Corner-Lot
New
For Sale
$189,000
1092 N EVERGREEN St, Memphis, TN 38107
Duplexes, Traditional, Memphis, TN
Property Size2,280 SF
Price / SF$82.89
Days on Market2
Property Features for 1092 N EVERGREEN St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bedroom 1, Bathroom 2, Bathroom 1, Bathroom 4, Bedroom 3, Bedroom 4, Bedroom 2, Bedroom 6, Bathroom 3
Subdivision
Herman Gruber Re
Standard status
Active
Size
2,280 SF
Taxes and HOA fees
Tax Annual Amount
946
Building Details
Year built
1950
Architectural style
Other
Listing Agency:
KAIZEN Realty, LLC
(901) 221-4041
Listed By:
Mitch Freeman
(901) 628-8355
Added: Aug 21
Changed: Aug 22
Last Checked: Aug 22 at 6:06PM
MLS# 10228912
Copyright © 2026 Memphis Area Association of Realtors®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex contains 2,280 square feet across two residential units and was built in 1950. The property sits on a corner lot and is being offered in its present as-is condition. Central AC and heat serve the units, and the windows have been replaced.
One unit is vacant and available for viewing, while the other is occupied under a month-to-month tenancy. The occupied unit should not be disturbed. Located in Memphis, Tennessee, the property provides a two-unit residential configuration with an existing tenant in place and immediate access to the vacant side for inspection.
One unit is vacant and available for viewing, while the other is occupied under a month-to-month tenancy. The occupied unit should not be disturbed. Located in Memphis, Tennessee, the property provides a two-unit residential configuration with an existing tenant in place and immediate access to the vacant side for inspection.
Key Highlights
- 2,280‑square‑foot duplex on a corner lot
- Built in 1950 and offered as‑is
- Central AC and heat in both units
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$17,025
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
9.01%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$340,500
$340.5K
Cap Rate 7%
$243,214
$243.2K
Cap Rate 9%
$189,167
$189.2K
Market Conditions
NOI Build-Up for 2,280 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$33.1K $14.52/SF
− Vacancy
−$2.2K −$0.94/SF
EGI
$31.0K $13.58/SF
− OpEx
−$13.9K −$6.11/SF
NOI
$17.0K $7.47/SF
Area
Memphis, TN
Vacancy
6.50%
Lease Rate
$14.52 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$340,500
Cap Rate 7%
$243,214
Cap Rate 9%
$189,167
Alternative Uses
Best Use
Multifamily LT 5
$274.7K
$240.4K – $320.5K
NOI $19,228 @ 7.0% cap · market cap 10.17%
Second Best
Apartment 5plus
$243.2K
$212.8K – $283.8K
NOI $17,025 @ 7.0% cap · market cap 9.01%
Theoretical Best
Office A
$673.8K
$589.6K – $786.2K
NOI $47,169 @ 7.0% cap · market cap 24.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
249
Businesses Nearby
Explore this area
Business Placement
Demographics for 38107, TN
15,655
Population
8,093
Households
1.9
Avg Household Size
37
Median Age
24%
College-Educated
87%
High-School Grad
5.4 sq mi
ZIP Area
2,899
Density / Sq Mi
$36,393
Median Household Income
$34,958
Median Earnings
$999
Median Rent
$128,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with central heating and cooling, newer windows, and one vacant unit available for viewing.
Where is this duplex located?
The property is located at 1092 N EVERGREEN St Memphis, TN.
What is the asking price?
The asking price for this property is $189,000.
What are key features of this property?
This property features: 2,280‑square‑foot duplex on a corner lot; Built in 1950 and offered as‑is; Central AC and heat in both units
