Building Details

Year Built 1966

Listing Agency: Century 21 1st Choice Realtors

Listed By: Gabe Cartwright · License #363796 Show Phone

Source: Fykesrealtygroup

Added: Aug 26 Changed: Oct 11 Last Checked: Oct 7 at 12:54PM

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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 Century 21 1st Choice Realtors

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Investment Insights

Based on property information with market context.

This four-unit residential income property was built in 1966 and has undergone a full renovation. Each unit contains one bedroom and one bathroom, with refreshed interior finishes and mini-split heating and cooling equipment. Plumbing has also been replaced, supporting the property’s updated physical systems.

Located at 650 Railroad Street NE in Cleveland, Tennessee, the quadplex combines four separately configured units within a single multifamily asset. The consistent one-bedroom, one-bath layout across the property provides a straightforward configuration for residential occupancy.

Key Highlights

• Four‑unit quadplex with one bedroom and one bathroom per unit
• Fully renovated with refreshed interior finishes throughout
• Mini‑split heating and cooling systems in each unit

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$9,777

Cap Rate

2.97%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$195,540 $195.5K

Cap Rate 7%

$139,671 $139.7K

Cap Rate 9%

$108,633 $108.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,144 SF

Gross rent

$14.8K $12.96/SF

− Vacancy

−$858 −$0.75/SF

EGI

$14.0K $12.21/SF

− OpEx

−$4.2K −$3.66/SF

NOI

$9.8K $8.55/SF

Area

Bradley County, TN

Vacancy

5.79%

Lease Rate

$12.96 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$195,540

Cap Rate 7%

$139,671

Cap Rate 9%

$108,633

Alternative Uses

Best Use

Multifamily LT 5

$139.7K

$122.2K – $163.0K (±1% cap)

NOI $9,777 @ 7.0% cap · market cap 2.97%

Second Best

Apartment 5plus

$121.5K

$106.4K – $141.8K (±1% cap)

NOI $8,508 @ 7.0% cap · market cap 2.59%

Theoretical Best

Office A

$240.0K

$210.0K – $280.1K (±1% cap)

NOI $16,803 @ 7.0% cap · market cap 5.11%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Quadplexes

Suggested Use

Top Pick Parking Lot & Garage Garden Center Locksmith Carpet & Flooring Store (Bike/Boat/Book/etc) Store Furniture & Home Goods

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

4

Residential units

Location Intelligence

Trade Area within ½ mile

955

Businesses Nearby

Explore this area Business Placement

Demographics for 37311, TN

29,687

Population

12,942

Households

2.3

Avg Household Size

34

Median Age

18%

College-Educated

83%

High-School Grad

50.1 sq mi

ZIP Area

593

Density / Sq Mi

$46,827

Median Household Income

$28,839

Median Earnings

$890

Median Rent

$205,800

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Quadplex - Four one-bedroom, one-bath units include updated interiors and mini-split heating and cooling systems.

Where is this quadplex located?

The property is located at 650 Railroad Street NE Cleveland, TN.

What is the asking price?

The asking price for this property is $329,000.

What are key features of this property?

This property features: Four‑unit quadplex with one bedroom and one bathroom per unit; Fully renovated with refreshed interior finishes throughout; Mini‑split heating and cooling systems in each unit