Large Midtown
For Sale
$400,000
2305 MADISON Ave, Memphis, TN 38104
MULTI_FAMILY - Memphis, TN
Property Size3,940 SF
Price / SF$101.52
Days on Market47
Property Features for 2305 MADISON Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bathroom 2, Bedroom 1, Bedroom 5, Bedroom 2, Bathroom 3, Bedroom 6, Bathroom 1, Bedroom 4
Subdivision
LUCY F AMONETTE
Standard status
Active
Size
3,940 SF
Taxes and HOA fees
Tax Annual Amount
3859
Building Details
Year built
1925
Architectural style
Other
Listing Agency:
Sowell, Realtors
(901) 278-4380
Listed By:
Linda Sowell
(901) 277-4380
Added: Jun 15
Changed: Jul 30
Last Checked: Jul 31 at 9:06PM
MLS# 10224045
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 listing is a large duplex offered for sale at 2305 MADISON Ave, Memphis, TN 38104. The property is currently fully occupied, and tenants must not be disturbed; no showings will be scheduled until contract acceptance. The duplex configuration provides two separate residential units within the same building, supporting an income-producing setup for an investor or owner-operator.
The property is located in Midtown and is described as being within walking distance to Overton Square and Overton Park. That proximity may appeal to tenants who want to live near established neighborhood destinations and outdoor recreation.
For buyers, the practical appeal of this asset is the immediate occupancy status, with tenants already in place and unit availability not contingent on re-leasing. This can reduce near-term operational steps compared to properties requiring vacant unit turnover. For owner-occupants, the duplex layout can also allow for flexible living arrangements while maintaining rental income from the second unit. Please note that all inquiries should respect the “no showings until contract acceptance” instruction, as access is restricted to protect tenant privacy and ongoing operations.
The property is located in Midtown and is described as being within walking distance to Overton Square and Overton Park. That proximity may appeal to tenants who want to live near established neighborhood destinations and outdoor recreation.
For buyers, the practical appeal of this asset is the immediate occupancy status, with tenants already in place and unit availability not contingent on re-leasing. This can reduce near-term operational steps compared to properties requiring vacant unit turnover. For owner-occupants, the duplex layout can also allow for flexible living arrangements while maintaining rental income from the second unit. Please note that all inquiries should respect the “no showings until contract acceptance” instruction, as access is restricted to protect tenant privacy and ongoing operations.
Key Highlights
- 1925‑built large Midtown duplex
- Fully occupied; do not disturb tenants and no showings until contract acceptance
- Unit has 4 bedrooms and 3 bathrooms (Bedroom 1‑4; Bathroom 1‑3)
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 | $50.6k | $12.84 |
| − Vacancy | −$3.1k | −$0.79 |
| EGI | $47.5k | $12.05 |
| − OpEx | −$14.2k | −$3.61 |
| NOI | $33.2k | $8.43 |
3,940 SF · lease $12.84/SF/yr · vacancy 6.17% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$474.7K
$415.4K – $553.8K
NOI $33,228 @ 7.0% cap · market cap 8.31%
Second Best
Apartment 5plus
$420.3K
$367.8K – $490.3K
NOI $29,420 @ 7.0% cap · market cap 7.36%
Theoretical Best
Office A
$1.16M
$1.02M – $1.36M
NOI $81,511 @ 7.0% cap · market cap 20.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,169
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?
Duplex - Fully occupied duplex offers income-producing residential units with Midtown access to Overton Square and Overton Park.
Where is this duplex located?
The property is located at 2305 MADISON Ave Memphis, TN.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 1925‑built large Midtown duplex; Fully occupied; do not disturb tenants and no showings until contract acceptance; Unit has 4 bedrooms and 3 bathrooms (Bedroom 1‑4; Bathroom 1‑3)
