Two-Unit Duplex
For Sale
$114,999
3038-3040 SINCLAIR St, Memphis, TN 38127
Duplexes, Traditional, Memphis, TN
Property Size1,375 SF
Price / SF$83.64
Days on Market70
Property Features for 3038-3040 SINCLAIR St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 3, Bathroom 2, Bedroom 2, Bedroom 4, Bathroom 1
Subdivision
JEFFERSON PARK BLK 8
Standard status
Active
Size
1,375 SF
Taxes and HOA fees
Tax Annual Amount
1414
Building Details
Year built
1961
Architectural style
Other
Listing Agency:
Sowell, Realtors
(901) 278-4380
Listed By:
Joshua Cooper
(901) 871-1204
Added: Jun 22
Changed: Aug 30
Last Checked: Aug 30 at 6:06AM
MLS# 10224519
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 duplex contains two residential units, each configured with two bedrooms and one bathroom. The building provides 1,375 square feet of total property size and was constructed in 1961. One unit is currently occupied under a lease extending through July 26, 2026, while the second unit is vacant and available for tenant placement.
Located in Memphis, Tennessee, the property is identified as 3038-3040 Sinclair St. The vacant unit can be shown, providing access for evaluation of the available space and the overall duplex configuration.
Located in Memphis, Tennessee, the property is identified as 3038-3040 Sinclair St. The vacant unit can be shown, providing access for evaluation of the available space and the overall duplex configuration.
Key Highlights
- Two‑unit duplex with matching 2‑bedroom, 1‑bath layouts
- 1,375 square feet of property size
- One unit occupied through July 26, 2026
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
$9,758
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
8.49%
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%
$195,160
$195.2K
Cap Rate 7%
$139,400
$139.4K
Cap Rate 9%
$108,422
$108.4K
Market Conditions
NOI Build-Up for 1,375 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
$19.0K $13.80/SF
− Vacancy
−$1.2K −$0.90/SF
EGI
$17.7K $12.90/SF
− OpEx
−$8.0K −$5.81/SF
NOI
$9.8K $7.10/SF
Area
ZIP 38127
Vacancy
6.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
45.00%
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%
$195,160
Cap Rate 7%
$139,400
Cap Rate 9%
$108,422
Alternative Uses
Best Use
Multifamily LT 5
$156.4K
$136.8K – $182.4K
NOI $10,946 @ 7.0% cap · market cap 9.52%
Second Best
Apartment 5plus
$139.4K
$122.0K – $162.6K
NOI $9,758 @ 7.0% cap · market cap 8.49%
Theoretical Best
Office A
$364.9K
$319.3K – $425.7K
NOI $25,542 @ 7.0% cap · market cap 22.21%
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
202
Businesses Nearby
Explore this area
Business Placement
Demographics for 38127, TN
40,679
Population
17,560
Households
2.3
Avg Household Size
33
Median Age
11%
College-Educated
83%
High-School Grad
37.8 sq mi
ZIP Area
1,076
Density / Sq Mi
$37,768
Median Household Income
$31,790
Median Earnings
$1,104
Median Rent
$82,500
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 - Two residential units offer a mix of existing occupancy and immediate leasing availability.
Where is this duplex located?
The property is located at 3038-3040 SINCLAIR St Memphis, TN.
What is the asking price?
The asking price for this property is $114,999.
What are key features of this property?
This property features: Two‑unit duplex with matching 2‑bedroom, 1‑bath layouts; 1,375 square feet of property size; One unit occupied through July 26, 2026
