Vacant Duplex with
New
For Sale
$445,000
7544 Leemont Drive 2, Chattanooga, TN 37421
Two separate residences offer three-bedroom layouts, private outdoor areas, and front parking for future occupants.
Property Size2,640 SF
Days on Market3
Property Features for 7544 Leemont Drive 2
General Information
Standard status
Active
Size
2,640 SF
Property subtype
Duplex
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,446
Amenities
patio
deck
Building Details
Building Size
2,640 SF
Year Built
1972
Buildings
1
Listing Agency:
SRC Realty
Listed By:
Yvonne B Mee · License #310661
(423) 304-5618
Source:
Gracefrankgroup
Added: Sep 13
Changed: Sep 14
Last Checked: Sep 15 at 11:36AM
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 SRC Realty
Investment Insights
Based on property information with market context.
Built in 1972, this vacant duplex contains two separate residences, each with 3 bedrooms, 2 full bathrooms, a one-car garage, and front parking. Outdoor features include a patio at each unit, with the right side also adding a new deck. The property is offered in its current as-is condition.
An additional lot is included with the sale and is identified as ready for future development. Located at 7544 Leemont Drive in Chattanooga, the property provides a two-unit residential configuration with both sides available for occupancy planning.
An additional lot is included with the sale and is identified as ready for future development. Located at 7544 Leemont Drive in Chattanooga, the property provides a two-unit residential configuration with both sides available for occupancy planning.
Key Highlights
- Two‑unit duplex built in 1972
- Each unit has 3 bedrooms and 2 full bathrooms
- One‑car garage and front parking serve each side
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
$25,918
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
5.82%
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%
$518,360
$518.4K
Cap Rate 7%
$370,257
$370.3K
Cap Rate 9%
$287,978
$288.0K
Market Conditions
NOI Build-Up for 2,640 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
$39.6K $15.00/SF
− Vacancy
−$2.6K −$0.98/SF
EGI
$37.0K $14.03/SF
− OpEx
−$11.1K −$4.21/SF
NOI
$25.9K $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%
$518,360
Cap Rate 7%
$370,257
Cap Rate 9%
$287,978
Alternative Uses
Best Use
Multifamily LT 5
$370.3K
$324.0K – $432.0K
NOI $25,918 @ 7.0% cap · market cap 5.82%
Second Best
Apartment 5plus
$332.3K
$290.7K – $387.6K
NOI $23,258 @ 7.0% cap · market cap 5.23%
Theoretical Best
Office A
$583.1K
$510.2K – $680.2K
NOI $40,814 @ 7.0% cap · market cap 9.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
280
Businesses Nearby
Explore this area
Business Placement
Demographics for 37421, TN
51,686
Population
23,978
Households
2.2
Avg Household Size
40
Median Age
38%
College-Educated
92%
High-School Grad
31.7 sq mi
ZIP Area
1,630
Density / Sq Mi
$79,958
Median Household Income
$44,452
Median Earnings
$1,313
Median Rent
$299,600
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two separate residences offer three-bedroom layouts, private outdoor areas, and front parking for future occupants.
Where is this duplex located?
The property is located at 7544 Leemont Drive 2 Chattanooga, TN.
What is the asking price?
The asking price for this property is $445,000.
What are key features of this property?
This property features: Two‑unit duplex built in 1972; Each unit has 3 bedrooms and 2 full bathrooms; One‑car garage and front parking serve each side
