8-Unit Townhouse-Style Apartment
For Sale
Contact for pricing
800 W 4th Ave, Lenoir City, TN 37771
Two-building apartment property with individual utility metering and laundry hookups in every residence.
Property Size7,092 SF
Price / SF$182.60
Days on Market8
Property Features for 800 W 4th Ave
General Information
Standard status
Active
Size
7,092 SF
Property subtype
Multifamily
Zoning
Commercial
Occupancy
87%
Units
Unit Mix
4 x 2BR/1BA, 4 x 2BR/1.5BA
Multifamily Units
8
Additional Details
Gross Income
$115,960
Utilities to Site
Yes
Amenities
washer/dryer connections
deck/patios
Building Details
Year Built
1981
Year Renovated
2007
Buildings
2
Stories
2
Units
8
Tenancy
Multi
Construction
all-brick
Listing Agency:
Wallace Commercial
Listed By:
Chris Bruce · License #TN
(865) 690-1111
Source:
Crexi
Added: Aug 26
Changed: Sep 1
Last Checked: Sep 1 at 10:13PM
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 Wallace Commercial
Investment Insights
Based on property information with market context.
The property contains 8 all-brick, townhouse-style apartments arranged across two buildings. Building 1 dates to 1981 and includes four two-bedroom, one-bath units. Building 2 was completed in 2007 and adds four two-bedroom units with one and a half bathrooms; these residences also include deck or patio areas. The combined property measures 7,092 square feet and is zoned Commercial.
All units are connected to public utilities, with electric and water separately metered for each residence. Washer and dryer connections are provided throughout the property. The asset is located at 800 W 4th Ave in Lenoir City, Tennessee, with showings available by appointment.
All units are connected to public utilities, with electric and water separately metered for each residence. Washer and dryer connections are provided throughout the property. The asset is located at 800 W 4th Ave in Lenoir City, Tennessee, with showings available by appointment.
Key Highlights
- 8 all‑brick apartment units in townhouse‑style buildings
- 7,092‑square‑foot property with Commercial zoning
- Building 1 constructed in 1981 with four 2‑bedroom, 1‑bath units
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
$63,646
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
4.91%
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%
$1,272,920
$1.3M
Cap Rate 7%
$909,229
$909.2K
Cap Rate 9%
$707,178
$707.2K
Market Conditions
NOI Build-Up for 7,092 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
$125.1K $17.64/SF
− Vacancy
−$9.4K −$1.32/SF
EGI
$115.7K $16.32/SF
− OpEx
−$52.1K −$7.34/SF
NOI
$63.6K $8.97/SF
Area
Loudon County, 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%
$1,272,920
Cap Rate 7%
$909,229
Cap Rate 9%
$707,178
Alternative Uses
Best Use
Apartment 5plus
$909.2K
$795.6K – $1.06M
NOI $63,646 @ 7.0% cap · market cap 4.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.76M
$1.54M – $2.05M
NOI $122,958 @ 7.0% cap · market cap 9.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
244
Businesses Nearby
Explore this area
Business Placement
Demographics for 37771, TN
16,822
Population
7,573
Households
2.2
Avg Household Size
40
Median Age
19%
College-Educated
86%
High-School Grad
50.1 sq mi
ZIP Area
336
Density / Sq Mi
$62,338
Median Household Income
$33,330
Median Earnings
$946
Median Rent
$236,700
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-building apartment property with individual utility metering and laundry hookups in every residence.
Where is this apartment building located?
The property is located at 800 W 4th Ave Lenoir City, TN.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: 8 all‑brick apartment units in townhouse‑style buildings; 7,092‑square‑foot property with Commercial zoning; Building 1 constructed in 1981 with four 2‑bedroom, 1‑bath units
