Two-Unit Duplex with
For Sale
$315,000
Pending
953 E 5th Street, Chattanooga, TN 37403
Two-bedroom units include porches, yards, and storage sheds.
Property Size1,552 SF
Days on Market12
Property Features for 953 E 5th Street
General Information
Standard status
Pending
Size
1,552 SF
Property subtype
Duplex
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,954
Building Details
Building Size
1,552 SF
Year Built
1959
Buildings
1
Listing Agency:
Crye-Leike, REALTORS
(423) 596-3004
Listed By:
Mac Hibbett · License #TN321037
(423) 596-3004
Source:
Lawrenceteamhomes
Added: Aug 18
Changed: Aug 28
Last Checked: Aug 26 at 2:59PM
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 Crye-Leike, REALTORS
Investment Insights
Based on property information with market context.
This duplex contains two matching 2-bedroom, 1-bathroom residences, each with approximately 776 square feet and a combined 1,552 square feet. Constructed in 1959, the property includes front porches, side and rear yards, and a storage shed for each unit. One residence has LVT flooring and is leased through next summer, while the other has new carpet, fresh paint, and is currently vacant.
The property is within walking distance of UTC and Erlanger Hospital and is a short distance from the historic Fort Wood neighborhood. Its two-unit configuration supports continued rental use, owner occupancy of one residence, or placement of a tenant in the vacant side, as described in the property information.
The property is within walking distance of UTC and Erlanger Hospital and is a short distance from the historic Fort Wood neighborhood. Its two-unit configuration supports continued rental use, owner occupancy of one residence, or placement of a tenant in the vacant side, as described in the property information.
Key Highlights
- Two 2‑bedroom, 1‑bathroom units with approximately 776 square feet each
- 1,552 square feet total; built in 1959
- One unit leased through next summer; the other is vacant
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
$15,237
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
4.84%
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%
$304,740
$304.7K
Cap Rate 7%
$217,671
$217.7K
Cap Rate 9%
$169,300
$169.3K
Market Conditions
NOI Build-Up for 1,552 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
$23.3K $15.00/SF
− Vacancy
−$1.5K −$0.98/SF
EGI
$21.8K $14.03/SF
− OpEx
−$6.5K −$4.21/SF
NOI
$15.2K $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%
$304,740
Cap Rate 7%
$217,671
Cap Rate 9%
$169,300
Alternative Uses
Best Use
Multifamily LT 5
$217.7K
$190.5K – $254.0K
NOI $15,237 @ 7.0% cap · market cap 4.84%
Second Best
Apartment 5plus
$195.3K
$170.9K – $227.9K
NOI $13,673 @ 7.0% cap · market cap 4.34%
Theoretical Best
Office A
$342.8K
$299.9K – $399.9K
NOI $23,994 @ 7.0% cap · market cap 7.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,264
Businesses Nearby
Explore this area
Business Placement
Demographics for 37403, TN
5,666
Population
2,394
Households
2.4
Avg Household Size
26
Median Age
49%
College-Educated
95%
High-School Grad
1.7 sq mi
ZIP Area
3,333
Density / Sq Mi
$65,750
Median Household Income
$12,410
Median Earnings
$1,253
Median Rent
$444,000
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom units include porches, yards, and storage sheds.
Where is this duplex located?
The property is located at 953 E 5th Street Chattanooga, TN.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bathroom units with approximately 776 square feet each; 1,552 square feet total; built in 1959; One unit leased through next summer; the other is vacant
