Updated Duplex with Fenced
New
For Sale
$400,000
714 Merriam Street, Chattanooga, TN 37405
Residential Income, Chattanooga, TN
Property Size1,344 SF
Lot Size0.19 Acres
Price / SF$297.62
Days on Market4
Property Features for 714 Merriam Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bathroom 1, Basement, Bathroom 2
Parking features
Off Street
Patio and Porch features
Patio, Deck
Interior features
Open Floorplan, Storage
Fencing
Fenced
Basement
Crawl Space
Appliances
Washer/Dryer, Oven, Microwave, Gas Range, Dishwasher
Subdivision
North Chatt Land Co
Lot features
Level
Elementary school
Red Bank Elementary
Middle school
Red Bank Middle
High school
Red Bank High School
Directions
From downtown Chattanooga, go north on Market Street. Turn left onto Chambliss St. Turn right onto Merriam St. Home is on the right.
Standard status
Active
APN
126n N 019
Size
1,344 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Description
LT 173 NORTH CHATT LAND CO PB1 PG28
Tax Annual Amount
3138
Legal Description
LT 173 NORTH CHATT LAND CO PB1 PG28
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Electric, Central Air
Water source
Public
Amenities
storage building
off-street parking
fenced backyard
Building Details
Year built
1960
Floors in Building
1
Number of units
2
Flooring type
Vinyl, Tile
Roof type
Shingle
Additional Structures
Storage
Listing Agency:
REAL Broker
(844) 591-7325
Listed By:
Ashley Ballezzi · License #341772
(423) 223-5542
Added: Sep 22
Changed: Sep 23
Last Checked: Sep 25 at 9:06PM
MLS# 1543219
Copyright © 2026 Greater Chattanooga Association of 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 1,344-square-foot duplex, built in 1960, includes two one-bedroom, one-bath residences with storage and separate living areas. The 712 Merriam unit has continued as a short-term rental and includes off-street parking, a deck, and access to a flat, fenced backyard. The 714 unit is occupied by a long-term tenant under a lease through June 1, 2027.
Recent work includes a new roof, encapsulated crawlspace, updated electrical and plumbing, refreshed kitchens and bathrooms, newer flooring, and insulated windows. A detached storage building adds utility, while rear alley access may accommodate additional parking. Public water and sewer serve the property, with central heating and cooling and shingle roofing.
The duplex is situated on a quiet street within walking distance of Northshore, downtown, restaurants, retail, gyms, parks, and hiking trails.
Recent work includes a new roof, encapsulated crawlspace, updated electrical and plumbing, refreshed kitchens and bathrooms, newer flooring, and insulated windows. A detached storage building adds utility, while rear alley access may accommodate additional parking. Public water and sewer serve the property, with central heating and cooling and shingle roofing.
The duplex is situated on a quiet street within walking distance of Northshore, downtown, restaurants, retail, gyms, parks, and hiking trails.
Key Highlights
- 1,344‑square‑foot duplex with two one‑bedroom, one‑bath units
- New roof and encapsulated crawlspace
- Updated electrical, plumbing, kitchens, bathrooms, flooring, and insulated windows
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
$13,195
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
3.30%
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%
$263,900
$263.9K
Cap Rate 7%
$188,500
$188.5K
Cap Rate 9%
$146,611
$146.6K
Market Conditions
NOI Build-Up for 1,344 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
$20.2K $15.00/SF
− Vacancy
−$1.3K −$0.98/SF
EGI
$18.8K $14.03/SF
− OpEx
−$5.7K −$4.21/SF
NOI
$13.2K $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%
$263,900
Cap Rate 7%
$188,500
Cap Rate 9%
$146,611
Alternative Uses
Best Use
Multifamily LT 5
$188.5K
$164.9K – $219.9K
NOI $13,195 @ 7.0% cap · market cap 3.30%
Second Best
Apartment 5plus
$169.1K
$148.0K – $197.3K
NOI $11,840 @ 7.0% cap · market cap 2.96%
Theoretical Best
Office A
$296.8K
$259.7K – $346.3K
NOI $20,778 @ 7.0% cap · market cap 5.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,229
Businesses Nearby
Explore this area
Business Placement
Demographics for 37405, TN
18,231
Population
9,959
Households
1.8
Avg Household Size
36
Median Age
53%
College-Educated
92%
High-School Grad
54.3 sq mi
ZIP Area
336
Density / Sq Mi
$77,850
Median Household Income
$51,748
Median Earnings
$1,276
Median Rent
$416,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Two separate units offer short-term and long-term rental flexibility near downtown amenities.
Where is this duplex located?
The property is located at 714 Merriam Street Chattanooga, TN.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 1,344‑square‑foot duplex with two one‑bedroom, one‑bath units; New roof and encapsulated crawlspace; Updated electrical, plumbing, kitchens, bathrooms, flooring, and insulated windows
