Fully Renovated Duplex
For Sale
$190,000
3588 BOWEN Ave, Memphis, TN 38122
MULTI_FAMILY - Memphis, TN
Property Size1,594 SF
Price / SF$119.20
Days on Market50
Property Features for 3588 BOWEN Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 1, Bedroom 4
Subdivision
TREADWELL OAKS BLK A
Standard status
Active
Size
1,594 SF
Taxes and HOA fees
Tax Annual Amount
2116
Building Details
Year built
1946
Architectural style
Other
Listing Agency:
Keller Williams · Keller Williams Realty
(901) 261-7900
Listed By:
Karla Fayne
(901) 335-6203
Added: Jun 12
Changed: Jul 30
Last Checked: Jul 31 at 9:06PM
MLS# 10223823
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 offers a practical two-unit layout with each side featuring two bedrooms and one updated bathroom. The property is set up for flexible use, whether you plan to live in one unit and rent the other or lease both units. Improvements and finishes are described as complete, making it a turn-key option for an owner looking for a ready-to-occupy residential income property.
Located at 3588 Bowen Ave in Memphis, Tennessee (Shelby County), the duplex is positioned as a straightforward residential asset within the 38122 area. The offering includes the full building configuration, providing a simple, self-contained setup for tenants and operators.
For tenants, the two-bedroom, one-bath design on each side supports comfortable everyday living with modern, updated finishes. For buyers, the duplex structure creates an option to balance lifestyle and cash flow by occupying one unit while collecting rent from the other, or to manage the property as two separate rental spaces. The current presentation emphasizes a renovated, ready-to-handle investment property in a single package.
Located at 3588 Bowen Ave in Memphis, Tennessee (Shelby County), the duplex is positioned as a straightforward residential asset within the 38122 area. The offering includes the full building configuration, providing a simple, self-contained setup for tenants and operators.
For tenants, the two-bedroom, one-bath design on each side supports comfortable everyday living with modern, updated finishes. For buyers, the duplex structure creates an option to balance lifestyle and cash flow by occupying one unit while collecting rent from the other, or to manage the property as two separate rental spaces. The current presentation emphasizes a renovated, ready-to-handle investment property in a single package.
Key Highlights
- Fully renovated duplex built in 1946
- Duplex layout with 2 bedrooms and 1 bathroom on each side
- Flexibility to live in one unit and rent the other
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 | $20.5k | $12.84 |
| − Vacancy | −$1.3k | −$0.79 |
| EGI | $19.2k | $12.05 |
| − OpEx | −$5.8k | −$3.61 |
| NOI | $13.4k | $8.43 |
1,594 SF · lease $12.84/SF/yr · vacancy 6.17% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$192.0K
$168.0K – $224.1K
NOI $13,443 @ 7.0% cap · market cap 7.08%
Second Best
Apartment 5plus
$170.0K
$148.8K – $198.4K
NOI $11,902 @ 7.0% cap · market cap 6.26%
Theoretical Best
Office A
$471.1K
$412.2K – $549.6K
NOI $32,977 @ 7.0% cap · market cap 17.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
488
Businesses Nearby
Explore this area
Business Placement
Demographics for 38122, TN
26,432
Population
10,201
Households
2.6
Avg Household Size
33
Median Age
22%
College-Educated
74%
High-School Grad
6.8 sq mi
ZIP Area
3,887
Density / Sq Mi
$45,456
Median Household Income
$32,760
Median Earnings
$1,127
Median Rent
$108,200
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 - Turnkey duplex with two renovated two-bedroom, one-bath units for flexible owner-occupancy or rental income.
Where is this duplex located?
The property is located at 3588 BOWEN Ave Memphis, TN.
What is the asking price?
The asking price for this property is $190,000.
What are key features of this property?
This property features: Fully renovated duplex built in 1946; Duplex layout with 2 bedrooms and 1 bathroom on each side; Flexibility to live in one unit and rent the other
