Multifamily Apartment Building with Gated
1515 MADISON Ave Memphis, TN 38104
1515 MADISON Ave, Memphis, TN, 38104
$380,000
For Sale
$380,000
MULTI_FAMILY - Memphis, TN
Property Size3,166 SF
Price / SF$120.03
Days on Market109
Property Features for 1515 MADISON Ave
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Standard status
- Active
- Size
- 3,166 SF
Taxes and HOA fees
- Tax Annual Amount
- 2794
Building Details
- Year built
- 1956
Listing Agency
Crye-Leike, Inc., REALTORS
(901) 756-8900
6525 N Quail Hollow Rd, Memphis, TN
Listed by
Tyler Tapley · License #296080
(901) 871-1290
Added: Mar 31 Checked: Jul 17 at 8:06 am
MLS# 10218073
Listing URL
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 5-unit apartment complex features a main building with 4 units and one additional unit above the garage. The property includes an on-site laundry facility and gated parking. The listing also notes professional management and that tenants should not be disturbed.
Located at 1515 Madison Ave in Memphis, TN 38104, the property is described as minutes from Midtown and Downtown. Updates were completed in 2017 and 2019, including a new roof and HVAC. The record also states that some units have updated flooring and appliances.
The current rent and lease information provided includes Unit #1 at $950 (lease ends 7/31/26), Unit #2 at $1,025 (lease ends 7/31/26), and Unit #3 at $750 (lease ends 3/28/27). Units #4 and #5 are currently vacant. With FHA/VA- and Conventional financing eligibility noted in the listing, the configuration may support an owner-occupant “house hack” approach, where one unit is lived in while other units are rented. No wholesalers, assignments, or creative financing are indicated.
Located at 1515 Madison Ave in Memphis, TN 38104, the property is described as minutes from Midtown and Downtown. Updates were completed in 2017 and 2019, including a new roof and HVAC. The record also states that some units have updated flooring and appliances.
The current rent and lease information provided includes Unit #1 at $950 (lease ends 7/31/26), Unit #2 at $1,025 (lease ends 7/31/26), and Unit #3 at $750 (lease ends 3/28/27). Units #4 and #5 are currently vacant. With FHA/VA- and Conventional financing eligibility noted in the listing, the configuration may support an owner-occupant “house hack” approach, where one unit is lived in while other units are rented. No wholesalers, assignments, or creative financing are indicated.
Key Highlights
- Prime location: Minutes from Midtown and Downtown
- Five‑unit complex with income potential
- Qualifies for FHA/VA/Conventional financing (house hacking opportunity)
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $46.0k | $14.52 |
| − Vacancy | −$3.0k | −$0.94 |
| EGI | $43.0k | $13.58 |
| − OpEx | −$19.3k | −$6.11 |
| NOI | $23.6k | $7.47 |
3,166 SF · lease $14.52/SF/yr · vacancy 6.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$337.7K
$295.5K – $394.0K
NOI $23,640 @ 7.0% cap · market cap 6.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$935.7K
$818.7K – $1.09M
NOI $65,498 @ 7.0% cap · market cap 17.24%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Five-unit apartment complex with gated parking and on-site laundry, offering rental stability and an owner-occupant option.
Where is this apartment building located?
The property is located at 1515 MADISON Ave Memphis, TN.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: Prime location: Minutes from Midtown and Downtown; Five‑unit complex with income potential; Qualifies for FHA/VA/Conventional financing (house hacking opportunity)
