Renovated Five-Unit
For Sale
$449,900
712 N FIFTH St, Memphis, TN 38107
MULTI_FAMILY - Memphis, TN
Property Size3,202 SF
Price / SF$140.51
Days on Market52
Property Features for 712 N FIFTH St
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Subdivision
GREENLAW
Standard status
Active
Size
3,202 SF
Taxes and HOA fees
Tax Annual Amount
2249
Building Details
Year built
1966
Listing Agency:
Renshaw Company, REALTORS
(901) 820-4367
Listed By:
Qazi Ahmad
(901) 820-4367
Added: Jun 22
Changed: Jul 22
Last Checked: Aug 12 at 1:06PM
MLS# 10224604
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 electric five-unit multifamily property is configured as five separate rental units, with three currently occupied and generating $2,718 per month in rental income. The property was fully renovated approximately five years ago, including a new roof, HVAC systems, water heaters, and flooring.
Two units are currently leased through Section 8, while two additional units are vacant and available to potentially generate further income. Please do not disturb tenants, and no showings will be scheduled until an accepted offer.
Two units are currently leased through Section 8, while two additional units are vacant and available to potentially generate further income. Please do not disturb tenants, and no showings will be scheduled until an accepted offer.
Key Highlights
- Fully electric 5‑unit multifamily property (Year built 1966) with 3 occupied units generating $2,718/month rent
- Approximately 5 years ago, renovations included a new roof, HVAC systems, water heaters, and flooring
- Two units are leased through Section 8, with additional vacant units available to generate income
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
$23,909
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
5.31%
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%
$478,180
$478.2K
Cap Rate 7%
$341,557
$341.6K
Cap Rate 9%
$265,656
$265.7K
Market Conditions
NOI Build-Up for 3,202 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
$46.5K $14.52/SF
− Vacancy
−$3.0K −$0.94/SF
EGI
$43.5K $13.58/SF
− OpEx
−$19.6K −$6.11/SF
NOI
$23.9K $7.47/SF
Area
Memphis, TN
Vacancy
6.50%
Lease Rate
$14.52 /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%
$478,180
Cap Rate 7%
$341,557
Cap Rate 9%
$265,656
Alternative Uses
Best Use
Apartment 5plus
$341.6K
$298.9K – $398.5K
NOI $23,909 @ 7.0% cap · market cap 5.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$946.3K
$828.0K – $1.10M
NOI $66,243 @ 7.0% cap · market cap 14.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
60%
Occupancy
Location Intelligence
Trade Area within ½ mile
397
Businesses Nearby
Explore this area
Business Placement
Demographics for 38107, TN
15,655
Population
8,093
Households
1.9
Avg Household Size
37
Median Age
24%
College-Educated
87%
High-School Grad
5.4 sq mi
ZIP Area
2,899
Density / Sq Mi
$36,393
Median Household Income
$34,958
Median Earnings
$999
Median Rent
$128,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Fully electric five-unit property with recent renovations and currently leased units, including two Section 8 leases.
Where is this apartment building located?
The property is located at 712 N FIFTH St Memphis, TN.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: Fully electric 5‑unit multifamily property (Year built 1966) with 3 occupied units generating $2,718/month rent; Approximately 5 years ago, renovations included a new roof, HVAC systems, water heaters, and flooring; Two units are leased through Section 8, with additional vacant units available to generate income
