Renovated Fourplex with Private
For Sale
$574,950
Pending
6745 Langston Drive, Knoxville, TN 37918
Multi-Family, Knoxville, TN
Property Size3,854 SF
Days on Market54
Property Features for 6745 Langston Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 7, Bedroom 4, Bedroom 2, Bathroom 3, Bedroom 6, Bedroom 5, Bathroom 1, Bedroom 1, Bathroom 4, Bathroom 2, Bedroom 8
Parking features
Off Street
Patio and Porch features
Patio
Exterior features
Balcony
Appliances
Dishwasher, Refrigerator
Subdivision
Murphy Hills Unit 6
Directions
From I-640: Take Exit 6 (US-441 / Broadway) and head north on N Broadway (US-441 N). Continue about 4.5 miles into the Fountain City / North Knoxville area. Just past Brown Gap Road, turn right onto Langston Drive and follow it into the neighborhood -- 6745 Langston Dr will be on your right. (5 miles, about 10 minutes from I-640.)
Standard status
Pending
APN
038MC019
Size
3,854 SF
Taxes and HOA fees
Tax Annual Amount
2363
Utilities
Heating system
Central, Electric (Heating)
Cooling system
Central Air
Amenities
in-unit laundry
private balconies
paved off-street parking
Building Details
Year built
1976
Number of units
4
Flooring type
Carpet, Laminate, Tile
Building materials
Brick
Roof type
Asphalt
Listing Agency:
ResultsMLS.com
Listed By:
Phil Hopewell · License #353262
(615) 488-2094
Added: Aug 5
Changed: Sep 12
Last Checked: Sep 27 at 12:06AM
MLS# 1350805
Copyright © 2026 East Tennessee 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 3,854-square-foot quadplex at 6745 Langston Drive contains four 2BR/1BA units and was built in 1976. Two apartments received full renovations in 2024 and 2022, including painted cabinetry, butcher-block countertops, updated appliances, refreshed bathrooms, and new tile, LVP, or carpet flooring. A third unit has fresh paint and select improvements, while the remaining unit retains a long-term tenancy and has not been renovated. Each unit includes private balcony access, in-unit laundry, and an individual water meter.
The property is 100% leased and provides paved off-street parking in North Knoxville. Tenants are responsible for water, sewer, and electric service; ownership covers trash and landscaping. The all-electric building has a brick exterior, central heating and cooling, asphalt roofing, and metal balconies that were freshly painted in 2026.
The configuration also supports an owner-occupant arrangement, with the option to reside in one apartment while leasing the others.
The property is 100% leased and provides paved off-street parking in North Knoxville. Tenants are responsible for water, sewer, and electric service; ownership covers trash and landscaping. The all-electric building has a brick exterior, central heating and cooling, asphalt roofing, and metal balconies that were freshly painted in 2026.
The configuration also supports an owner-occupant arrangement, with the option to reside in one apartment while leasing the others.
Key Highlights
- Four 2BR/1BA units totaling 3,854 SF
- 100% leased quadplex in North Knoxville
- Full renovations completed in 2024 and 2022
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
$37,586
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
6.54%
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%
$751,720
$751.7K
Cap Rate 7%
$536,943
$536.9K
Cap Rate 9%
$417,622
$417.6K
Market Conditions
NOI Build-Up for 3,854 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
$57.8K $15.00/SF
− Vacancy
−$4.1K −$1.07/SF
EGI
$53.7K $13.93/SF
− OpEx
−$16.1K −$4.18/SF
NOI
$37.6K $9.75/SF
Area
Knoxville, TN
Vacancy
7.12%
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%
$751,720
Cap Rate 7%
$536,943
Cap Rate 9%
$417,622
Alternative Uses
Best Use
Multifamily LT 5
$536.9K
$469.8K – $626.4K
NOI $37,586 @ 7.0% cap · market cap 6.54%
Second Best
Apartment 5plus
$494.1K
$432.3K – $576.5K
NOI $34,587 @ 7.0% cap · market cap 6.02%
Theoretical Best
Office A
$954.6K
$835.2K – $1.11M
NOI $66,819 @ 7.0% cap · market cap 11.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
293
Businesses Nearby
Explore this area
Business Placement
Demographics for 37918, TN
46,245
Population
20,228
Households
2.3
Avg Household Size
40
Median Age
31%
College-Educated
93%
High-School Grad
34.6 sq mi
ZIP Area
1,337
Density / Sq Mi
$69,311
Median Household Income
$41,882
Median Earnings
$1,102
Median Rent
$237,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Individually metered apartments feature in-unit laundry, off-street parking, and a mix of renovated and updated interiors.
Where is this quadplex located?
The property is located at 6745 Langston Drive Knoxville, TN.
What is the asking price?
The asking price for this property is $574,950.
What are key features of this property?
This property features: Four 2BR/1BA units totaling 3,854 SF; 100% leased quadplex in North Knoxville; Full renovations completed in 2024 and 2022
