Renovated Four-Unit
For Sale
$329,000
650 Railroad Street NE, Cleveland, TN 37311
Residential Income, Cleveland, TN
Property Size2,288 SF
Lot Size0.29 Acres
Price / SF$143.79
Days on Market142
Property Features for 650 Railroad Street NE
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Bedrooms
4
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 3, Bathroom 5, Bathroom 1, Bedroom 4, Bedroom 1, Bathroom 4, Bathroom 2, Bedroom 2, Bedroom 3
Patio and Porch features
Porch
Appliances
Refrigerator, Microwave, Electric Water Heater, Electric Range
Lot features
Sloped
Elementary school
Arnold Elementary
Middle school
Cleveland Middle
High school
Cleveland High
Directions
From Bradley County Courthouse head north on South Ocoee St, then turn right on 8th se NE, then right on Railroad st SE
Standard status
Active
APN
049m L 02200 000
Size
2,288 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Description
049m L 022.00
Tax Annual Amount
1378
Legal Description
049m L 022.00
Utilities
Sewer type
Public Sewer
Heating system
Ductless (Heating)
Cooling system
Ductless
Water source
Public
Building Details
Year built
1966
Number of units
4
Flooring type
Vinyl
Building materials
Brick Veneer, Vinyl Siding
Roof type
Metal
Architectural style
Ranch
Listing Agency:
Century 21 1st Choice Realtors · Century 21 Real Estate
(423) 478-2332
Listed By:
Gabe Cartwright · License #363796
(423) 716-3922
Added: Apr 15
Changed: Sep 1
Last Checked: Sep 3 at 1:06PM
MLS# 1532598
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 four-unit quadplex contains 2,288 square feet on a 0.29-acre lot. Each unit is configured with one bedroom and one bathroom, with updated interiors and vinyl flooring. Recent improvements include new plumbing and mini-split heating and cooling systems. The property was built in 1966 and has ranch-style architecture, a metal roof, brick veneer and vinyl siding, plus porch features.
Located at 650 Railroad Street NE in Cleveland, Tennessee, the property is served by public water and public sewer. Appliances include refrigerators, microwaves, electric water heaters, and electric ranges. The unit layout, updated finishes, and mechanical improvements provide a consistent configuration across the quadplex.
Located at 650 Railroad Street NE in Cleveland, Tennessee, the property is served by public water and public sewer. Appliances include refrigerators, microwaves, electric water heaters, and electric ranges. The unit layout, updated finishes, and mechanical improvements provide a consistent configuration across the quadplex.
Key Highlights
- Four‑unit quadplex with one bedroom and one bathroom per unit
- 2,288 square feet on a 0.29‑acre lot
- Recent plumbing replacement and updated interiors
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
$19,555
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
5.94%
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%
$391,100
$391.1K
Cap Rate 7%
$279,357
$279.4K
Cap Rate 9%
$217,278
$217.3K
Market Conditions
NOI Build-Up for 2,288 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
$29.7K $12.96/SF
− Vacancy
−$1.7K −$0.75/SF
EGI
$27.9K $12.21/SF
− OpEx
−$8.4K −$3.66/SF
NOI
$19.6K $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%
$391,100
Cap Rate 7%
$279,357
Cap Rate 9%
$217,278
Alternative Uses
Best Use
Multifamily LT 5
$279.4K
$244.4K – $325.9K
NOI $19,555 @ 7.0% cap · market cap 5.94%
Second Best
Apartment 5plus
$243.1K
$212.7K – $283.6K
NOI $17,016 @ 7.0% cap · market cap 5.17%
Theoretical Best
Office A
$480.1K
$420.1K – $560.1K
NOI $33,606 @ 7.0% cap · market cap 10.21%
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 units feature updated interiors, new plumbing, and ductless 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; 2,288 square feet on a 0.29‑acre lot; Recent plumbing replacement and updated interiors
