$490,000

About this home

THREE RENTAL UNITS | $37,080 GROSS INCOME | SOUTH KNOXVILLE Rare opportunity to acquire three 2-bedroom, 1-bath rental units as one investment package in Knoxville's desirable 37920 area. Offered together for $490,000, 476 E Red Bud Rd, 482 E Red Bud Rd, and 490 E Red Bud Rd provide an investor with an established three-unit rental portfolio and immediate income from existing tenants. The three units currently generate $37,080 in gross annual rental income, or approximately $3,090 per month, with reported annual operating expenses of $13,933. Based on the current income and expenses provided, the property produces approximately $23,147 in annual NOI, representing an estimated 4.72% cap rate at the $490,000 asking price. Each property offers a functional 2-bedroom, 1-bath layout, providing an attractive and versatile rental configuration. With all three units being sold together, the package offers investors the opportunity to acquire multiple income-producing assets in a single transaction rather than purchasing units individually. LOCATION IS A KEY ADVANTAGE. Situated in Knoxville's 37920 ZIP code, the properties benefit from convenient access to Downtown Knoxville, the University of Tennessee, the South Waterfront, Sevier Avenue, major employment centers, restaurants, shopping, outdoor recreation and major transportation routes. South Knoxville has experienced continued residential and commercial investment, while the broader 37920 rental market has seen continued demand. The proximity to the University of Tennessee is particularly notable, with UT reporting record enrollment of 41,287 students in Fall 2026. This established educational and employment hub contributes to the area's large and diverse rental housing market. For an investor looking to expand an existing portfolio, this offering provides three properties and three income streams in one acquisition. For someone starting a rental portfolio, it offers an opportunity to begin with multiple units already producing income rather than purchasing a single rental property. KEY INVESTMENT HIGHLIGHTS: • Three 2BR/1BA rental units sold together • $490,000 asking price for all three • $37,080 current gross annual rental income • $13,933 reported annual operating expenses • Approximately $23,147 annual NOI • Approximately 4.72% cap rate based on current operating figures • Approximately $3,090/month total gross rental income • Existing tenants and established rental income • Approximately $163,333 acquisition cost per unit • Knoxville 37920 location • Convenient access to Downtown Knoxville and UT • Strong surrounding residential growth and investment activity • Opportunity to add multiple income-producing assets to an existing portfolio or establish a new multifamily portfolio Financials, rents, expenses and cap rate are based on information provided by the seller and should be independently verified by the buyer. Buyer to conduct their own due diligence regarding leases, income, expenses, zoning, property condition and future rental potential.

Property details

MLS #

1357074

Property type

Residential Income

Subdivision

Redbud Condos Unit B6 5.8823% Com Elem

Status

Active

Days on market

N/A

On market date

September 29, 2026

Stories

N/A

Total bathrooms

N/A

Garage spaces

N/A

Parking spaces

N/A

Lot size

N/A

Nearby schools

Within 10 miles. School directory data from the National Center for Education Statistics (NCES), accessed via the Urban Institute Education Data API. Local Score is calculated by INNOVATE Real Estate; where a state rating is shown, it comes from that state's own official school report card (e.g. NC Dept. of Public Instruction, SC Report Card).