605 Gill Ave
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605 Gill Ave
4 Unit Apartment Building $735,000 ($183,750/Unit) 4% Cap Rate Knoxville, TN 37917
Investment Highlights
- Downtown Knoxville
- Historic District
Executive Summary
This property offers a unique blend of historic charm and modern convenience, located in one of Knoxville's most desirable districts. Whether you're a seasoned investor or looking to start your portfolio, 605 Gill Avenue provides an excellent opportunity to own a piece of Knoxville's history while generating steady rental income.
Property Overview:
Historic 4th and Gill District, near Downtown Knoxville 4 Plex | 3,164 sq ft
(2) Downstairs units: 1-Bedroom Units (under 12 mo leases)
(2) Upstairs units: 1 bed 1 bath w/ washer & dryer connection (Unoccupied) and 1 bed 1 bath - both vacant
share an upstairs Balcony
Convenient parking options include Off-Street Parking, On-Premise Parking, and On-Street Parking. Plenty of room to create a parking pad in the rear of the property.
Roof is 14 years old.
Owner has replaced water heaters and AC units in 2023.
Unit 1 has slight slope from home setteling has been reinforced with support piers in basement.
Estimated improvements needed about $25K
Owner selling because he has 3 commercial projects in 2025..
Property Overview:
Historic 4th and Gill District, near Downtown Knoxville 4 Plex | 3,164 sq ft
(2) Downstairs units: 1-Bedroom Units (under 12 mo leases)
(2) Upstairs units: 1 bed 1 bath w/ washer & dryer connection (Unoccupied) and 1 bed 1 bath - both vacant
share an upstairs Balcony
Convenient parking options include Off-Street Parking, On-Premise Parking, and On-Street Parking. Plenty of room to create a parking pad in the rear of the property.
Roof is 14 years old.
Owner has replaced water heaters and AC units in 2023.
Unit 1 has slight slope from home setteling has been reinforced with support piers in basement.
Estimated improvements needed about $25K
Owner selling because he has 3 commercial projects in 2025..
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$52,000
|
$16.43
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$12,800
|
$4.05
|
| Effective Gross Income |
$39,200
|
$12.39
|
| Net Operating Income |
-
|
-
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $52,000 |
| Annual Per SF | $16.43 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $12,800 |
| Annual Per SF | $4.05 |
| Effective Gross Income | |
|---|---|
| Annual | $39,200 |
| Annual Per SF | $12.39 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
Property Facts
| Price | $735,000 | Apartment Style | Single Family Home |
| Price Per Unit | $183,750 | Lot Size | 0.10 AC |
| Sale Type | Investment | Building Size | 3,164 SF |
| Cap Rate | 4% | Average Occupancy | 50% |
| No. Units | 4 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1910/2024 |
| Property Subtype | Apartment | Parking Ratio | 1.26/1,000 SF |
| Price | $735,000 |
| Price Per Unit | $183,750 |
| Sale Type | Investment |
| Cap Rate | 4% |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Single Family Home |
| Lot Size | 0.10 AC |
| Building Size | 3,164 SF |
| Average Occupancy | 50% |
| No. Stories | 2 |
| Year Built/Renovated | 1910/2024 |
| Parking Ratio | 1.26/1,000 SF |
Unit Amenities
- Air Conditioning
- Kitchen
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 4+4 | 4 | $1,400 | 3,000 |
1 of 1
zoning
| Zoning Code | R2 (Residential up to 4 family) |
| R2 (Residential up to 4 family) |
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605 Gill Ave
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