Building Details

Buildings 22

Listing Agency: RE/MAX Properties w***@gmail.com Show Phone

Listed By: Tonya L Wilkey · License #328732 Show Phone

Source: Exprealty

Added: Apr 23 Changed: Aug 22 Last Checked: Aug 22 at 9:38AM

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Investment Insights

Based on property information with market context.

This residential portfolio comprises 22 duplexes with 44 total doors and 100% occupancy. The properties were built between 1990 and 2013 and have been maintained by the original owners. Floor plans range from two-bedroom units with a den and 1.5 baths to three-bedroom units with a den and two full baths, providing varied residential layouts across the portfolio.

Each unit includes a refrigerator, stove, dishwasher, and laundry hookups. Select units also offer 5x24 dry storage areas. The duplexes are located along Shawn Ridge Dr in Harrison, Tennessee, allowing the portfolio to be managed across a concentrated residential setting. The offering includes the entire group of duplexes on the street.

Key Highlights

• 22 duplexes comprising 44 total residential doors
• 100% occupied portfolio
• Built between 1990 and 2013

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

$475,854

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

6.80%

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%

$9,517,080 $9.5M

Cap Rate 7%

$6,797,914 $6.8M

Cap Rate 9%

$5,287,267 $5.3M

Market Conditions

NOI Build-Up for 56,640 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

$768.0K $13.56/SF

− Vacancy

−$88.2K −$1.56/SF

EGI

$679.8K $12.00/SF

− OpEx

−$203.9K −$3.60/SF

NOI

$475.9K $8.40/SF

Area

Hamilton County, TN

Vacancy

11.49%

Lease Rate

$13.56 /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%

$9,517,080

Cap Rate 7%

$6,797,914

Cap Rate 9%

$5,287,267

Alternative Uses

Best Use

Multifamily LT 5

$6.80M

$5.95M – $7.93M (±1% cap)

NOI $475,854 @ 7.0% cap · market cap 6.80%

Second Best

Apartment 5plus

$6.24M

$5.46M – $7.28M (±1% cap)

NOI $437,026 @ 7.0% cap · market cap 6.24%

Theoretical Best

Healthcare Medical

$9.41M

$8.23M – $10.97M (±1% cap)

NOI $658,398 @ 7.0% cap · market cap 9.41%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Duplexes

Suggested Use

Top Pick Restaurant Parking Lot & Garage Grocery & Convenience Store HVAC Service Computer & Electronic Repair Arcade & Gaming Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

44

Residential units

100%

Occupancy

Location Intelligence

Trade Area within ½ mile

27

Businesses Nearby

Explore this area Business Placement

Demographics for 37341, TN

12,900

Population

6,034

Households

2.1

Avg Household Size

45

Median Age

30%

College-Educated

95%

High-School Grad

33.8 sq mi

ZIP Area

382

Density / Sq Mi

$93,114

Median Household Income

$48,503

Median Earnings

$1,229

Median Rent

$264,300

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Fully occupied duplex portfolio with 44 residential doors and in-unit appliances plus laundry hookups.

Where is this duplex located?

The property is located at 8498 Shawn Ridge Dr Harrison, TN.

What is the asking price?

The asking price for this property is $6,999,999.

What are key features of this property?

This property features: 22 duplexes comprising 44 total residential doors; 100% occupied portfolio; Built between 1990 and 2013