Duplex with Renovation
For Sale
$550,000
920 Glenwood Dr, Chattanooga, TN 37406
Two-unit residential income property with one completed unit and a second unit requiring renovation.
Property Size3,700 SF
Price / SF$148.65
Days on Market12
Property Features for 920 Glenwood Dr
General Information
Standard status
Active
Size
3,700 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Building Details
Year Built
1993
Listing Agency:
Greater Downtown Realty dba Keller Williams Realty
Listed By:
Asher Black 4232084943 · License #359562
(423) 208-4943
Source:
Smokymountainshomefinder
Added: Sep 8
Changed: Sep 11
Last Checked: Sep 18 at 7:53AM
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.
Built in 1993, this duplex contains two residential units totaling 3,700 square feet. One unit is finished, while the second measures 2,000 square feet and is configured with 8 bedrooms and 2 bathrooms. The unfinished unit requires renovation, providing a clearly defined improvement component within the property.
The asset is located at 920 Glenwood Dr in Chattanooga, Tennessee, and is offered for sale as a residential income property. The existing two-unit configuration supports continued multifamily use, subject to applicable requirements.
The asset is located at 920 Glenwood Dr in Chattanooga, Tennessee, and is offered for sale as a residential income property. The existing two-unit configuration supports continued multifamily use, subject to applicable requirements.
Key Highlights
- Two‑unit duplex configuration
- 3,700 square feet total property size
- 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
$36,325
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
6.60%
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%
$726,500
$726.5K
Cap Rate 7%
$518,929
$518.9K
Cap Rate 9%
$403,611
$403.6K
Market Conditions
NOI Build-Up for 3,700 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
$55.5K $15.00/SF
− Vacancy
−$3.6K −$0.98/SF
EGI
$51.9K $14.03/SF
− OpEx
−$15.6K −$4.21/SF
NOI
$36.3K $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%
$726,500
Cap Rate 7%
$518,929
Cap Rate 9%
$403,611
Alternative Uses
Best Use
Multifamily LT 5
$518.9K
$454.1K – $605.4K
NOI $36,325 @ 7.0% cap · market cap 6.60%
Second Best
Apartment 5plus
$465.7K
$407.5K – $543.3K
NOI $32,596 @ 7.0% cap · market cap 5.93%
Theoretical Best
Office A
$817.2K
$715.0K – $953.4K
NOI $57,201 @ 7.0% cap · market cap 10.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
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?
Duplex - Two-unit residential income property with one completed unit and a second unit requiring renovation.
Where is this duplex located?
The property is located at 920 Glenwood Dr Chattanooga, TN.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Two‑unit duplex configuration; 3,700 square feet total property size; One finished residential unit
