Renovated Four-Unit
New
For Sale
$329,000
650 Railroad Street NE, Cleveland, TN 37311
Four one-bedroom, one-bath units include updated interiors and mini-split heating and cooling systems.
Property Size1,144 SF
Price / SF$287.59
Days on Market5
Property Features for 650 Railroad Street NE
General Information
Standard status
Active
Size
1,144 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Building Details
Year Built
1966
Listing Agency:
Century 21 1st Choice Realtors
(423) 716-3922
Listed By:
Gabe Cartwright · License #363796
Source:
Fykesrealtygroup
Added: Aug 26
Changed: Aug 28
Last Checked: Aug 29 at 12:22PM
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
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.
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 = 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
$9,777
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
2.97%
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%
$195,540
$195.5K
Cap Rate 7%
$139,671
$139.7K
Cap Rate 9%
$108,633
$108.6K
Market Conditions
NOI Build-Up for 1,144 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
$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 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%
$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
NOI $9,777 @ 7.0% cap · market cap 2.97%
Second Best
Apartment 5plus
$121.5K
$106.4K – $141.8K
NOI $8,508 @ 7.0% cap · market cap 2.59%
Theoretical Best
Office A
$240.0K
$210.0K – $280.1K
NOI $16,803 @ 7.0% cap · market cap 5.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
