Eight-Unit Apartment Building
For Sale
$2,200,000
1912/1914/ 1916/1918/1911/1913/1915/1917 Lane, Cleveland, TN 37323
Residential Income, Cleveland, TN
Property Size12,160 SF
Lot Size0.57 Acres
Price / SF$180.92
Days on Market9
Property Features for 1912/1914/ 1916/1918/1911/1913/1915/1917 Lane
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Bedrooms
24
Bathrooms
24
Full bathrooms
16
Rooms
Bathroom 24, Bedroom 17, Bedroom 18, Bedroom 13, Bedroom 1, Bedroom 14, Bedroom 15, Bedroom 16, Bathroom 3, Bathroom 11, Bedroom 22, Bathroom 18, Bathroom 19, Bedroom 6, Bedroom 11, Bathroom 4, Bedroom 8, Bedroom 7, Bathroom 15, Bathroom 13, Bathroom 12, Bathroom 14, Bathroom 1, Bathroom 20, Bedroom 3, Bedroom 2, Bathroom 16, Bedroom 19, Bedroom 5, Bedroom 20, Bathroom 5, Bedroom 10, Bedroom 23, Bathroom 2, Bedroom 24, Bathroom 23, Bathroom 10, Bedroom 4, Bathroom 7, Bathroom 17, Bathroom 9, Bedroom 9, Bedroom 12, Bathroom 8, Bedroom 21, Bathroom 6, Bathroom 21, Bathroom 22
Parking features
Garage, Driveway
Pets allowed
Yes
Interior features
Ceiling Fan(s), Eat-in Kitchen, Granite Counters, High Ceilings, Kitchen Island, Open Floorplan, Recessed Lighting
Appliances
Refrigerator, Oven, Microwave, Dishwasher
Subdivision
Arbor Hills Townhomes
Lot features
Paved
Elementary school
Blythe-Bower Elementary
Middle school
Cleveland Middle
High school
Cleveland High
Standard status
Active
APN
066h B 025.00
Size
12,160 SF
Lot size
0.57 Acres
Taxes and HOA fees
Tax Description
Lot 24 Part of Arbor Hills Subdivision
Tax Annual Amount
17248
HOA Fee
$600 Annually
Legal Description
Lot 24 Part of Arbor Hills Subdivision
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
2025
Floors in Building
2
Number of units
8
Flooring type
Vinyl
Building materials
Concrete, HardiPlank Type
Roof type
Shingle
Listing Agency:
Keller Williams Realty
(423) 664-1600
Listed By:
Gina Shumway · License #TN373412
(770) 686-9366
Added: Sep 4
Changed: Sep 12
Last Checked: Sep 12 at 8:06AM
MLS# 1542141
Copyright © 2026 Greater Chattanooga Association of 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 multifamily property comprises eight townhomes distributed across two buildings, with a total building area of 12,160 square feet on 0.57 acres. The units feature open floorplans, eat-in kitchens, granite counters, kitchen islands, recessed lighting, high ceilings, vinyl flooring, and central heating and cooling. Appliances include refrigerators, ovens, microwaves, and dishwashers. Concrete and HardiPlank construction, shingle roofing, public water, and public sewer are also provided.
The property is located in Cleveland, Tennessee, with access to shopping, banking, daily amenities, and highways. Driveway and garage parking serve the buildings. All eight units are reported occupied, and the property is subject to an HOA that covers exterior maintenance.
The property is located in Cleveland, Tennessee, with access to shopping, banking, daily amenities, and highways. Driveway and garage parking serve the buildings. All eight units are reported occupied, and the property is subject to an HOA that covers exterior maintenance.
Key Highlights
- Eight townhomes arranged across 2 buildings
- 12,160 square feet on 0.57 acres
- 100% occupied across 8 residential units
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
$90,432
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
4.11%
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%
$1,808,640
$1.8M
Cap Rate 7%
$1,291,886
$1.3M
Cap Rate 9%
$1,004,800
$1.0M
Market Conditions
NOI Build-Up for 12,160 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
$175.1K $14.40/SF
− Vacancy
−$10.7K −$0.88/SF
EGI
$164.4K $13.52/SF
− OpEx
−$74.0K −$6.08/SF
NOI
$90.4K $7.44/SF
Area
Bradley County, TN
Vacancy
6.10%
Lease Rate
$14.40 /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%
$1,808,640
Cap Rate 7%
$1,291,886
Cap Rate 9%
$1,004,800
Alternative Uses
Best Use
Apartment 5plus
$1.29M
$1.13M – $1.51M
NOI $90,432 @ 7.0% cap · market cap 4.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.55M
$2.23M – $2.98M
NOI $178,606 @ 7.0% cap · market cap 8.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
261
Businesses Nearby
Explore this area
Business Placement
Demographics for 37323, TN
31,497
Population
12,841
Households
2.5
Avg Household Size
41
Median Age
18%
College-Educated
88%
High-School Grad
114.6 sq mi
ZIP Area
275
Density / Sq Mi
$67,538
Median Household Income
$41,922
Median Earnings
$908
Median Rent
$213,900
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?
Apartment building - Two-building configuration offers eight residential units with garage and driveway parking, central HVAC, and public utilities.
Where is this apartment building located?
The property is located at 1912/1914/ 1916/1918/1911/1913/1915/1917 Lane Cleveland, TN.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Eight townhomes arranged across 2 buildings; 12,160 square feet on 0.57 acres; 100% occupied across 8 residential units
