English-Style
For Sale
$399,000
217 N MCLEAN Blvd, Memphis, TN 38112
Duplexes, English, Memphis, TN
Property Size3,860 SF
Price / SF$103.37
Days on Market76
Property Features for 217 N MCLEAN Blvd
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bedroom 4, Bathroom 1, Bedroom 2, Bathroom 4, Bedroom 6, Bathroom 3, Bedroom 3, Bedroom 1, Bedroom 5
Subdivision
MCHENRY
Standard status
Active
Size
3,860 SF
Taxes and HOA fees
Tax Annual Amount
3046
Building Details
Year built
1928
Architectural style
English
Listing Agency:
Sowell, Realtors
(901) 278-4380
Listed By:
Linda Sowell
(901) 277-4380
Added: Jun 16
Changed: Aug 30
Last Checked: Aug 30 at 6:06AM
MLS# 10224110
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.
Constructed in 1928, this English-style duplex contains 3,860 square feet and offers six bedrooms and four bathrooms. The property’s duplex configuration provides a residential income format within an established historic district.
Located in Memphis’s Evergreen Historic District, the property is near Overton Park. Its architectural character, bedroom and bathroom count, and placement within the district define the offering.
Located in Memphis’s Evergreen Historic District, the property is near Overton Park. Its architectural character, bedroom and bathroom count, and placement within the district define the offering.
Key Highlights
- 3,860‑square‑foot duplex
- Six bedrooms and four bathrooms
- Built in 1928
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
$32,553
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
8.16%
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%
$651,060
$651.1K
Cap Rate 7%
$465,043
$465.0K
Cap Rate 9%
$361,700
$361.7K
Market Conditions
NOI Build-Up for 3,860 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
$49.6K $12.84/SF
− Vacancy
−$3.1K −$0.79/SF
EGI
$46.5K $12.05/SF
− OpEx
−$14.0K −$3.61/SF
NOI
$32.6K $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%
$651,060
Cap Rate 7%
$465,043
Cap Rate 9%
$361,700
Alternative Uses
Best Use
Multifamily LT 5
$465.0K
$406.9K – $542.6K
NOI $32,553 @ 7.0% cap · market cap 8.16%
Second Best
Apartment 5plus
$411.7K
$360.3K – $480.4K
NOI $28,822 @ 7.0% cap · market cap 7.22%
Theoretical Best
Office A
$1.14M
$998.2K – $1.33M
NOI $79,856 @ 7.0% cap · market cap 20.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,394
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 - Six-bedroom, four-bathroom duplex in Memphis’s Evergreen Historic District near Overton Park.
Where is this duplex located?
The property is located at 217 N MCLEAN Blvd Memphis, TN.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 3,860‑square‑foot duplex; Six bedrooms and four bathrooms; Built in 1928
