Quadplex with Covered
For Sale
$865,000
903 Luttrell St, Knoxville, TN 37917
MULTI_FAMILY - Knoxville, TN
Property Size5,608 SF
Lot Size0.17 Acres
Price / SF$154.24
Days on Market173
Property Features for 903 Luttrell St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Full bathrooms
4
Rooms
Bedroom 7, Dining Room, Bedroom 2, Bedroom 4, Bathroom 1, Bathroom 4, Bathroom 2, Bedroom 3, Bathroom 3, Bedroom 5, Bedroom 6, Bedroom 1, Bedroom 8
Parking features
On Street
Patio and Porch features
Porch
Exterior features
Balcony
Appliances
Range, Refrigerator
Subdivision
Gills Add
Directions
Take I-40 to Exit 389 and turn South onto Hall of Fame Dr. In 0.2 miles turn Right onto Gill Ave. 4Plex will be on the right at NW corner of Gill Ave and Luttrell St. No Sign on Property. Please don't disturb the residents.
Standard status
Active
APN
081MN011
Size
5,608 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Annual Amount
9557
Utilities
Heating system
Central, Natural Gas, Electric (Heating)
Cooling system
Central Air
Amenities
hardwood floors
high ceilings
wood bannisters and doors
central HVAC
washer/dryer connections
private staircases
covered balcony
Building Details
Year built
1920
Number of units
4
Flooring type
Hardwood, Tile
Building materials
Frame
Roof type
Composition
Listing Agency:
Goldman Partners Realty, LLC
(865) 444-3240
Listed By:
Solange Velas · License #263596
(865) 444-3241
Added: Feb 20
Changed: Aug 4
Last Checked: Aug 12 at 7:06AM
MLS# 1330030
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 quadplex features original character and spacious layouts, with hardwood floors, high ceilings, and wood bannisters and doors. The building is frame construction with a composition roof, and units include central HVAC plus washer/dryer connections. Tenants pay all utilities, and the property offers a mix of flooring with hardwood and tile. A balcony and porch provide outdoor space, and the upstairs units each have their own private staircases and rear access to the backyard from their covered balcony.
Set on a 0.17-acre lot, the property was built in 1920 and includes on-street parking. The location is near downtown Knoxville, with convenient access to bike paths and nearby pocket parks and is positioned in the Fourth and Gill neighborhood.
Each unit is described as very spacious, with approximately 1,400 square feet that includes plenty of storage and original woodwork, supporting a comfortable living experience for residents.
Set on a 0.17-acre lot, the property was built in 1920 and includes on-street parking. The location is near downtown Knoxville, with convenient access to bike paths and nearby pocket parks and is positioned in the Fourth and Gill neighborhood.
Each unit is described as very spacious, with approximately 1,400 square feet that includes plenty of storage and original woodwork, supporting a comfortable living experience for residents.
Key Highlights
- 0.17‑acre lot with quadplex built in 1920
- Central HVAC in all units plus washer/dryer connections
- Approximately 1,400 sq ft per unit with plenty of storage and original woodwork
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
$54,691
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
6.32%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
809
Businesses Nearby
Explore this area
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
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 - Well-maintained quadplex with central HVAC, hardwood floors, and washer/dryer connections for each unit.
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: 0.17‑acre lot with quadplex built in 1920; Central HVAC in all units plus washer/dryer connections; Approximately 1,400 sq ft per unit with plenty of storage and original woodwork
