Eight-Unit Apartment
New
For Sale
$1,010,000
711 Murray Drive, Knoxville, TN 37912
Multi-Family, Knoxville, TN
Property Size3,256 SF
Lot Size1.32 Acres
Price / SF$310.20
Days on Market1
Property Features for 711 Murray Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
12
Full bathrooms
8
Rooms
Bathroom 2, Bedroom 2, Bedroom 4, Bedroom 5, Bedroom 3, Bedroom 7, Bedroom 12, Bathroom 6, Bathroom 5, Bedroom 9, Bedroom 11, Bathroom 1, Bathroom 7, Bedroom 1, Bedroom 8, Bathroom 3, Bedroom 10, Bathroom 4, Bathroom 8, Bedroom 6
Parking features
Off Street
Window features
Aluminum Frames
Patio and Porch features
Patio
Exterior features
Balcony
Subdivision
Miller Pt Lts 3 4
Directions
Clinton Hwy, Turn right on Murray Dr NW, property will be on the left in approx. 0.8 miles.
Standard status
Active
APN
068JA004
Size
3,256 SF
Lot size
1.32 Acres
Taxes and HOA fees
Tax Annual Amount
1565
Utilities
Heating system
Electric (Heating), Central, Ceiling
Cooling system
Window Unit(s)
Amenities
on-site laundry
Building Details
Year built
1971
Number of units
8
Flooring type
Laminate, Tile
Building materials
Frame
Roof type
Shingle
Listing Agency:
Avison Young
(865) 450-8883
Listed By:
Lauren Farmer
(615) 879-8423
Added: Aug 27
Last Checked: Aug 27 at 8:06PM
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.
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 = 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
$29,220
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
2.89%
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%
$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
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
$57.4K $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 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%
$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 2.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$806.4K
$705.6K – $940.9K
NOI $56,451 @ 7.0% cap · market cap 5.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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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 $1,010,000.
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
