Four-Unit Historic Apartment
For Sale
$865,000
903 Luttrell St, Knoxville, TN 37917
Each residence has two bedrooms, central HVAC, and washer and dryer connections, with utility costs paid by residents.
Property Size5,608 SF
Price / SF$154.24
Days on Market250
Property Features for 903 Luttrell St
General Information
Standard status
Active
Size
5,608 SF
Property subtype
MULTI_FAMILY
Occupancy
100%
Units
Unit Mix
4 x 2BR
Multifamily Units
4
Additional Details
Asking Price
$865,000
Tenant in Place
Yes
Amenities
central HVAC
washer/dryer connections
covered balconies
porch
Building Details
Building Size
5,608 SF
Year Built
1920
Buildings
1
Tenancy
Multi
Listing Agency:
Goldman Partners Realty, LLC
Listed By:
Solange Velas · License #263596
(865) 444-3241
Source:
Knoxvillefinehomes
Added: Feb 20
Changed: Oct 26
Last Checked: Oct 26 at 3:40PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Goldman Partners Realty, LLC
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Investment Insights
Based on property information with market context.
Built in 1920, this four-unit property contains four two-bedroom residences across 5,608 square feet. Original hardwood floors, wood doors and banisters, and high ceilings bring historic character to the interiors. Central HVAC and washer and dryer connections provide contemporary features. The property is fully leased, and residents pay all utilities.
The corner site is at 903 Luttrell St in Knoxville, with curbside parking and additional parking accessed from the rear alley. Two upper-level apartments have separate entries from the porch via private staircases, plus covered balconies with access to the backyard. The property is near First Creek Greenway and 4th & Gill Park, with bike paths, Covenant Park, downtown, and the Old City also identified in the surrounding area.
The corner site is at 903 Luttrell St in Knoxville, with curbside parking and additional parking accessed from the rear alley. Two upper-level apartments have separate entries from the porch via private staircases, plus covered balconies with access to the backyard. The property is near First Creek Greenway and 4th & Gill Park, with bike paths, Covenant Park, downtown, and the Old City also identified in the surrounding area.
Key Highlights
- Four two‑bedroom units; fully leased
- 5,608 square feet on a corner lot
- Residents pay all utilities
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$54,691
Cap Rate
6.32%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,093,820
$1.1M
Cap Rate 7%
$781,300
$781.3K
Cap Rate 9%
$607,678
$607.7K
Market Conditions
NOI Build-Up for 5,608 SF
Gross rent
$84.1K $15.00/SF
− Vacancy
−$6.0K −$1.07/SF
EGI
$78.1K $13.93/SF
− OpEx
−$23.4K −$4.18/SF
NOI
$54.7K $9.75/SF
Area
Knoxville, TN
Vacancy
7.12%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,093,820
Cap Rate 7%
$781,300
Cap Rate 9%
$607,678
Alternative Uses
Best Use
Multifamily LT 5
$781.3K
$683.6K – $911.5K
NOI $54,691 @ 7.0% cap · market cap 6.32%
Second Best
Apartment 5plus
$719.0K
$629.1K – $838.8K
NOI $50,328 @ 7.0% cap · market cap 5.82%
Theoretical Best
Office A
$1.39M
$1.22M – $1.62M
NOI $97,229 @ 7.0% cap · market cap 11.24%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,226
Businesses Nearby
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Business Placement
Demographics for 37917, TN
25,013
Population
14,216
Households
1.8
Avg Household Size
39
Median Age
31%
College-Educated
87%
High-School Grad
9.5 sq mi
ZIP Area
2,633
Density / Sq Mi
$51,232
Median Household Income
$37,853
Median Earnings
$1,063
Median Rent
$189,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - Each residence has two bedrooms, central HVAC, and washer and dryer connections, with utility costs paid by residents.
Where is this quadplex located?
The property is located at 903 Luttrell St Knoxville, TN.
What is the asking price?
The asking price for this property is $865,000.
What are key features of this property?
This property features: Four two‑bedroom units; fully leased; 5,608 square feet on a corner lot; Residents pay all utilities
