborhood with access to Highway 153 and connectivity to downtown Chattanooga, Volkswagen, Amazon, and other major employers. Unit C is occupied by a long-term tenant, and its garage door is scheduled for replacement before closing.
Key Highlights
- Three‑unit property with two 2‑bedroom, 1‑bathroom units and one 3‑bedroom, 1‑bathroom unit
- 2,497 square feet on a 1971‑built property
- Two units measure just under 800 square feet; the third is approximately 1,000 square feet
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
$24,514
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
7.54%
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%
$490,280
$490.3K
Cap Rate 7%
$350,200
$350.2K
Cap Rate 9%
$272,378
$272.4K
Market Conditions
NOI Build-Up for 2,497 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
$37.5K $15.00/SF
− Vacancy
−$2.4K −$0.98/SF
EGI
$35.0K $14.03/SF
− OpEx
−$10.5K −$4.21/SF
NOI
$24.5K $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 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%
$490,280
Cap Rate 7%
$350,200
Cap Rate 9%
$272,378
Alternative Uses
Best Use
Multifamily LT 5
$350.2K
$306.4K – $408.6K
NOI $24,514 @ 7.0% cap · market cap 7.54%
Second Best
Apartment 5plus
$314.3K
$275.0K – $366.6K
NOI $21,998 @ 7.0% cap · market cap 6.77%
Theoretical Best
Office A
$551.5K
$482.5K – $643.4K
NOI $38,603 @ 7.0% cap · market cap 11.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
730
Businesses Nearby
Explore this area
Business Placement
Demographics for 37421, TN
51,686
Population
23,978
Households
2.2
Avg Household Size
40
Median Age
38%
College-Educated
92%
High-School Grad
31.7 sq mi
ZIP Area
1,630
Density / Sq Mi
$79,958
Median Household Income
$44,452
Median Earnings
$1,313
Median Rent
$299,600
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?
Triplex - Three separately metered units offer in-unit laundry and durable LVP flooring.
Where is this triplex located?
The property is located at 6314 Fisk Ave Chattanooga, TN.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Three‑unit property with two 2‑bedroom, 1‑bathroom units and one 3‑bedroom, 1‑bathroom unit; 2,497 square feet on a 1971‑built property; Two units measure just under 800 square feet; the third is approximately 1,000 square feet
