Historic Duplex with Updated
For Sale
$789,900
812 N 4th Ave, Knoxville, TN 37917
Two residential units combine preserved architectural details with modern finishes and short-term rental eligibility under commercial zoning.
Property Size3,177 SF
Days on Market21
Property Features for 812 N 4th Ave
General Information
Standard status
Active
Size
3,177 SF
Property subtype
Multi Family Home
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Additional Details
Furnished
No
Gross Income
$90,000
Taxes and HOA fees
Annual Taxes
$2,212
Building Details
Building Size
3,177 SF
Year Built
1899
Year Renovated
2019
Buildings
1
Units
2
Listing Agency:
Real Broker
(865) 963-8462
Listed By:
Quinn Epperly
(865) 963-8462
Source:
Rockytophomeinfo
Added: Aug 3
Changed: Aug 16
Last Checked: Aug 22 at 1:06PM
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 Real Broker
Investment Insights
Based on property information with market context.
This duplex, constructed in 1899, retains original hardwood flooring, stained-glass windows, high ceilings, and wood siding. The interior was remodeled in 2019 with tiled bathrooms, white shaker cabinetry, and updated conveniences. Each unit includes 2 bedrooms and 2 full bathrooms, and the property is currently configured for short-term rental use. The layout may also be converted to a single-family residence, subject to verification and applicable requirements.
Commercial zoning supports eligibility for Type 2 non-owner-occupied short-term rental permits. The property is located in Knoxville’s Historic Fourth & Gill neighborhood at 812 N 4th Ave, with downtown Knoxville, the new baseball stadium, restaurants, breweries, shopping, and entertainment described as nearby or within walking distance. Furnishings are available separately, and square footage is subject to buyer verification.
Commercial zoning supports eligibility for Type 2 non-owner-occupied short-term rental permits. The property is located in Knoxville’s Historic Fourth & Gill neighborhood at 812 N 4th Ave, with downtown Knoxville, the new baseball stadium, restaurants, breweries, shopping, and entertainment described as nearby or within walking distance. Furnishings are available separately, and square footage is subject to buyer verification.
Key Highlights
- 1899 duplex with two 2‑bedroom, 2‑bathroom units
- Remodeled in 2019 while retaining hardwood floors, stained glass, high ceilings, and wood siding
- Commercial zoning with eligibility for Type 2 non‑owner‑occupied short‑term rental permits
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
$30,983
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
3.92%
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%
$619,660
$619.7K
Cap Rate 7%
$442,614
$442.6K
Cap Rate 9%
$344,256
$344.3K
Market Conditions
NOI Build-Up for 3,177 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
$47.7K $15.00/SF
− Vacancy
−$3.4K −$1.07/SF
EGI
$44.3K $13.93/SF
− OpEx
−$13.3K −$4.18/SF
NOI
$31.0K $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 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%
$619,660
Cap Rate 7%
$442,614
Cap Rate 9%
$344,256
Alternative Uses
Best Use
Multifamily LT 5
$442.6K
$387.3K – $516.4K
NOI $30,983 @ 7.0% cap · market cap 3.92%
Second Best
Apartment 5plus
$407.3K
$356.4K – $475.2K
NOI $28,512 @ 7.0% cap · market cap 3.61%
Theoretical Best
Office A
$786.9K
$688.5K – $918.0K
NOI $55,082 @ 7.0% cap · market cap 6.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,212
Businesses Nearby
Explore this area
Business Placement
Demographics for 37917, TN
25,013
Population
14,216
Households
1.8
Avg Household Size
39
Median Age
31%
College-Educated
87%
High-School Grad
9.5 sq mi
ZIP Area
2,633
Density / Sq Mi
$51,232
Median Household Income
$37,853
Median Earnings
$1,063
Median Rent
$189,100
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?
Duplex - Two residential units combine preserved architectural details with modern finishes and short-term rental eligibility under commercial zoning.
Where is this duplex located?
The property is located at 812 N 4th Ave Knoxville, TN.
What is the asking price?
The asking price for this property is $789,900.
What are key features of this property?
This property features: 1899 duplex with two 2‑bedroom, 2‑bathroom units; Remodeled in 2019 while retaining hardwood floors, stained glass, high ceilings, and wood siding; Commercial zoning with eligibility for Type 2 non‑owner‑occupied short‑term rental permits
