Fully Renovated Duplex with Two Updated
For Sale
$150,000
1621 OAKWOOD St, Memphis, TN 38108
MULTI_FAMILY - Memphis, TN
Property Size1,151 SF
Price / SF$130.32
Days on Market38
Property Features for 1621 OAKWOOD St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 1, Bedroom 2, Bathroom 2, Bathroom 1, Bedroom 3
Subdivision
NORWOOD
Standard status
Active
Size
1,151 SF
Taxes and HOA fees
Tax Annual Amount
529
Building Details
Year built
1950
Architectural style
Other
Listing Agency:
eXp Realty
(901) 310-4363
Listed By:
Melissa Thompson
(901) 729-9526
Added: Jun 29
Changed: Aug 5
Last Checked: Aug 5 at 12:06PM
MLS# 10224990
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 includes two updated units at 1621 and 1623 Oakwood Street. Each unit offers a spacious great room, kitchen, two bedrooms, and one full bath. Interior updates include fresh interior and exterior paint, luxury vinyl plank flooring, new kitchen cabinets and countertops, new sinks and lighting, and new closet shelving for added storage. Bathrooms were updated with new vanities, toilets, fixtures, and updated finishes. Mechanical and building improvements include new water heaters, plus a new roof and windows completed in 2024/2025, along with storm doors and a new front porch.
The property was built in 1950 and totals 1,151 square feet.
With a layout designed for straightforward rental use and significant recent improvements, the duplex is positioned as move-in ready for tenants.
The property was built in 1950 and totals 1,151 square feet.
With a layout designed for straightforward rental use and significant recent improvements, the duplex is positioned as move-in ready for tenants.
Key Highlights
- Two‑unit duplex layout with each unit offering a great room, kitchen, two bedrooms, and one full bath
- Renovations include fresh interior/exterior paint and luxury vinyl plank flooring
- Kitchen updates: new cabinets, countertops, sinks, and lighting
Financial Insights For Multifamily LT 5
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 | $14.8k | $12.84 |
| − Vacancy | −$912 | −$0.79 |
| EGI | $13.9k | $12.05 |
| − OpEx | −$4.2k | −$3.61 |
| NOI | $9.7k | $8.43 |
1,151 SF · lease $12.84/SF/yr · vacancy 6.17% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$138.7K
$121.3K – $161.8K
NOI $9,707 @ 7.0% cap · market cap 6.47%
Second Best
Apartment 5plus
$122.8K
$107.4K – $143.2K
NOI $8,594 @ 7.0% cap · market cap 5.73%
Theoretical Best
Office A
$340.2K
$297.7K – $396.9K
NOI $23,812 @ 7.0% cap · market cap 15.87%
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
297
Businesses Nearby
Explore this area
Business Placement
Demographics for 38108, TN
17,051
Population
7,881
Households
2.2
Avg Household Size
34
Median Age
11%
College-Educated
73%
High-School Grad
7.6 sq mi
ZIP Area
2,244
Density / Sq Mi
$35,435
Median Household Income
$32,126
Median Earnings
$921
Median Rent
$62,600
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 - This fully renovated duplex offers two updated units, each with a great room, two bedrooms, and one full bath.
Where is this duplex located?
The property is located at 1621 OAKWOOD St Memphis, TN.
What is the asking price?
The asking price for this property is $150,000.
What are key features of this property?
This property features: Two‑unit duplex layout with each unit offering a great room, kitchen, two bedrooms, and one full bath; Renovations include fresh interior/exterior paint and luxury vinyl plank flooring; Kitchen updates: new cabinets, countertops, sinks, and lighting
