14-Unit Brick Apartment
New
For Sale
$1,750,000
706 E Inskip Dr, Knoxville, TN 37912
All-brick multifamily property with one-bedroom, one-bath apartments and a partially renovated unit mix.
Property Size8,400 SF
Price / SF$208.33
Days on Market2
Property Features for 706 E Inskip Dr
General Information
Standard status
Active
Size
8,400 SF
Property subtype
Multi-Family
Units
Unit Mix
14 x 1BR/1BA
Multifamily Units
14
Additional Details
Average Monthly Rent
$65
Highway Access
Yes
Building Details
Year Built
1979
Construction
all-brick
Listed By:
Southern Charm Homes
(865) 518-4324
Source:
Southerncharm
Added: Sep 11
Last Checked: Sep 12 at 7:17AM
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 Southern Charm Homes
Investment Insights
Based on property information with market context.
This 14-unit apartment property was built in 1979 and contains an all-brick structure with exclusively 1 bed / 1 bath residences. Eight units have been renovated, while the remaining apartments provide a mix of existing and updated interiors. Water and sewer are paid by the landlord, with tenant billing in place; residents handle their own electric service.
The property is in North Knoxville with access to I-75 and a stated 10-minute drive to downtown Knoxville. Its unit count, consistent floor plan, brick construction, and partial renovation history create a clearly defined multifamily asset profile.
The property is in North Knoxville with access to I-75 and a stated 10-minute drive to downtown Knoxville. Its unit count, consistent floor plan, brick construction, and partial renovation history create a clearly defined multifamily asset profile.
Key Highlights
- 14‑unit multifamily property with an all‑brick exterior
- All units are configured as 1 bed / 1 bath residences
- 8 of 14 units have been renovated
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
$75,385
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
4.31%
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%
$1,507,700
$1.5M
Cap Rate 7%
$1,076,929
$1.1M
Cap Rate 9%
$837,611
$837.6K
Market Conditions
NOI Build-Up for 8,400 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
$148.2K $17.64/SF
− Vacancy
−$11.1K −$1.32/SF
EGI
$137.1K $16.32/SF
− OpEx
−$61.7K −$7.34/SF
NOI
$75.4K $8.97/SF
Area
Knoxville, TN
Vacancy
7.50%
Lease Rate
$17.64 /SF/Yr
Expense Ratio
45.00%
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%
$1,507,700
Cap Rate 7%
$1,076,929
Cap Rate 9%
$837,611
Alternative Uses
Best Use
Apartment 5plus
$1.08M
$942.3K – $1.26M
NOI $75,385 @ 7.0% cap · market cap 4.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.08M
$1.82M – $2.43M
NOI $145,636 @ 7.0% cap · market cap 8.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
14
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
332
Businesses Nearby
Explore this area
Business Placement
Demographics for 37912, TN
22,313
Population
10,916
Households
2
Avg Household Size
36
Median Age
23%
College-Educated
88%
High-School Grad
10.6 sq mi
ZIP Area
2,105
Density / Sq Mi
$44,754
Median Household Income
$30,859
Median Earnings
$1,050
Median Rent
$185,600
Median Home Value
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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?
Apartment building - All-brick multifamily property with one-bedroom, one-bath apartments and a partially renovated unit mix.
Where is this apartment building located?
The property is located at 706 E Inskip Dr Knoxville, TN.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 14‑unit multifamily property with an all‑brick exterior; All units are configured as 1 bed / 1 bath residences; 8 of 14 units have been renovated
