476, E 482 & 490 Red Bud Rd, Knoxville, TN 37920 (MLS# 1357074)

476, E 482 & 490 Red Bud Rd, Knoxville, TN 37920

New Listing

$490,000

Property Type: Multi-Family Square Footage: 2,349 Status: Active

Current Price: $490,000 List Date: 9/29/2026 Last Modified: 9/30/2026

Overview

Description

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 singl ... (Read more) 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.

Listing Details MLS# 1357074

Location Tax Legal Info

House #: 476,
St Dir: E
Street Name: 482 & 490 Red Bud
St Suffix: Rd
State/Province: TN
Zip Code: 37920
PIN #: 109MC00201F
Subdivision: Redbud Condos Unit B6 5.8823% Com Elem

Contract Info

Auction Y/N: No
Listing Price: 490000

General Property Description

SqFt - Total (Aprox): 2349
Number of Units: 3
# Units Leased: 3
Year Built: 1972
Property Status: N/A
Restrictions: Yes
Driveway: Parking lot

Status Change Info

Status Change Date: 2026-09-29

IncomeExpenses

Net Operating Income: 23146

More Information

Property Features

Property Sub-Type: Apartment; Other Type of Units: 2 Bedroom Unit Sale Includes: No Furnishings Floors: Carpet; Vinyl Tenant Expenses: Electricity; Water Owner Expenses: HVAC Maintenance; Insurance; Taxes Fuel: Electric Heat: Central Cooling: Central Cooling Appliances: Dishwasher; Range; Refrigerator; Self Cleaning Oven Construction: Frame - Brick Roof: Composition Siding: Brick Exterior Features: Balcony Misc Features: Wired for Internet Other Rooms: Other New Financing: Cash; Conventional Showing: See Agent Instructns

IDX

Listing Office: Keller Williams Signature

Last Updated: September - 30 - 2026

The data relating to real estate for sale on this Web Site comes from the IDX Program of the East Tennessee REALTORS® Multiple Listing Service. © Copyright 2026 All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS. This information is updated daily, however, some of these properties may subsequently have sold and may no longer be available. The Real Estate Broker providing this data believes it to be correct, but advises interested parties to confirm the data before relying on it in a purchase decision.

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476, E 482 & 490 Red Bud Rd, Knoxville, TN 37920 (MLS# 1357074)