Residential
For Sale
$374,500
1577 COURT Ave, Memphis, TN 38104
Multi-Family, Memphis, TN
Property Size3,408 SF
Price / SF$109.89
Days on Market105
Property Features for 1577 COURT Ave
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Subdivision
Courtland Pl
Standard status
Active
Size
3,408 SF
Taxes and HOA fees
Tax Annual Amount
2609
Building Details
Year built
1910
Listing Agency:
Renshaw Company, REALTORS
(901) 820-4367
Listed By:
Caleb Parr · License #340494
(901) 484-0478
Added: May 11
Changed: Aug 23
Last Checked: Aug 23 at 4:06PM
MLS# 10221256
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 residential triplex contains 3,408 square feet and was built in 1910. The three-unit configuration supports an owner-occupant arrangement, with one unit available for personal use and two additional units designated for rental use.
The property is located at 1577 Court Ave in Memphis, TN 38104. Its stated surrounding context includes proximity to Downtown Memphis, East Memphis, interstate access, and shopping. The asset is identified as an income-producing multifamily property within Shelby County.
The property is located at 1577 Court Ave in Memphis, TN 38104. Its stated surrounding context includes proximity to Downtown Memphis, East Memphis, interstate access, and shopping. The asset is identified as an income-producing multifamily property within Shelby County.
Key Highlights
- Three‑unit residential triplex
- 3,408 square feet of property size
- Built in 1910
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
$28,741
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
7.67%
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%
$574,820
$574.8K
Cap Rate 7%
$410,586
$410.6K
Cap Rate 9%
$319,344
$319.3K
Market Conditions
NOI Build-Up for 3,408 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
$43.8K $12.84/SF
− Vacancy
−$2.7K −$0.79/SF
EGI
$41.1K $12.05/SF
− OpEx
−$12.3K −$3.61/SF
NOI
$28.7K $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%
$574,820
Cap Rate 7%
$410,586
Cap Rate 9%
$319,344
Alternative Uses
Best Use
Multifamily LT 5
$410.6K
$359.3K – $479.0K
NOI $28,741 @ 7.0% cap · market cap 7.67%
Second Best
Apartment 5plus
$363.5K
$318.1K – $424.1K
NOI $25,447 @ 7.0% cap · market cap 6.79%
Theoretical Best
Office A
$1.01M
$881.3K – $1.18M
NOI $70,505 @ 7.0% cap · market cap 18.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,589
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?
Triplex - Three-unit residential property offering an owner-occupant configuration with two additional units for rental use.
Where is this triplex located?
The property is located at 1577 COURT Ave Memphis, TN.
What is the asking price?
The asking price for this property is $374,500.
What are key features of this property?
This property features: Three‑unit residential triplex; 3,408 square feet of property size; Built in 1910
