Renovated Duplex with Open
For Sale
$425,000
6924 Standifer Gap Road, Chattanooga, TN 37421
Both apartments feature updated finishes, building systems, doors, windows, and air conditioning.
Property Size1,889 SF
Days on Market155
Property Features for 6924 Standifer Gap Road
General Information
Standard status
Active
Size
1,889 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$4,307
Building Details
Building Size
1,889 SF
Year Built
1955
Listing Agency:
Real Estate Partners Chattanooga LLC
(423) 593-2400
Listed By:
Randy Durham · License #253587
(423) 593-2400
Source:
Gracefrankgroup
Added: Mar 10
Changed: Aug 5
Last Checked: Aug 10 at 10:03AM
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 Real Estate Partners Chattanooga LLC
Investment Insights
Based on property information with market context.
This two-unit residential property at 6924 Standifer Gap Road has been substantially renovated while retaining its duplex configuration. Improvements include new windows and interior and exterior doors, LVT flooring, replacement floor joists, updated cabinetry and countertops, new drywall, plumbing, electrical systems, air-conditioning equipment, ductwork, gutters, and interior paint. Wall removal in the living areas creates more open common spaces in both apartments.
Built in 1955, the property offers two separate residences in Chattanooga with access to the surrounding Chattanooga and Ooltewah areas. The completed work addresses both visible finishes and major building systems, providing a refreshed physical package for an owner-occupant or residential rental operator.
Built in 1955, the property offers two separate residences in Chattanooga with access to the surrounding Chattanooga and Ooltewah areas. The completed work addresses both visible finishes and major building systems, providing a refreshed physical package for an owner-occupant or residential rental operator.
Key Highlights
- Two‑unit duplex at 6924 Standifer Gap Road
- Extensive renovation completed in both apartments
- New plumbing, electrical systems, air‑conditioning units, and ductwork
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
$18,545
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
4.36%
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%
$370,900
$370.9K
Cap Rate 7%
$264,929
$264.9K
Cap Rate 9%
$206,056
$206.1K
Market Conditions
NOI Build-Up for 1,889 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
$28.3K $15.00/SF
− Vacancy
−$1.8K −$0.98/SF
EGI
$26.5K $14.03/SF
− OpEx
−$7.9K −$4.21/SF
NOI
$18.5K $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%
$370,900
Cap Rate 7%
$264,929
Cap Rate 9%
$206,056
Alternative Uses
Best Use
Multifamily LT 5
$264.9K
$231.8K – $309.1K
NOI $18,545 @ 7.0% cap · market cap 4.36%
Second Best
Apartment 5plus
$237.7K
$208.0K – $277.4K
NOI $16,641 @ 7.0% cap · market cap 3.92%
Theoretical Best
Office A
$417.2K
$365.1K – $486.7K
NOI $29,204 @ 7.0% cap · market cap 6.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
758
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?
Duplex - Both apartments feature updated finishes, building systems, doors, windows, and air conditioning.
Where is this duplex located?
The property is located at 6924 Standifer Gap Road Chattanooga, TN.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Two‑unit duplex at 6924 Standifer Gap Road; Extensive renovation completed in both apartments; New plumbing, electrical systems, air‑conditioning units, and ductwork
