Four-Unit Multifamily
For Sale
$965,000
916920 Glenwood Drive, Chattanooga, TN 37406
Two adjoining properties combine completed residential units with additional space requiring renovation.
Property Size7,160 SF
Price / SF$134.78
Days on Market110
Property Features for 916920 Glenwood Drive
General Information
Standard status
Active
Size
7,160 SF
Property subtype
Residential Income
Additional Details
Asking Price
$899,900
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$6,734
Listing Agency:
Greater Downtown Realty dba Keller Williams Realty
(423) 664-1900
Listed By:
Asher Black · License #359562
(423) 208-4943
Source:
Exprealty
Added: May 26
Changed: Sep 12
Last Checked: Sep 11 at 2:02PM
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 Greater Downtown Realty dba Keller Williams Realty
Investment Insights
Based on property information with market context.
The offering includes two adjoining properties at 916920 Glenwood Drive in Chattanooga. The 916 component contains a completed four-unit multifamily building. At 920, one unit is finished, while a separate 2,000-square-foot unit with eight bedrooms and two bathrooms remains unfinished and requires renovation. The combined property size is listed as 7,160 square feet. This configuration brings completed residential improvements together with a defined renovation component, providing a clear view of the existing unit count and the additional unfinished space within the offering.
Key Highlights
- Four‑unit multifamily building at 916
- One finished unit included at 920
- 2,000 sq ft unit with 8 beds and 2 baths requires renovation
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
$70,293
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
7.28%
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%
$1,405,860
$1.4M
Cap Rate 7%
$1,004,186
$1.0M
Cap Rate 9%
$781,033
$781.0K
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
$107.4K $15.00/SF
− Vacancy
−$7.0K −$0.98/SF
EGI
$100.4K $14.03/SF
− OpEx
−$30.1K −$4.21/SF
NOI
$70.3K $9.82/SF
Area
Chattanooga, TN
Vacancy
6.50%
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%
$1,405,860
Cap Rate 7%
$1,004,186
Cap Rate 9%
$781,033
Alternative Uses
Best Use
Multifamily LT 5
$1.00M
$878.7K – $1.17M
NOI $70,293 @ 7.0% cap · market cap 7.28%
Second Best
Apartment 5plus
$901.1K
$788.5K – $1.05M
NOI $63,077 @ 7.0% cap · market cap 6.54%
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
870
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?
Quadplex - Two adjoining properties combine completed residential units with additional space requiring renovation.
Where is this quadplex located?
The property is located at 916920 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: Four‑unit multifamily building at 916; One finished unit included at 920; 2,000 sq ft unit with 8 beds and 2 baths requires renovation
