Knoxville Multifamily Property For Sale

8122 NW Elderberry Drive, Knoxville, TN 37919

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For Sale

$1,499,900

MULTI_FAMILY - Knoxville, TN

Property size:

8,584 SF

Price / SF:

$174/SF

HighLights

8‑unit multifamily built in 2006 with 7 units that are 2 bed/2 bath and 1 unit that is 1 bed/1 bath
Central HVAC and central air throughout, plus electric heat
In‑unit kitchen appliances included: stoves and refrigerators, with dishwashers provided
Washer/dryer connections available in the units
Brick and block construction with asphalt roofing and vinyl windows
Off‑street parking available

We can help!

Listing Contact

Raj Cheema

For Sale

$1,499,900

MULTI_FAMILY - Knoxville, TN

Property size:

8,584 SF

Price / SF:

$174/SF

Added:: Oct 31, 2023
Days on Market:: 954
Last Refresh:: Jun 10 at 9:06 am

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
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

Building Details

Year built: 2006
Number of units: 8
Flooring type: Carpet, Laminate
Building materials: Brick, Block
Roof type: Asphalt

We can help!

Listing Contact

Raj Cheema

Listing agent Raj Cheema

Listing office Southland Brokers 244 N Peters Road, Knoxville, TN

Listing date Oct 31, 2023

MLS# 1244528 Listing URL

HighLights

8‑unit multifamily built in 2006 with 7 units that are 2 bed/2 bath and 1 unit that is 1 bed/1 bath
Central HVAC and central air throughout, plus electric heat
In‑unit kitchen appliances included: stoves and refrigerators, with dishwashers provided
Washer/dryer connections available in the units
Brick and block construction with asphalt roofing and vinyl windows
Off‑street parking available

Overview

This multifamily property in Knoxville, Tennessee, features eight units built in 2006. Seven units include two bedrooms and two bathrooms, while one unit offers one bedroom and one bathroom. The units are equipped with amenities such as stoves, refrigerators, dishwashers, central HVAC, and washer/dryer connections. Situated on a large corner lot off Gleason Road at Downtown West, the complex provides convenient access to West Town Mall, Deane Hill shopping center, and various dining options. Residents can also enjoy outdoor activities at Lakeshore Park, a 200-acre park located nearby. The property contains 8,584 square feet.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$151.4k	$17.64
− Vacancy	−$11.4k	−$1.32
EGI	$140.1k	$16.32
− OpEx	−$63.0k	−$7.34
NOI	$77.0k	$8.97

8,584 SF · lease $17.64/SF/yr · vacancy 7.50% · expense 45.00%

Alternative Uses

Best Use

Apartment 5plus

$1.10M

$963.0K – $1.28M (±1% cap)

NOI $77,036 @ 7.0% cap · market cap 5.14%

Second Best

—

no second resolved use

Theoretical Best

Office A

$2.13M

$1.86M – $2.48M (±1% cap)

NOI $148,826 @ 7.0% cap · market cap 9.92%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Brownstone Apartments Apartment Building

Suggested Use

Location Insight

Map
Local Demand

City: Knoxville
County: Knox
State: Tennessee
Longitude: -84.046602
Latitude: 35.917255

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For sale
Apartment buildings
TN
Knoxville
37919
8122 NW Elderberry Drive

What type of property is this?

Apartment building - Eight-unit multifamily property built in 2006, near West Town Mall.

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 $1,499,900.

What are key features of this property?

This property features: 8‑unit multifamily built in 2006 with 7 units that are 2 bed/2 bath and 1 unit that is 1 bed/1 bath; Central HVAC and central air throughout, plus electric heat; In‑unit kitchen appliances included: stoves and refrigerators, with dishwashers provided

8122 NW Elderberry Drive, Knoxville, TN 37919

MULTI_FAMILY - Knoxville, TN

Property Features for 8122 NW Elderberry Drive

General Information

Taxes and HOA fees

Utilities

Building Details

We can help!

HighLights

Overview

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

Alternative Uses

Current Use by Public Records

Suggested Use

Location Insight

Nearby Similar for Sale

Fully Leased 4-Plex Income Property

Fully Leased Four-Plex Investment

Established Auto Repair Business For Sale

Turnkey Short-Term Rental Duplex

Five-Unit Multifamily Investment Opportunity

Knoxville Redevelopment Opportunity

Charming Historic Fourth & Gill 4-Plex

Duplex with Separate Driveways

Two Multifamily Buildings on One Lot

Three-Unit Residential Income Property

Hardee's NNN Lease Investment

Knoxville Multifamily Investment Opportunity

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