Four-Unit Townhome
For Sale
$660,000
900 Stratford Circle NW, Cleveland, TN 37312
Residential Income, Cleveland, TN
Property Size4,336 SF
Price / SF$152.21
Days on Market209
Property Features for 900 Stratford Circle NW
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
9
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 1, Bedroom 5, Bathroom 3, Bedroom 4, Bathroom 5, Bedroom 8, Bedroom 9, Bedroom 6, Bathroom 1, Bathroom 6, Bedroom 3, Bathroom 7, Bedroom 7, Bathroom 2, Bathroom 4, Bedroom 2, Bathroom 8
Parking features
Off Street, Parking Lot
Patio and Porch features
Porch
Appliances
Water Heater, Refrigerator, Free-Standing Electric Range
Subdivision
Stratford Village
Elementary school
E.L. Ross Elementary
Middle school
Cleveland Middle
High school
Cleveland High
Directions
I75 N to exit 27 / Right onto Paul Huff Parkway / Right onto Mouse Creek Rd NW / Right into Stratford Village / Back left building. Units 37, 38, 39 and 40.
Special listing conditions
Auction
Standard status
Active
APN
034i B 05100 000
Size
4,336 SF
Taxes and HOA fees
Tax Annual Amount
6600
HOA Fee
$1,200 Annually
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air, Electric
Water source
Public
Building Details
Year built
1984
Floors in Building
2
Number of units
4
Flooring type
Laminate, Carpet
Building materials
Block
Listing Agency:
Keller Williams Realty
(423) 664-1600
Listed By:
Jeffrey Dodson · License #TN336360
(423) 400-1984
Added: Feb 5
Changed: Sep 2
Last Checked: Sep 2 at 3:06AM
MLS# 1527971
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.
This Cleveland multifamily property includes four two-story townhome units offered together as a single sale. Each residence measures 1,084 square feet and contains two bedrooms and one and one-half bathrooms. The buildings date to 1984 and feature block construction, carpet and laminate flooring, central heating, and electric central air. Porches extend the residential layouts, while refrigerators, free-standing electric ranges, and water heaters are included.
Units 37, 38, 39, and 40 are located within Stratford Village, with access to off-street parking and a parking lot. The property is served by public water and public sewer and sits minutes from I-75. The combined property size is 4,336 square feet.
Units 37, 38, 39, and 40 are located within Stratford Village, with access to off-street parking and a parking lot. The property is served by public water and public sewer and sits minutes from I-75. The combined property size is 4,336 square feet.
Key Highlights
- Four units—37, 38, 39, and 40—are being sold together
- Each unit is a 2 story townhome measuring 1,084 square feet
- Every residence includes 2 bedrooms and 1.5 bathrooms
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
$37,059
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
5.62%
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%
$741,180
$741.2K
Cap Rate 7%
$529,414
$529.4K
Cap Rate 9%
$411,767
$411.8K
Market Conditions
NOI Build-Up for 4,336 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
$56.2K $12.96/SF
− Vacancy
−$3.3K −$0.75/SF
EGI
$52.9K $12.21/SF
− OpEx
−$15.9K −$3.66/SF
NOI
$37.1K $8.55/SF
Area
Bradley County, TN
Vacancy
5.79%
Lease Rate
$12.96 /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%
$741,180
Cap Rate 7%
$529,414
Cap Rate 9%
$411,767
Alternative Uses
Best Use
Multifamily LT 5
$529.4K
$463.2K – $617.7K
NOI $37,059 @ 7.0% cap · market cap 5.62%
Second Best
Apartment 5plus
$460.7K
$403.1K – $537.4K
NOI $32,246 @ 7.0% cap · market cap 4.89%
Theoretical Best
Office A
$909.8K
$796.1K – $1.06M
NOI $63,687 @ 7.0% cap · market cap 9.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
380
Businesses Nearby
Explore this area
Business Placement
Demographics for 37312, TN
36,291
Population
15,023
Households
2.4
Avg Household Size
42
Median Age
36%
College-Educated
93%
High-School Grad
64.4 sq mi
ZIP Area
564
Density / Sq Mi
$75,369
Median Household Income
$41,148
Median Earnings
$1,080
Median Rent
$270,500
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?
Quadplex - Four individually configured townhome units provide a multifamily property with off-street parking and public utilities.
Where is this quadplex located?
The property is located at 900 Stratford Circle NW Cleveland, TN.
What is the asking price?
The asking price for this property is $660,000.
What are key features of this property?
This property features: Four units—37, 38, 39, and 40—are being sold together; Each unit is a 2 story townhome measuring 1,084 square feet; Every residence includes 2 bedrooms and 1.5 bathrooms
