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1412-1418 Armstrong Ave 12 Unit Apartment Building $1,899,950 ($158,329/Unit) 7.40% Cap Rate Knoxville, TN 37917
Investment Highlights
- Laundry with income potential. We are resetting tenants and starting to add new ones. If you want to add your own, now is the time to step in!
Executive Summary
1412 & 1418 Armstrong Avenue is a 12-unit multifamily investment located in Knoxville’s highly desirable Old North area, minutes from Downtown, the University of Tennessee, and major employment centers. The property consists of two buildings on a single deeded lot and offers a flexible, legally compliant rental strategy well-suited for local owner-operators or experienced small multifamily investors.
The asset features a mix of long-term units and furnished units operated as 30-day+ minimum rentals, in full compliance with RN-4 zoning. No short-term (nightly) rental income is assumed or required.
Unit Mix & Rental Strategy
8 × 1BR / 1BA long-term rental units
2 × 1BR / 1BA furnished units (30-day+ minimum)
2 × 3BR / 1.5BA furnished units (30-day+ minimum)
The furnished units provide income enhancement while maintaining zoning compliance and avoiding short-term rental regulatory risk. This hybrid structure allows investors to balance stability with yield while preserving long-term flexibility.
Current Status & Operations
Ownership has completed tenant roster cleanup and is actively refilling vacant units. Rents have been set to market-supported levels, with utilities structured to reduce owner exposure where applicable. Financials are presented on a projected stabilized basis, reflecting normalized occupancy and legally compliant operations.
Recent operating data reflects a transition period and should not be annualized. Buyers should underwrite stabilized performance.
Investment Highlights
Located in one of Knoxville’s strongest and fastest-growing rental submarkets
Hybrid long-term and 30-day+ furnished rental model (RN-4 compliant)
No reliance on short-term or non-permitted rental income
Individually metered long-term units with separate HVAC systems
Furnished units ideal for traveling professionals, medical staff, and mid-term housing demand
Positioned for owner-operators or investors comfortable with light operational oversight
Upside through lease-up, operational efficiencies, and continued rent stabilization
Buyer Profile
This asset is best suited for:
Local or regional investors
Hands-on owner-operators
Buyers seeking durable income with optionality
Investors prioritizing yield and long-term appreciation over passive, institutional ownership
Disclaimer
All financial information is provided for informational purposes only and is based on projected stabilized operations. No guarantee is made regarding future income, expenses, or occupancy. Buyer to verify all zoning, rental compliance, and financial assumptions independently.
The asset features a mix of long-term units and furnished units operated as 30-day+ minimum rentals, in full compliance with RN-4 zoning. No short-term (nightly) rental income is assumed or required.
Unit Mix & Rental Strategy
8 × 1BR / 1BA long-term rental units
2 × 1BR / 1BA furnished units (30-day+ minimum)
2 × 3BR / 1.5BA furnished units (30-day+ minimum)
The furnished units provide income enhancement while maintaining zoning compliance and avoiding short-term rental regulatory risk. This hybrid structure allows investors to balance stability with yield while preserving long-term flexibility.
Current Status & Operations
Ownership has completed tenant roster cleanup and is actively refilling vacant units. Rents have been set to market-supported levels, with utilities structured to reduce owner exposure where applicable. Financials are presented on a projected stabilized basis, reflecting normalized occupancy and legally compliant operations.
Recent operating data reflects a transition period and should not be annualized. Buyers should underwrite stabilized performance.
Investment Highlights
Located in one of Knoxville’s strongest and fastest-growing rental submarkets
Hybrid long-term and 30-day+ furnished rental model (RN-4 compliant)
No reliance on short-term or non-permitted rental income
Individually metered long-term units with separate HVAC systems
Furnished units ideal for traveling professionals, medical staff, and mid-term housing demand
Positioned for owner-operators or investors comfortable with light operational oversight
Upside through lease-up, operational efficiencies, and continued rent stabilization
Buyer Profile
This asset is best suited for:
Local or regional investors
Hands-on owner-operators
Buyers seeking durable income with optionality
Investors prioritizing yield and long-term appreciation over passive, institutional ownership
Disclaimer
All financial information is provided for informational purposes only and is based on projected stabilized operations. No guarantee is made regarding future income, expenses, or occupancy. Buyer to verify all zoning, rental compliance, and financial assumptions independently.
Property Facts
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Heating
- Ceiling Fans
- Hardwood Floors
- Refrigerator
- Stainless Steel Appliances
- Range
- Walk-In Closets
- Carpet
- Attic
- Basement
- Family Room
- Porch
Site Amenities
- 24 Hour Access
- Security System
- Tenant Controlled HVAC
- On-Site Retail
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 10 | $1,200 | - |
| 3+1.5 | 2 | - | - |
1 1
Walk Score®
Very Walkable (71)
Bike Score®
Very Bikeable (78)
Property Taxes
| Parcel Number | 081LE-027 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $420,000 |
Property Taxes
Parcel Number
081LE-027
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$420,000
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Presented by
Pace Probity Asset Management
1412-1418 Armstrong Ave
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