Four-Unit Multifamily
New
For Sale
$695,000
1034 Patton St, Memphis, TN 38106
The property is across from Gaston Community Center and Library, with three units being marketed for rent.
Property Size4,800 SF
Price / SF$144.79
Days on Market4
Property Features for 1034 Patton St
General Information
Standard status
Active
Size
4,800 SF
Property subtype
Multi-Family
Occupancy
60%
Property Condition
Severity
Repairs Needed
Evidence
needing minor cosmetic items
Additional Details
Multifamily Units
4
Building Details
Year Built
1964
Buildings
1
Listing Agency:
Keller Williams
Listed By:
The Eric Crutcher Sales Team
(901) 212-2414
Source:
Doorstep-realty
Added: Oct 11
Changed: Oct 13
Last Checked: Oct 12 at 7:01PM
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 Keller Williams
Investment Insights
Based on property information with market context.
This 4,800-square-foot quadplex in Memphis was built in 1964. Three units are being marketed for rent, while the remaining unit needs minor cosmetic work before it can be marketed.
The property is across from Gaston Community Center and Library. The listing also identifies proximity to xAI facilities in Southaven and Memphis.
The property is across from Gaston Community Center and Library. The listing also identifies proximity to xAI facilities in Southaven and Memphis.
Key Highlights
- Four‑unit quadplex with 4,800 square feet
- Built in 1964
- Three units being marketed for rent; the fourth needs minor cosmetic work before marketing
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,481
Cap Rate
5.82%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$809,620
$809.6K
Cap Rate 7%
$578,300
$578.3K
Cap Rate 9%
$449,789
$449.8K
Market Conditions
NOI Build-Up for 4,800 SF
Gross rent
$61.6K $12.84/SF
− Vacancy
−$3.8K −$0.79/SF
EGI
$57.8K $12.05/SF
− OpEx
−$17.3K −$3.61/SF
NOI
$40.5K $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 Rate 5%
$809,620
Cap Rate 7%
$578,300
Cap Rate 9%
$449,789
Alternative Uses
Best Use
Multifamily LT 5
$578.3K
$506.0K – $674.7K
NOI $40,481 @ 7.0% cap · market cap 5.82%
Second Best
Apartment 5plus
$512.0K
$448.0K – $597.4K
NOI $35,841 @ 7.0% cap · market cap 5.16%
Theoretical Best
Office A
$1.42M
$1.24M – $1.66M
NOI $99,302 @ 7.0% cap · market cap 14.29%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
4
Residential units
60%
Occupancy
Location Intelligence
Trade Area within ½ mile
455
Businesses Nearby
Explore this area
Business Placement
Demographics for 38106, TN
22,394
Population
11,630
Households
1.9
Avg Household Size
41
Median Age
12%
College-Educated
83%
High-School Grad
10.4 sq mi
ZIP Area
2,153
Density / Sq Mi
$29,818
Median Household Income
$30,101
Median Earnings
$915
Median Rent
$66,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Quadplex - The property is across from Gaston Community Center and Library, with three units being marketed for rent.
Where is this quadplex located?
The property is located at 1034 Patton St Memphis, TN.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Four‑unit quadplex with 4,800 square feet; Built in 1964; Three units being marketed for rent; the fourth needs minor cosmetic work before marketing
