Four-Unit Multifamily
For Sale
$965,000
916/920 Glenwood Drive, Chattanooga, TN 37406
Two adjacent multifamily properties combine existing residential units with a larger space requiring renovation.
Property Size7,160 SF
Days on Market120
Property Features for 916/920 Glenwood Drive
General Information
Standard status
Active
Size
7,160 SF
Property subtype
Multi Family
Additional Details
Asking Price
$899,900
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$6,734
Building Details
Building Size
7,160 SF
Year Built
1993
Listing Agency:
Keller Williams Realty
Listed By:
Asher Black · License #359562
(423) 208-4943
Source:
Gracefrankgroup
Added: May 29
Changed: Sep 20
Last Checked: Sep 24 at 7:06PM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
The offering includes two adjacent multifamily properties at 916 and 920 Glenwood Drive. The 916 property contains a four-unit building, while 920 includes one finished unit and an additional 2,000-square-foot unit with eight bedrooms and two bathrooms that requires renovation.
The properties are located in Chattanooga, Tennessee, and were built in 1993. Together, the buildings provide a combination of finished residential space and a substantial renovation component within one offering.
The properties are located in Chattanooga, Tennessee, and were built in 1993. Together, the buildings provide a combination of finished residential space and a substantial renovation component within one offering.
Key Highlights
- Two adjacent multifamily properties at 916 and 920 Glenwood Drive
- 916 includes a four‑unit multifamily building
- 920 includes one finished residential unit
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
$63,077
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
6.54%
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%
$1,261,540
$1.3M
Cap Rate 7%
$901,100
$901.1K
Cap Rate 9%
$700,856
$700.9K
Market Conditions
NOI Build-Up for 7,160 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
$122.0K $17.04/SF
− Vacancy
−$7.3K −$1.02/SF
EGI
$114.7K $16.02/SF
− OpEx
−$51.6K −$7.21/SF
NOI
$63.1K $8.81/SF
Area
Chattanooga, TN
Vacancy
6.00%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
45.00%
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%
$1,261,540
Cap Rate 7%
$901,100
Cap Rate 9%
$700,856
Alternative Uses
Best Use
Apartment 5plus
$901.1K
$788.5K – $1.05M
NOI $63,077 @ 7.0% cap · market cap 6.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.58M
$1.38M – $1.84M
NOI $110,692 @ 7.0% cap · market cap 11.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,020
Businesses Nearby
Explore this area
Business Placement
Demographics for 37406, TN
12,422
Population
5,894
Households
2.1
Avg Household Size
36
Median Age
16%
College-Educated
85%
High-School Grad
12.1 sq mi
ZIP Area
1,027
Density / Sq Mi
$42,993
Median Household Income
$31,076
Median Earnings
$944
Median Rent
$150,300
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?
Multifamily property - Two adjacent multifamily properties combine existing residential units with a larger space requiring renovation.
Where is this multifamily property located?
The property is located at 916/920 Glenwood Drive Chattanooga, TN.
What is the asking price?
The asking price for this property is $965,000.
What are key features of this property?
This property features: Two adjacent multifamily properties at 916 and 920 Glenwood Drive; 916 includes a four‑unit multifamily building; 920 includes one finished residential unit
