Occupied Triplex with Separate
For Sale
$369,000
6625 Vaden Drive, Chattanooga, TN 37421
Residential Income, Chattanooga, TN
Property Size3,340 SF
Lot Size0.28 Acres
Price / SF$110.48
Days on Market152
Property Features for 6625 Vaden Drive
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
5
Bathrooms
5
Full bathrooms
4
Rooms
Bedroom 1, Bathroom 2, Bathroom 5, Basement, Bedroom 2, Bathroom 4, Bedroom 3, Bathroom 3, Bedroom 4, Bathroom 1, Bedroom 5
Parking features
Driveway
Patio and Porch features
Deck, Patio
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
Electric (Heating), Central
Cooling system
Central Air, Electric
Water source
Public
Amenities
deck
storage building
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: Sep 8
Last Checked: Sep 8 at 3:06PM
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 3,340-square-foot triplex includes a 1,670-square-foot upper-level unit with three or four bedrooms, two full bathrooms, a combined living and dining area, an eat-in kitchen, den, laundry room, hardwood flooring in selected areas, and a large deck. The lower level contains two additional one-bedroom, one-bath apartments, each with an eat-in kitchen, living room, and laundry hookups. A rear storage building is included.
The property is zoned commercial for triplex use and sits on 0.28 acres. Improvements include a shingle roof installed in 2019, newer vinyl windows, three electric meters, three separate heat pumps, one water meter, public water, and public sewer. Driveway parking, central air, and electric heating are also present. The building was constructed in 1999 and is fully occupied.
The property is zoned commercial for triplex use and sits on 0.28 acres. Improvements include a shingle roof installed in 2019, newer vinyl windows, three electric meters, three separate heat pumps, one water meter, public water, and public sewer. Driveway parking, central air, and electric heating are also present. The building was constructed in 1999 and is fully occupied.
Key Highlights
- 3340 square feet across three residential units
- 1,670‑square‑foot upper unit with 3/4 bedrooms and 2 full bathrooms
- Two lower‑level apartments, each with 1 bedroom and 1 full bath
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
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,381
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 - Fully occupied three-unit property with lower-level apartments and separate electric meters.
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: 3340 square feet across three residential units; 1,670‑square‑foot upper unit with 3/4 bedrooms and 2 full bathrooms; Two lower‑level apartments, each with 1 bedroom and 1 full bath
