Updated
For Sale
$223,000
1008 University St, Memphis, TN 38107
Fully leased residential income property with two recently improved units in a Midtown historic district.
Property Size2,264 SF
Price / SF$98.50
Days on Market45
Property Features for 1008 University St
General Information
Standard status
Active
Size
2,264 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Gross Income
$25,200
Multifamily Units
2
Building Details
Year Built
1966
Buildings
1
Tenancy
Multi
Listing Agency:
Renshaw Company, Realtors
(901) 270-9019
Listed By:
Stacia Rosatti · License #3298267
(901) 270-9019
Source:
Staciarosatti
Added: Jul 17
Changed: Aug 29
Last Checked: Aug 26 at 12:56PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Renshaw Company, Realtors
Investment Insights
Based on property information with market context.
This 2,264-square-foot duplex contains two residential units and was built in 1966. Both sides are currently occupied, and the units have undergone recent updates intended to reduce ongoing maintenance needs.
The property is located at 1008 University St in Memphis, within the Vollintine-Evergreen historic district in Midtown. One tenancy extends through June 2027, while the other runs through March 2027, providing staggered lease expirations for the current occupants.
The property is located at 1008 University St in Memphis, within the Vollintine-Evergreen historic district in Midtown. One tenancy extends through June 2027, while the other runs through March 2027, providing staggered lease expirations for the current occupants.
Key Highlights
- 2,264‑square‑foot duplex with two residential units
- Both units are currently occupied
- One lease runs through June 2027
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
$19,093
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
8.56%
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%
$381,860
$381.9K
Cap Rate 7%
$272,757
$272.8K
Cap Rate 9%
$212,144
$212.1K
Market Conditions
NOI Build-Up for 2,264 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
$29.1K $12.84/SF
− Vacancy
−$1.8K −$0.79/SF
EGI
$27.3K $12.05/SF
− OpEx
−$8.2K −$3.61/SF
NOI
$19.1K $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%
$381,860
Cap Rate 7%
$272,757
Cap Rate 9%
$212,144
Alternative Uses
Best Use
Multifamily LT 5
$272.8K
$238.7K – $318.2K
NOI $19,093 @ 7.0% cap · market cap 8.56%
Second Best
Apartment 5plus
$241.5K
$211.3K – $281.8K
NOI $16,905 @ 7.0% cap · market cap 7.58%
Theoretical Best
Office A
$669.1K
$585.5K – $780.6K
NOI $46,838 @ 7.0% cap · market cap 21.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
240
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
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Frequently Asked Questions
What type of property is this?
Duplex - Fully leased residential income property with two recently improved units in a Midtown historic district.
Where is this duplex located?
The property is located at 1008 University St Memphis, TN.
What is the asking price?
The asking price for this property is $223,000.
What are key features of this property?
This property features: 2,264‑square‑foot duplex with two residential units; Both units are currently occupied; One lease runs through June 2027
