563 Central Avenue NE
Cleveland, TN 37311
- 12 beds
- 12 baths
- 5,184 sqft
- ~1 acre lot
- $269 per sqft
- 1984 build
- – on site
Turn-Key 12-Unit Apartment Complex | High-Yield Investment with 7%+ Cap Rate This fully renovated 12-unit apartment complex is an ideal income-generating property, offering a strong return and excellent tenant appeal. Divided into two buildings—563 Central Ave and 385 Dooley St—each building houses six well-designed units. Tenants pay rent weekly, ensuring steady cash flow and maximizing revenue. Renovations Completed in 2020. Both interiors and exteriors have been modernized for low-maintenance operation. Each unit offers approximately 406 sq. ft., featuring a living room, kitchen, bathroom, and a spacious bedroom with a closet. Every unit is equipped with its own heat/air system, range, and refrigerator. Conveniently located just minutes from Lee University and downtown Cleveland, this property offers easy access to schools, shops, restaurants, and entertainment, making it a top choice for renters. With its high cap rate, modern updates, and strategic location, this property is a perfect addition to any investor's portfolio. Call for financials and more information!
Last checked:
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Last updated Jan 10, 2025
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MLS# 1505498 —
The Building
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Year Built:1984
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New Construction:false
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Construction Materials:Vinyl Siding
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Stories Total:None
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Basement:false
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Foundation Details:Combination
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Exterior Features:Other
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Building Area Total:5184.0
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Above Grade Finished Area:5184.0
Interior
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Furnished:None
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Flooring:Laminate, Linoleum
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Fireplace:false
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Zoning Description:None
Room Dimensions
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Living Area:5184.0
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Living Area Units:None
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Living Area Source:Other
Location
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Directions:From Keith & 25st, head south on 25th to N. Ocoee St, turn right onto N. Ocoee Street, in 1.3 miles turn left onto Central Avenue, in 0.5 miles destination is on the left Central Avenue and Dooley Street (No sign on property)
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Latitude:None
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Longitude:None
The Property
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Parcel Number:049m R 010.00
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Property Type:Residential
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Property Subtype:Mixed Use
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Direction Faces:None
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Possible Use:None
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Lot Size Source:None
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Lot Features:Level
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Lot Size Acres:1.0
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Lot Size Area:1.0
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Lot Size SqFt:43560.0
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Additional Parcels:false
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Lot Size Dimensions:53x209x51x209
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Lot Size Units:Acres
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Zoning:None
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Topography:None
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View:false
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Pool Private:No
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Waterfront:false
Listing Agent
- Contact info:
- Agent phone:
- (423) 802-0066
- Office phone:
- (423) 664-1600
Taxes
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Tax Legal Description:057DF009/010.00
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Tax Annual Amount:2531.0
Beds
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Bedrooms Total:12
Baths
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Total Baths:12.0
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Total Baths:12
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Full Baths:12
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Three Quarter Baths:None
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Quarter Baths:None
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Partial Baths:None
The Listing
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Home Warranty:false
Heating & Cooling
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Heating:No
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Cooling:Ductless
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Cooling:true
Utilities
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Utilities:Electricity Connected, Water Connected
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Water Source:Public
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Sewer:Public Sewer
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Electric:None
Appliances
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Appliances:Electric Range
Schools
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Elementary School:Arnold Elementary
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Elementary School District:None
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Middle Or Junior School:Cleveland Middle
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Middle Or Junior School District:None
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High School:Cleveland High
The Community
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Subdivision Name:None
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Association:false
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Association Fee 2:None
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Association Fee 2 Frequency:None
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Pets Allowed:None
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Senior Community:false
Parking
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Garage:false
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Attached Garage:false
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Carport:false
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Parking Features:Asphalt, Off Street, Parking Lot
Monthly cost estimate
Asking price
$1,397,400
| Expense | Monthly cost |
|---|---|
|
Mortgage
This calculator is intended for planning and education purposes only. It relies on assumptions and information provided by you regarding your goals, expectations and financial situation, and should not be used as your sole source of information. The output of the tool is not a loan offer or solicitation, nor is it financial or legal advice. |
$7,482
|
| Taxes | $210 |
| Insurance | $384 |
| Utilities | $268 See report |
| Total | $8,344/mo.* |
| *This is an estimate |
Walk Score®
Provided by WalkScore® Inc.
Walk Score is the most well-known measure of walkability for any address. It is based on the distance to a variety of nearby services and pedestrian friendliness. Walk Scores range from 0 (Car-Dependent) to 100 (Walker’s Paradise).
Bike Score®
Provided by WalkScore® Inc.
Bike Score evaluates a location's bikeability. It is calculated by measuring bike infrastructure, hills, destinations and road connectivity, and the number of bike commuters. Bike Scores range from 0 (Somewhat Bikeable) to 100 (Biker’s Paradise).
Soundscore™
Provided by HowLoud
Soundscore is an overall score that accounts for traffic, airport activity, and local sources. A Soundscore rating is a number between 50 (very loud) and 100 (very quiet).
Air Pollution Index
Provided by ClearlyEnergy
The air pollution index is calculated by county or urban area using the past three years data. The index ranks the county or urban area on a scale of 0 (best) - 100 (worst) across the United Sates.
Max Internet Speed
Provided by BroadbandNow®
This is the maximum advertised internet speed available for this home. Under 10 Mbps is in the slower range, and anything above 30 Mbps is considered fast. For heavier internet users, some plans allow for more than 100 Mbps.
Sale history
| Date | Event | Source | Price | % Change |
|---|---|---|---|---|
|
1/10/25
Jan 10, 2025
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Listed / Active | CHTMLS | $1,397,400 | 32.5% (11.3% / YR) |
|
2/23/22
Feb 23, 2022
|
CHTMLS | $1,055,000 |
