Historic Duplex With Detached
New
For Sale
$615,000
289 KENILWORTH Pl, Memphis, TN 38112
Duplexes, Traditional, Memphis, TN
Property Size3,576 SF
Price / SF$171.98
Days on Market4
Property Features for 289 KENILWORTH Pl
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 4, Bedroom 2, Bathroom 3, Bedroom 6, Bedroom 5, Bathroom 1, Bedroom 1, Bathroom 2
Subdivision
KENILWORTH TER
Standard status
Active
Size
3,576 SF
Taxes and HOA fees
Tax Annual Amount
3297
Amenities
in-unit laundry
garage with apartment/office
Building Details
Year built
1920
Architectural style
Other
Listing Agency:
Crye-Leike, Inc., REALTORS
(901) 756-8900
Listed By:
Bill Malone
(901) 359-4000
Added: Sep 11
Changed: Sep 12
Last Checked: Sep 14 at 11:06PM
MLS# 10230291
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.
Built in 1920, this 3,576-square-foot duplex offers an upper-and-lower configuration with two distinct residential units. The lower unit includes three bedrooms and two baths, while the upper unit provides three bedrooms and one bath. Each unit has its own laundry room, and the appliances remain with the property in as-is condition.
A detached two-car garage includes an attached apartment or office area that was most recently used as office space. The property is identified within a historic district and is located on Kenilworth Place in Memphis, with Overton Park referenced in the surrounding location description. The combination of dual living spaces, accessory space, and separate laundry supports flexible residential income or owner-occupant use.
A detached two-car garage includes an attached apartment or office area that was most recently used as office space. The property is identified within a historic district and is located on Kenilworth Place in Memphis, with Overton Park referenced in the surrounding location description. The combination of dual living spaces, accessory space, and separate laundry supports flexible residential income or owner-occupant use.
Key Highlights
- 3,576‑square‑foot duplex built in 1920
- Two‑unit upper‑and‑lower configuration
- Lower unit has 3 bedrooms and 2 baths
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
$30,158
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
4.90%
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%
$603,160
$603.2K
Cap Rate 7%
$430,829
$430.8K
Cap Rate 9%
$335,089
$335.1K
Market Conditions
NOI Build-Up for 3,576 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
$45.9K $12.84/SF
− Vacancy
−$2.8K −$0.79/SF
EGI
$43.1K $12.05/SF
− OpEx
−$12.9K −$3.61/SF
NOI
$30.2K $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%
$603,160
Cap Rate 7%
$430,829
Cap Rate 9%
$335,089
Alternative Uses
Best Use
Multifamily LT 5
$430.8K
$377.0K – $502.6K
NOI $30,158 @ 7.0% cap · market cap 4.90%
Second Best
Apartment 5plus
$381.5K
$333.8K – $445.0K
NOI $26,702 @ 7.0% cap · market cap 4.34%
Theoretical Best
Office A
$1.06M
$924.8K – $1.23M
NOI $73,980 @ 7.0% cap · market cap 12.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
815
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
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-level duplex with separate in-unit laundry rooms and a detached garage with attached apartment or office space.
Where is this duplex located?
The property is located at 289 KENILWORTH Pl Memphis, TN.
What is the asking price?
The asking price for this property is $615,000.
What are key features of this property?
This property features: 3,576‑square‑foot duplex built in 1920; Two‑unit upper‑and‑lower configuration; Lower unit has 3 bedrooms and 2 baths
