8-Unit Apartment
New
For Sale
$449,900
1292 COURT Ave, Memphis, TN 38104
Multi-Family, Memphis, TN
Property Size5,184 SF
Price / SF$86.79
Days on Market2
Property Features for 1292 COURT Ave
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Subdivision
BEAUREGARD PL
Standard status
Active
Size
5,184 SF
Taxes and HOA fees
Tax Annual Amount
2632
Building Details
Year built
1960
Listing Agency:
Renshaw Company, REALTORS
(901) 820-4367
Listed By:
Raychel Day
(901) 619-7027
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 3 at 11:06AM
MLS# 10229640
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 8-unit apartment building contains four studio units and four one-bedroom, one-bath units within 5,184 square feet. Built in 1960, the property includes four occupied units, while the other four residences—two studios and two one-bedroom units—are partially renovated and require completion. Seller-owned materials intended for the renovations remain on site. The property is being sold as-is.
Located at 1292 Court Ave in Memphis, the property is near Downtown Memphis, the Medical District, and Midtown amenities. The unit mix and existing improvements provide a clear physical framework for completing the unfinished residential units while maintaining the current apartment configuration.
Located at 1292 Court Ave in Memphis, the property is near Downtown Memphis, the Medical District, and Midtown amenities. The unit mix and existing improvements provide a clear physical framework for completing the unfinished residential units while maintaining the current apartment configuration.
Key Highlights
- 8‑unit apartment building with four studios and four one‑bedroom, one‑bath units
- 5,184 square feet on a 0.12‑acre parcel
- Four units currently occupied
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
$38,708
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
8.60%
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%
$774,160
$774.2K
Cap Rate 7%
$552,971
$553.0K
Cap Rate 9%
$430,089
$430.1K
Market Conditions
NOI Build-Up for 5,184 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
$75.3K $14.52/SF
− Vacancy
−$4.9K −$0.94/SF
EGI
$70.4K $13.58/SF
− OpEx
−$31.7K −$6.11/SF
NOI
$38.7K $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%
$774,160
Cap Rate 7%
$552,971
Cap Rate 9%
$430,089
Alternative Uses
Best Use
Apartment 5plus
$553.0K
$483.9K – $645.1K
NOI $38,708 @ 7.0% cap · market cap 8.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.53M
$1.34M – $1.79M
NOI $107,247 @ 7.0% cap · market cap 23.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
2,896
Businesses Nearby
Explore this area
Business Placement
Demographics for 38104, TN
22,584
Population
14,315
Households
1.6
Avg Household Size
38
Median Age
52%
College-Educated
93%
High-School Grad
5.0 sq mi
ZIP Area
4,517
Density / Sq Mi
$56,452
Median Household Income
$48,300
Median Earnings
$1,073
Median Rent
$301,100
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?
Apartment building - Apartment property with studio and one-bedroom units, including partially renovated residences and materials for completion.
Where is this apartment building located?
The property is located at 1292 COURT Ave Memphis, TN.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: 8‑unit apartment building with four studios and four one‑bedroom, one‑bath units; 5,184 square feet on a 0.12‑acre parcel; Four units currently occupied
