8-Unit Multifamily
For Sale
$1,010,000
711 Murray Drive, Knoxville, TN 37912
Two neighboring four-unit buildings combine leased residences with three units prepared for interior completion and leasing.
Property Size3,256 SF
Lot Size1.32 Acres
Price / SF$310.20
Days on Market59
Property Features for 711 Murray Drive
General Information
Standard status
Active
Size
3,256 SF
Lot size
1.32 Acres
Property subtype
Multi Family Home
Units
Unit Mix
4 x 2BR/1BA, 4 x 1BR/1BA
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$1,564
Amenities
on-site laundry
Balcony
Building Details
Building Size
3,256 SF
Year Built
1971
Buildings
2
Units
8
Listing Agency:
Avison Young
(865) 450-8883
Listed By:
Lauren Farmer
(615) 879-8423
Source:
Carterchaserealty
Added: Aug 27
Changed: Oct 22
Last Checked: Oct 22 at 2:47PM
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 Avison Young
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Investment Insights
Based on property information with market context.
The offering comprises two adjacent four-unit multifamily properties with eight residences: four 2BR/1BA units and four 1BR/1BA units. At 711 Murray Drive, all four units are leased, and the property has on-site laundry. Improvements there include a replacement driveway, deck, concrete, gutters, shed, and flooring work. At 719 Murray Drive, one unit is occupied on a one-year lease; the other three have been cleared and primed for interior finishing. Improvements at that property include a newer roof, upgraded electrical service boxes, new concrete, and gutters.
The combined site covers 1.32 acres in Knoxville, Tennessee. 711 Murray Drive is offered only with 719 Murray Drive, while 719 Murray Drive may also be acquired separately.
The combined site covers 1.32 acres in Knoxville, Tennessee. 711 Murray Drive is offered only with 719 Murray Drive, while 719 Murray Drive may also be acquired separately.
Key Highlights
- Eight units across two neighboring four‑unit multifamily properties
- Combined unit mix: four 2BR/1BA and four 1BR/1BA residences
- 711 Murray Drive is fully leased and includes on‑site laundry
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,754
Cap Rate
3.14%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$635,080
$635.1K
Cap Rate 7%
$453,629
$453.6K
Cap Rate 9%
$352,822
$352.8K
Market Conditions
NOI Build-Up for 3,256 SF
Gross rent
$48.8K $15.00/SF
− Vacancy
−$3.5K −$1.07/SF
EGI
$45.4K $13.93/SF
− OpEx
−$13.6K −$4.18/SF
NOI
$31.8K $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 Rate 5%
$635,080
Cap Rate 7%
$453,629
Cap Rate 9%
$352,822
Alternative Uses
Best Use
Multifamily LT 5
$453.6K
$396.9K – $529.2K
NOI $31,754 @ 7.0% cap · market cap 3.14%
Second Best
Apartment 5plus
$417.4K
$365.3K – $487.0K
NOI $29,220 @ 7.0% cap · market cap 2.89%
Theoretical Best
Office A
$806.4K
$705.6K – $940.9K
NOI $56,451 @ 7.0% cap · market cap 5.59%
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
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
Frequently Asked Questions
What type of property is this?
Quadplex - Two neighboring four-unit buildings combine leased residences with three units prepared for interior completion and leasing.
Where is this quadplex located?
The property is located at 711 Murray Drive Knoxville, TN.
What is the asking price?
The asking price for this property is $1,010,000.
What are key features of this property?
This property features: Eight units across two neighboring four‑unit multifamily properties; Combined unit mix: four 2BR/1BA and four 1BR/1BA residences; 711 Murray Drive is fully leased and includes on‑site laundry
