Turnkey Duplex Income
For Sale
$236,000
155-157 N MERTON St, Memphis, TN 38112
Multi-Family, Memphis, TN
Property Size1,725 SF
Price / SF$136.81
Days on Market36
Property Features for 155-157 N MERTON St
General Information
Property type
Residential Multi Family
Property subtype
Other
Subdivision
BARTON & LAMB POPLAR ST RE OF PART LOTS
Standard status
Active
Size
1,725 SF
Building Details
Year built
1947
Listing Agency:
homecoin.com
(888) 400-2513
Listed By:
Jonathan Minerick · License #B.1003079.CORP
(888) 400-2513
Added: Jul 18
Changed: Aug 19
Last Checked: Aug 22 at 8:06PM
MLS# 10226455
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 fully renovated duplex was updated in 2023 and offers a turnkey setup with two separate residential units. Each unit features two bedrooms and one bathroom, for a total of 1,725 square feet. The property is described as maintaining its original character while incorporating modern finishes. Built in 1947, it is currently providing immediate rental income totaling $2,235 per month.
The duplex is located at 155-157 N Merton St in Memphis, TN 38112, in Shelby County. It presents an opportunity for an investor seeking an income-producing residential property with recent renovations.
The duplex is located at 155-157 N Merton St in Memphis, TN 38112, in Shelby County. It presents an opportunity for an investor seeking an income-producing residential property with recent renovations.
Key Highlights
- Fully renovated duplex renovated in 2023, built in 1947
- 2 units total: two 2‑bedroom, 1‑bath units
- Total living area: 1,725 SF
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
$14,548
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
6.16%
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%
$290,960
$291.0K
Cap Rate 7%
$207,829
$207.8K
Cap Rate 9%
$161,644
$161.6K
Market Conditions
NOI Build-Up for 1,725 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
$22.1K $12.84/SF
− Vacancy
−$1.4K −$0.79/SF
EGI
$20.8K $12.05/SF
− OpEx
−$6.2K −$3.61/SF
NOI
$14.5K $8.43/SF
Area
Memphis, TN
Vacancy
6.17%
Lease Rate
$12.84 /SF/Yr
Expense Ratio
30.00%
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%
$290,960
Cap Rate 7%
$207,829
Cap Rate 9%
$161,644
Alternative Uses
Best Use
Multifamily LT 5
$207.8K
$181.9K – $242.5K
NOI $14,548 @ 7.0% cap · market cap 6.16%
Second Best
Apartment 5plus
$184.0K
$161.0K – $214.7K
NOI $12,880 @ 7.0% cap · market cap 5.46%
Theoretical Best
Office A
$509.8K
$446.1K – $594.8K
NOI $35,687 @ 7.0% cap · market cap 15.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,033
Businesses Nearby
Explore this area
Business Placement
Demographics for 38112, TN
16,970
Population
7,425
Households
2.3
Avg Household Size
32
Median Age
38%
College-Educated
85%
High-School Grad
4.8 sq mi
ZIP Area
3,535
Density / Sq Mi
$52,639
Median Household Income
$29,576
Median Earnings
$969
Median Rent
$206,900
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 - Fully renovated duplex with two 2-bedroom, 1-bath units and current monthly rental income.
Where is this duplex located?
The property is located at 155-157 N MERTON St Memphis, TN.
What is the asking price?
The asking price for this property is $236,000.
What are key features of this property?
This property features: Fully renovated duplex renovated in 2023, built in 1947; 2 units total: two 2‑bedroom, 1‑bath units; Total living area: 1,725 SF
