Tenant-Occupied
New
For Sale
$115,000
1115-1117 Keating St, Memphis, TN 38114
Two-unit residential property with established tenants and in-house professional management.
Property Size1,410 SF
Price / SF$81.56
Days on Market4
Property Features for 1115-1117 Keating St
General Information
Standard status
Active
Size
1,410 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1931
Tenancy
Multi
Listing Agency:
Foundation Property Management
Listed By:
Stacia Rosatti
(901) 270-9019
Source:
Staciarosatti
Added: Sep 5
Changed: Sep 8
Last Checked: Sep 8 at 6:08AM
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 Foundation Property Management
Investment Insights
Based on property information with market context.
This tenant-occupied duplex contains two residential units totaling 1,410 square feet. Built in 1931, the property includes two bedrooms and one bathroom in each unit, with the residences identified as 1115 and 1117 Keating St. One tenancy has operated on a month-to-month basis since October 1, 2019, while the other extends through April 16, 2028.
The property is located at 1115-1117 Keating St in Memphis, Tennessee, within the 38114 ZIP code. Management is handled in-house. Showings require an accepted offer, and tenant privacy is requested.
The property is located at 1115-1117 Keating St in Memphis, Tennessee, within the 38114 ZIP code. Management is handled in-house. Showings require an accepted offer, and tenant privacy is requested.
Key Highlights
- Duplex with two 2‑bedroom, 1‑bath units
- 1,410 square feet across the property
- Tenant occupancy 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
$10,528
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
9.15%
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%
$210,560
$210.6K
Cap Rate 7%
$150,400
$150.4K
Cap Rate 9%
$116,978
$117.0K
Market Conditions
NOI Build-Up for 1,410 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
$20.5K $14.52/SF
− Vacancy
−$1.3K −$0.94/SF
EGI
$19.1K $13.58/SF
− OpEx
−$8.6K −$6.11/SF
NOI
$10.5K $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%
$210,560
Cap Rate 7%
$150,400
Cap Rate 9%
$116,978
Alternative Uses
Best Use
Multifamily LT 5
$169.9K
$148.6K – $198.2K
NOI $11,891 @ 7.0% cap · market cap 10.34%
Second Best
Apartment 5plus
$150.4K
$131.6K – $175.5K
NOI $10,528 @ 7.0% cap · market cap 9.15%
Theoretical Best
Office A
$416.7K
$364.6K – $486.2K
NOI $29,170 @ 7.0% cap · market cap 25.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
559
Businesses Nearby
Explore this area
Business Placement
Demographics for 38114, TN
23,559
Population
12,252
Households
1.9
Avg Household Size
38
Median Age
14%
College-Educated
82%
High-School Grad
7.6 sq mi
ZIP Area
3,100
Density / Sq Mi
$32,080
Median Household Income
$28,570
Median Earnings
$897
Median Rent
$79,000
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 established tenants and in-house professional management.
Where is this duplex located?
The property is located at 1115-1117 Keating St Memphis, TN.
What is the asking price?
The asking price for this property is $115,000.
What are key features of this property?
This property features: Duplex with two 2‑bedroom, 1‑bath units; 1,410 square feet across the property; Tenant occupancy in both units
