Eight-Unit Apartment
For Sale
$1,249,900
8122 NW Elderberry Drive, Knoxville, TN 37919
MULTI_FAMILY - Knoxville, TN
Property Size8,584 SF
Price / SF$145.61
Days on Market1027
Property Features for 8122 NW Elderberry Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Off Street
Exterior features
Windows - Vinyl
Directions
I75/40 to West Town mall exit (West Hills) across Kingston Pike to Gleason Rd, turn right onto Beaverton, and Left on Elderberry Drive. Property will be on your left. No Sign on Property
Subdivision
Knox County - 1
Standard status
Active
APN
120OA023
Size
8,584 SF
Taxes and HOA fees
Tax Annual Amount
8759
Utilities
Heating system
Electric (Heating), Central
Cooling system
Central Air
Amenities
stoves
refrigerators
dishwashers
central HVAC
washer/dryer connections
Building Details
Year built
2006
Number of units
8
Flooring type
Carpet, Laminate
Building materials
Brick, Block
Roof type
Asphalt
Listing Agency:
Southland Brokers
(865) 694-6111
Listed By:
Raj Cheema
(865) 466-7240
Added: Oct 31, 2023
Changed: Aug 4
Last Checked: Aug 22 at 3:06AM
MLS# 1244528
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.
Eight-unit apartment complex built in 2006, arranged on a large corner lot. The unit mix consists of seven 2-bedroom, 2-bath units and one 2-bedroom, 1-bath unit.
Each unit includes stoves, refrigerators, and dishwashers, plus washer/dryer connections. The property is served by central HVAC with central electric heating and central air. Interior finishes include carpet and laminate flooring. Exterior improvements include vinyl windows, and the building is constructed with brick and block under an asphalt roof. Off-street parking is available.
Located just off Gleason Road at Downtown West, the community offers convenient access to West Town Mall and Deane Hill shopping center, as well as Starbucks and a range of dining options. Outdoor recreation is nearby at Lakeshore Park, a 200-acre park located just minutes away.
Each unit includes stoves, refrigerators, and dishwashers, plus washer/dryer connections. The property is served by central HVAC with central electric heating and central air. Interior finishes include carpet and laminate flooring. Exterior improvements include vinyl windows, and the building is constructed with brick and block under an asphalt roof. Off-street parking is available.
Located just off Gleason Road at Downtown West, the community offers convenient access to West Town Mall and Deane Hill shopping center, as well as Starbucks and a range of dining options. Outdoor recreation is nearby at Lakeshore Park, a 200-acre park located just minutes away.
Key Highlights
- 8 total units: 7 units are 2 bed / 2 bath; 1 unit is 2 bed / 1 bath
- Built in 2006 on a large corner lot
- Central HVAC with central electric heating and central air
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
$77,036
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
6.16%
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%
$1,540,720
$1.5M
Cap Rate 7%
$1,100,514
$1.1M
Cap Rate 9%
$855,956
$856.0K
Market Conditions
NOI Build-Up for 8,584 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
$151.4K $17.64/SF
− Vacancy
−$11.4K −$1.32/SF
EGI
$140.1K $16.32/SF
− OpEx
−$63.0K −$7.34/SF
NOI
$77.0K $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%
$1,540,720
Cap Rate 7%
$1,100,514
Cap Rate 9%
$855,956
Alternative Uses
Best Use
Apartment 5plus
$1.10M
$963.0K – $1.28M
NOI $77,036 @ 7.0% cap · market cap 6.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.13M
$1.86M – $2.48M
NOI $148,826 @ 7.0% cap · market cap 11.91%
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
616
Businesses Nearby
Explore this area
Business Placement
Demographics for 37919, TN
30,822
Population
15,499
Households
2
Avg Household Size
38
Median Age
58%
College-Educated
95%
High-School Grad
19.1 sq mi
ZIP Area
1,614
Density / Sq Mi
$71,863
Median Household Income
$44,968
Median Earnings
$1,247
Median Rent
$453,000
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 - Corner-lot eight-unit apartment complex with central HVAC, washer/dryer connections, and off-street parking.
Where is this apartment building located?
The property is located at 8122 NW Elderberry Drive Knoxville, TN.
What is the asking price?
The asking price for this property is $1,249,900.
What are key features of this property?
This property features: 8 total units: 7 units are 2 bed / 2 bath; 1 unit is 2 bed / 1 bath; Built in 2006 on a large corner lot; Central HVAC with central electric heating and central air
