Duplex With Updated
For Sale
$184,900
1053 Fleece Pl, Memphis, TN 38104
Two-unit residential property with renovated kitchens, bathrooms, and hardwood flooring throughout.
Property Size1,510 SF
Price / SF$122.45
Days on Market35
Property Features for 1053 Fleece Pl
General Information
Standard status
Active
Size
1,510 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1920
Listing Agency:
The Spruill Agency, LLC
Listed By:
Stacia Rosatti
(901) 270-9019
Source:
Staciarosatti
Added: Jul 30
Changed: Sep 2
Last Checked: Sep 1 at 6:44PM
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 The Spruill Agency, LLC
Investment Insights
Based on property information with market context.
This two-unit residential property, built in 1920, features updated kitchens and bathrooms along with hardwood flooring. The duplex is professionally managed and offers a straightforward configuration for multifamily ownership or occupancy of one unit.
Located at 1053 Fleece Pl in Memphis, the property is within the Cooper-Young neighborhood. The source information identifies the area as a high-demand rental location and notes lease expirations in May and August 2026.
Located at 1053 Fleece Pl in Memphis, the property is within the Cooper-Young neighborhood. The source information identifies the area as a high-demand rental location and notes lease expirations in May and August 2026.
Key Highlights
- Duplex with 2 residential units
- Built in 1920
- Updated kitchens and bathrooms in both units
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
$12,734
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
6.89%
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%
$254,680
$254.7K
Cap Rate 7%
$181,914
$181.9K
Cap Rate 9%
$141,489
$141.5K
Market Conditions
NOI Build-Up for 1,510 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
$19.4K $12.84/SF
− Vacancy
−$1.2K −$0.79/SF
EGI
$18.2K $12.05/SF
− OpEx
−$5.5K −$3.61/SF
NOI
$12.7K $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%
$254,680
Cap Rate 7%
$181,914
Cap Rate 9%
$141,489
Alternative Uses
Best Use
Multifamily LT 5
$181.9K
$159.2K – $212.2K
NOI $12,734 @ 7.0% cap · market cap 6.89%
Second Best
Apartment 5plus
$161.1K
$140.9K – $187.9K
NOI $11,275 @ 7.0% cap · market cap 6.10%
Theoretical Best
Office A
$446.3K
$390.5K – $520.7K
NOI $31,239 @ 7.0% cap · market cap 16.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
634
Businesses Nearby
Explore this area
Business Placement
Demographics for 38104, TN
22,584
Population
14,315
Households
1.6
Avg Household Size
38
Median Age
52%
College-Educated
93%
High-School Grad
5.0 sq mi
ZIP Area
4,517
Density / Sq Mi
$56,452
Median Household Income
$48,300
Median Earnings
$1,073
Median Rent
$301,100
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 - Two-unit residential property with renovated kitchens, bathrooms, and hardwood flooring throughout.
Where is this duplex located?
The property is located at 1053 Fleece Pl Memphis, TN.
What is the asking price?
The asking price for this property is $184,900.
What are key features of this property?
This property features: Duplex with 2 residential units; Built in 1920; Updated kitchens and bathrooms in both units
