Corner Lot Apartment
8122 NW Elderberry Drive Knoxville, TN 37919
For Sale
$1,249,900
MULTI_FAMILY - Knoxville, TN
Property Size8,584 SF
Price / SF$145.61
Days on Market999
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
- Central, Electric (Heating)
- Cooling system
- Central Air
Building Details
- Year built
- 2006
- Number of units
- 8
- Flooring type
- Laminate, Carpet
- 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: Jul 12
Last Checked: Jul 25 at 1:06PM
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.
This apartment building contains eight units, with seven units configured as 2 bed / 2 bath and one unit configured as 2 bed / 1 bath. Built in 2006, the units feature stoves, refrigerators, dishwashers, central HVAC, and washer/dryer connections.
The property is set on a large corner lot and is described as being just off Gleason Road at Downtown West, with access to West Town Mall and Deane Hill shopping center. Public remarks also reference nearby retail and dining options, as well as Lakeshore Park, a 200-acre park located minutes away.
Overall, the building offers a straightforward multifamily layout with in-unit appliance packages and mechanical comfort supported by central HVAC across the unit mix.
The property is set on a large corner lot and is described as being just off Gleason Road at Downtown West, with access to West Town Mall and Deane Hill shopping center. Public remarks also reference nearby retail and dining options, as well as Lakeshore Park, a 200-acre park located minutes away.
Overall, the building offers a straightforward multifamily layout with in-unit appliance packages and mechanical comfort supported by central HVAC across the unit mix.
Key Highlights
- 8‑unit multifamily property built in 2006
- Unit mix: 7 units are 2 bed / 2 bath; 1 unit is 2 bed / 1 bath
- Central HVAC and central air conditioning
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| 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
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Brownstone Apartments
Apartment Building
FAQs
What type of property is this?
Apartment building - Eight-unit apartment building built in 2006 with central HVAC, appliances, and washer/dryer connections.
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‑unit multifamily property built in 2006; Unit mix: 7 units are 2 bed / 2 bath; 1 unit is 2 bed / 1 bath; Central HVAC and central air conditioning
