Eight-Unit Apartment
711 Murray Drive, Knoxville, TN 37912
For Sale
$960,000
Multi-Family, Knoxville, TN
Property Size3,256 SF
Lot Size1.32 Acres
Price / SF$294.84
Days on Market77
Property Features for 711 Murray Drive
General Information
Property type
Property subtype
Bedrooms
Full bathrooms
Rooms
Parking features
Window features
Patio and Porch features
Exterior features
Subdivision
Directions
Standard status
APN
Size
Lot size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Annual Amount
Utilities
Heating system
Cooling system
Amenities
on-site laundry
Building Details
Year built
Number of units
Flooring type
Building materials
Roof type
Buildings
Listing Agency:
Avison Young
(865) 450-8883
Listed By:
Lauren Farmer
(615) 879-8423
Added: Aug 27
Changed: Nov 9
Last Checked: Nov 11 at 1:06PM
MLS# 1353401
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.
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Investment Insights
Based on property information with market context.
This multifamily offering includes two adjacent four-unit apartment buildings with eight residences totaling four 2BR/1BA units and four 1BR/1BA units. Built in 1971, the properties feature frame construction, laminate and tile flooring, electric heating, window-unit cooling, patios, balconies, and off-street parking. The combined site encompasses 1.32 acres.
The 711 Murray Drive building is fully leased with established long-term tenancy and includes on-site laundry. Improvements there include a new driveway, deck, concrete work, gutters, shed, and flooring updates. At 719 Murray Drive, one unit is occupied under a one-year lease while three units have been cleared and primed for interior completion and re-leasing. That building also benefits from a newer roof, upgraded electrical service boxes, concrete work, and gutters.
The offering combines occupied rental units with unfinished units at the adjacent property. 711 Murray Drive is offered only with 719 Murray Drive, while 719 Murray Drive may be acquired independently.
The 711 Murray Drive building is fully leased with established long-term tenancy and includes on-site laundry. Improvements there include a new driveway, deck, concrete work, gutters, shed, and flooring updates. At 719 Murray Drive, one unit is occupied under a one-year lease while three units have been cleared and primed for interior completion and re-leasing. That building also benefits from a newer roof, upgraded electrical service boxes, concrete work, and gutters.
The offering combines occupied rental units with unfinished units at the adjacent property. 711 Murray Drive is offered only with 719 Murray Drive, while 719 Murray Drive may be acquired independently.
Key Highlights
- Eight units across two adjacent four‑unit apartment buildings
- Unit mix includes four 2BR/1BA and four 1BR/1BA residences
- Combined property spans 1.32 acres
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,220
Cap Rate
3.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$584,400
$584.4K
Cap Rate 7%
$417,429
$417.4K
Cap Rate 9%
$324,667
$324.7K
Market Conditions
NOI Build-Up for 3,256 SF
Gross rent
$57.4K $17.64/SF
− Vacancy
−$4.3K −$1.32/SF
EGI
$53.1K $16.32/SF
− OpEx
−$23.9K −$7.34/SF
NOI
$29.2K $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 Rate 5%
$584,400
Cap Rate 7%
$417,429
Cap Rate 9%
$324,667
Alternative Uses
Best Use
Apartment 5plus
$417.4K
$365.3K – $487.0K
NOI $29,220 @ 7.0% cap · market cap 3.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$806.4K
$705.6K – $940.9K
NOI $56,451 @ 7.0% cap · market cap 5.88%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
264
Businesses Nearby
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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
$185,600
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Knoxville, TN
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Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Two adjacent apartment buildings combine leased residences, on-site laundry, and renovation-ready units within a 1.32-acre property.
Where is this apartment building located?
The property is located at 711 Murray Drive Knoxville, TN.
What is the asking price?
The asking price for this property is $960,000.
What are key features of this property?
This property features: Eight units across two adjacent four‑unit apartment buildings; Unit mix includes four 2BR/1BA and four 1BR/1BA residences; Combined property spans 1.32 acres
