Memphis Multifamily Investment
1004 N HIGHLAND Ave Memphis, TN 38122
1004 N HIGHLAND Ave, Memphis, TN, 38122
$173,000
For Sale
$173,000
MULTI_FAMILY - Memphis, TN
Property Size1,993 SF
Price / SF$86.80
Days on Market82
Property Features for 1004 N HIGHLAND Ave
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 5
- Bathrooms
- 2
- Rooms
- Bathroom 1, Bedroom 2, Bedroom 4, Bathroom 2, Bedroom 3, Bedroom 5, Bedroom 1
- Standard status
- Active
- Size
- 1,993 SF
Taxes and HOA fees
- Tax Annual Amount
- 1173
Building Details
- Year built
- 1946
- Architectural style
- Other
Listing Agency
BEST Real Estate Company
(901) 407-2177
6825 Summer Ave, Memphis, TN
Listed by
Elizabeth Castillo
(901) 497-4957
Added: Apr 29 Checked: Jul 19 at 3:06 am
MLS# 10220433
Listing URL
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 offering presents a package deal featuring three income-producing properties located in Memphis, TN. The properties, situated at 1004-1006 Highland Ave, 1096-1098 Gordon Ave, and 540-542 Berclair RD, are being sold together for $520,000. The combined properties generate a monthly income of $5700 and have long-term tenants already in place. The property at 1004 N HIGHLAND Ave, Memphis, TN 38122, has a size of 1993 square feet. This investment is suited for investors seeking immediate cash flow and steady returns.
Key Highlights
- Package deal includes three income‑producing properties: 1004–1006 Highland Ave, 1096–1098 Gordon Ave, and 540–542 Berclair Rd
- Sold as a package only
- Total monthly income reported as $5,700 with long‑term tenants in place
Local Financial Insights For Apartment 5plus
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 | $28.9k | $14.52 |
| − Vacancy | −$1.9k | −$0.94 |
| EGI | $27.1k | $13.58 |
| − OpEx | −$12.2k | −$6.11 |
| NOI | $14.9k | $7.47 |
1,993 SF · lease $14.52/SF/yr · vacancy 6.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$212.6K
$186.0K – $248.0K
NOI $14,882 @ 7.0% cap · market cap 8.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$589.0K
$515.4K – $687.2K
NOI $41,231 @ 7.0% cap · market cap 23.83%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Multifamily properties
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FAQs
What type of property is this?
Multifamily property - Three income-producing properties generating $5700 monthly. Package deal only.
Where is this multifamily property located?
The property is located at 1004 N HIGHLAND Ave Memphis, TN.
What is the asking price?
The asking price for this property is $173,000.
What are key features of this property?
This property features: Package deal includes three income‑producing properties: 1004–1006 Highland Ave, 1096–1098 Gordon Ave, and 540–542 Berclair Rd; Sold as a package only; Total monthly income reported as $5,700 with long‑term tenants in place
