Updated Three-Unit
New
For Sale
$550,000
835 Tremont Street, Chattanooga, TN 37405
Residential Income, Chattanooga, TN
Property Size2,953 SF
Lot Size0.23 Acres
Price / SF$186.25
Days on Market2
Property Features for 835 Tremont Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bathroom 2, Bedroom 4, Bathroom 4, Basement, Bathroom 3, Bedroom 1, Bedroom 3, Bathroom 1
Parking features
Driveway, Off Street
Patio and Porch features
Patio, Porch, Deck
Interior features
Eat-in Kitchen, High Ceilings, Open Floorplan, Storage
Exterior features
Private Yard, Storage
Basement
Unfinished, Crawl Space, Partial
Subdivision
North Chatt Map No 1
Lot features
Gentle Sloping
Elementary school
Normal Park Elementary
Middle school
Normal Park Upper
High school
Red Bank High School
Directions
Take Frazier Ave and turn North on Tremont Street. Property is on the left before Mississippi Ave. Note: downstairs unit is accessible from Boylston St.
Standard status
Active
APN
136a B 002
Size
2,953 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Description
LOT 13 BLK 11 NORTH CHATT MAP NO 1 PB3 PG31
Tax Annual Amount
6748
Legal Description
LOT 13 BLK 11 NORTH CHATT MAP NO 1 PB3 PG31
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Multi Units, Electric
Water source
Public
Amenities
stackable washer/dryer
covered front porch
loft storage areas
washer/dryer hookups
private rear deck and firepit area
private rear parking
detached garage
dry basement storage
Building Details
Year built
1920
Floors in Building
2
Number of units
3
Building materials
Aluminum Siding
Roof type
Membrane
Additional Structures
Storage
Listing Agency:
REAL Broker
(844) 591-7325
Listed By:
Corey Ballew · License #332263
(423) 529-0696
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 3 at 12:06PM
MLS# 1542045
Copyright © 2026 Greater Chattanooga Association of 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.
Built in 1920, this 2,953-square-foot triplex occupies 0.23 acres at 835 Tremont Street in Chattanooga. The property contains three updated residences: two one-bedroom, one-bath units and one two-bedroom, two-bath unit. Features include high ceilings, open living areas, eat-in kitchens, stackable washer and dryer setups or hookups, a covered porch, rear deck, firepit area, and extensive dry basement storage. Central heating and cooling, public water, public sewer, and a membrane roof are in place.
One unit is vacant, while the other two are tenant occupied. Parking includes a private rear area reached from Boylston Street, driveway and off-street spaces, and a detached garage. The property is one block from Normal Park Elementary and Aretha Frankenstein, with Coolidge Park, the Tennessee River, restaurants, shops, bars, and Downtown Chattanooga within walking distance. Showings are limited to the vacant unit; access to occupied units follows an accepted contract.
One unit is vacant, while the other two are tenant occupied. Parking includes a private rear area reached from Boylston Street, driveway and off-street spaces, and a detached garage. The property is one block from Normal Park Elementary and Aretha Frankenstein, with Coolidge Park, the Tennessee River, restaurants, shops, bars, and Downtown Chattanooga within walking distance. Showings are limited to the vacant unit; access to occupied units follows an accepted contract.
Key Highlights
- Three‑unit layout with two 1BR/1BA residences and one 2BR/2BA residence
- 2,953 square feet on a 0.23‑acre lot
- Built in 1920 with updated major systems and a membrane roof
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
$28,991
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
5.27%
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%
$579,820
$579.8K
Cap Rate 7%
$414,157
$414.2K
Cap Rate 9%
$322,122
$322.1K
Market Conditions
NOI Build-Up for 2,953 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
$44.3K $15.00/SF
− Vacancy
−$2.9K −$0.98/SF
EGI
$41.4K $14.03/SF
− OpEx
−$12.4K −$4.21/SF
NOI
$29.0K $9.82/SF
Area
Chattanooga, TN
Vacancy
6.50%
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%
$579,820
Cap Rate 7%
$414,157
Cap Rate 9%
$322,122
Alternative Uses
Best Use
Multifamily LT 5
$414.2K
$362.4K – $483.2K
NOI $28,991 @ 7.0% cap · market cap 5.27%
Second Best
Apartment 5plus
$371.6K
$325.2K – $433.6K
NOI $26,015 @ 7.0% cap · market cap 4.73%
Theoretical Best
Office A
$652.2K
$570.7K – $760.9K
NOI $45,653 @ 7.0% cap · market cap 8.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
544
Businesses Nearby
Explore this area
Business Placement
Demographics for 37405, TN
18,231
Population
9,959
Households
1.8
Avg Household Size
36
Median Age
53%
College-Educated
92%
High-School Grad
54.3 sq mi
ZIP Area
336
Density / Sq Mi
$77,850
Median Household Income
$51,748
Median Earnings
$1,276
Median Rent
$416,900
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?
Triplex - 1920 property with varied unit layouts, private outdoor areas, rear parking, a detached garage, and basement storage.
Where is this triplex located?
The property is located at 835 Tremont Street Chattanooga, TN.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Three‑unit layout with two 1BR/1BA residences and one 2BR/2BA residence; 2,953 square feet on a 0.23‑acre lot; Built in 1920 with updated major systems and a membrane roof
