This work discusses the utilization of multi tube tank heat exchanger for waste heat recovery. The thermal behavior of the system is studied in order to understand the contribution of the different heat transfer modes governing the system. As application, heating water in residential application from chimney heat recovery is considered. A prototype illustrating the suggested system is implemented and tested. Different waste heat scenarios by varying the quantity of burned firewood (heat input) are experimented. The temperature at different parts of the system and the gas flow rates of the exhaust pipes are measured. Measurements showed that the temperature of 95 L tank of water can be increased by 68 degrees C within one hour. Obtained results show that the convection and radiation exchanges at the bottom surface of the tank have a considerable impact on the total heat transfer rate of the water (as high as 70%). Moreover, the proposed system allows saving 9.8 L of gasoline, 10.6 L of diesel or 15 kg of wood for 12 hours of chimney operation.