Triplex with Deck and
For Sale
$369,000
6625 Vaden Drive, Chattanooga, TN 37421
MULTI_FAMILY - Chattanooga, TN
Property Size3,340 SF
Lot Size0.28 Acres
Price / SF$110.48
Days on Market124
Property Features for 6625 Vaden Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
5
Full bathrooms
4
Rooms
Bathroom 5, Bedroom 4, Bedroom 3, Bathroom 3, Basement, Bathroom 1, Bathroom 2, Bathroom 4, Bedroom 1, Bedroom 5, Bedroom 2
Parking features
Driveway
Patio and Porch features
Patio, Deck
Interior features
Eat-in Kitchen, Open Floorplan, Storage
Basement
Finished
Subdivision
Carr
Lot features
Gentle Sloping, Level
Elementary school
Bess T. Shepherd Elementary
Middle school
Tyner Middle Academy
High school
Tyner Academy
Directions
From I-75 to Hwy 153, north on Lee Hwy, left on Hickory Valley Road, Left on Vaden Drive, Property on left.
Standard status
Active
APN
148f C 013
Size
3,340 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Description
LT 3 CARR TRACT PB21 PG48
Tax Annual Amount
4241
Legal Description
LT 3 CARR TRACT PB21 PG48
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1999
Floors in Building
2
Number of units
3
Roof type
Shingle
Additional Structures
Storage
Listing Agency:
simpliHOM
(855) 856-9466
Listed By:
Jonathan D Lickliter · License #336975
(423) 790-4333
Added: Apr 10
Changed: Aug 4
Last Checked: Aug 11 at 12:06PM
MLS# 1532301
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 triplex offers three apartments within a single building, with the top level featuring a 3/4-bedroom layout (3/4 bedrooms listed), two full bathrooms, a living and dining combination, a large eat-in kitchen with cabinet space, a den, a laundry room, and hardwood floors in the bedrooms, hallway, and den. The basement provides two 1-bedroom, 1-bath apartments, each with an eat-in kitchen, living room, and laundry hook-ups. Exterior amenities include a deck and a storage building in the back yard that remains with the property.
The property is zoned commercial for a triplex and is currently reported as 100% occupied. Utility service includes public water and public sewer, with 3 electric meters and 3 separate heat pumps, plus 1 water meter. Interior climate is supported by electric heating and central air, and the roof is shingle with a new roof installed in 2019.
The home was built in 1999 and includes driveway parking.
The property is zoned commercial for a triplex and is currently reported as 100% occupied. Utility service includes public water and public sewer, with 3 electric meters and 3 separate heat pumps, plus 1 water meter. Interior climate is supported by electric heating and central air, and the roof is shingle with a new roof installed in 2019.
The home was built in 1999 and includes driveway parking.
Key Highlights
- 0.28‑acre triplex property with deck and back‑yard storage building
- Three apartments reported as 100% occupied
- Top level: 3/4 bedrooms, 2 full bathrooms, living/dining combination, eat‑in kitchen
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
$32,790
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
8.89%
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%
$655,800
$655.8K
Cap Rate 7%
$468,429
$468.4K
Cap Rate 9%
$364,333
$364.3K
Market Conditions
NOI Build-Up for 3,340 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
$50.1K $15.00/SF
− Vacancy
−$3.3K −$0.98/SF
EGI
$46.8K $14.03/SF
− OpEx
−$14.1K −$4.21/SF
NOI
$32.8K $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%
$655,800
Cap Rate 7%
$468,429
Cap Rate 9%
$364,333
Alternative Uses
Best Use
Multifamily LT 5
$468.4K
$409.9K – $546.5K
NOI $32,790 @ 7.0% cap · market cap 8.89%
Second Best
Apartment 5plus
$420.3K
$367.8K – $490.4K
NOI $29,424 @ 7.0% cap · market cap 7.97%
Theoretical Best
Office A
$737.7K
$645.5K – $860.6K
NOI $51,636 @ 7.0% cap · market cap 13.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,127
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Triplex on 0.28 acres with a top-level 3-bedroom unit, basement 1-bedroom apartments, and deck plus storage.
Where is this triplex located?
The property is located at 6625 Vaden Drive Chattanooga, TN.
What is the asking price?
The asking price for this property is $369,000.
What are key features of this property?
This property features: 0.28‑acre triplex property with deck and back‑yard storage building; Three apartments reported as 100% occupied; Top level: 3/4 bedrooms, 2 full bathrooms, living/dining combination, eat‑in kitchen
