563 Central Avenue NE, Cleveland, TN 37311 (MLS# 1505498)

563 Central Avenue NE, Cleveland, TN 37311

$1,330,000

9-web-or-mls-DJI_20241205120409_0447_D-5

18-web-or-mls-DJI_20241205120552_0454_D-

20-web-or-mls-DJI_20241205120630_0456_D-

17-web-or-mls-DJI_20241205120528_0453_D-

24-web-or-mls-DJI_20241205120828_0460_D-

27-web-or-mls-DJI_20241205120931_0463_D-

23-web-or-mls-DJI_20241205120800_0459_D-

25-web-or-mls-DJI_20241205120848_0461_D-

26-web-or-mls-DJI_20241205120906_0462_D-

Property Type: Residential Bedrooms: 12 Baths: 6 Square Footage: 5,184 Lot Size (sq. ft.): 43,560 Status: Closed

Current Price: $1,330,000 List Date: 1/10/2025 Last Modified: 10/10/2025

Overview

Description

Turn-Key 12-Unit Apartment Complex | High-Yield Investment with 7%+ Cap Rate 2 Buildings - 563 Central Ave NE and 385 Dooley St 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 it ... (Read more)

Listing Details MLS# 1505498

General Property Information

Bedrooms Total: 12
Bathrooms Total: 6
Bathrooms Full: 6
Above Grade Finished Area: 5184
Living Area: 5184
Living Area Source: Tax Records
Enhanced Accessible: No
Year Built: 1984
New Construction YN: No
Builder's Warranty YN: No
Home Warranty YN: No
Garage YN: No
Carport YN: No
Lot Size Acres: Yes
Lot Size Square Feet: 43560
Lot Size Dimensions: 53x209x51x209
Association YN: No
View YN: No
Waterfront YN: No
Basement YN: No
Fireplace YN: No
Senior Community YN: No
List Price/SqFt: 269.56
Sold Price/SqFt: 256.56
Deed Book: 2813
Deed Page: 76
Bathrooms Half: 0

Property Features

Appliances: Electric Range Construction Materials: Vinyl Siding Cooling: Ductless Exterior Features: Other Flooring: Laminate; Linoleum Foundation Details: Combination Listing Terms: Cash; Conventional Lot Features: Level Parking Features: Asphalt; Off Street; Parking Lot Sewer: Public Sewer Utilities: Electricity Connected; Water Connected Water Source: Public

Contract Information

Listing Contract Date: 2025-01-09
Auction YN: No
Equitable Ownership Interest Listing: No
Property Sub Type: Mixed Use
Office Exclusive: No

Location Tax and Legal

Street Number: 563
Street Name: Central
Street Suffix: Avenue
Street Direction Suffix: NE
County: Bradley
State: TN
Postal Code: 37311
Subdivision Name: None

Remarks and Miscellaneous

Public Remarks: Turn-Key 12-Unit Apartment Complex | High-Yield Investment with 7%+ Cap Rate 2 Buildings - 563 Central Ave NE and 385 Dooley St 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!
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)

Status Change Information

Major Change Timestamp: 2025-04-04T17:19:15Z
Major Change Type: Status Change
Status Change Timestamp: 2025-04-04
Under Contract Date: 2025-02-03
Close Date: 2025-03-31
Close Price: 1330000
Appraisal Waiver YN: No

More Information

License Number Info

Listing Agent’s State of Licensure: TN
Listing Agent’s License Number: 6791
Listing Office’s State of Licensure: TN
Listing Office’s License Number: 10527

Location, Tax, and Legal

Parcel Number: 057d F 009.00
Elementary School: Arnold Elementary
Middle Or Junior School: Cleveland Middle
High School: Cleveland High
Tax Annual Amount: 2531.85
Tax Legal Description: 057D F 009.00
Additional Parcels YN: No

Appliances

Electric Range: Yes

Construction Materials

Vinyl Siding: Yes

Exterior Features

Other: Yes

Listing Terms

Cash: Yes
Conventional: Yes

Lot Features

Level: Yes

Sewer

Public Sewer: Yes

Utilities

Electricity Connected: Yes
Water Connected: Yes

Water Source

Public: Yes

Cooling

Ductless: Yes

Foundation Details

Combination: Yes

Parking Features

Asphalt: Yes
Off Street: Yes
Parking Lot: Yes

Flooring

Laminate: Yes
Linoleum: Yes

Listing Office: Keller Williams Realty

Last Updated: October - 10 - 2025

Information deemed reliable but not guaranteed.