Two-Unit
New
For Sale
$169,000
1120 SEMMES St, Memphis, TN 38111
MULTI_FAMILY - Memphis, TN
Property Size1,634 SF
Price / SF$103.43
Days on Market6
Property Features for 1120 SEMMES St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Bathroom 2, Bedroom 4, Bedroom 1, Bedroom 3
Subdivision
CATHIE
Standard status
Active
Size
1,634 SF
Taxes and HOA fees
Tax Annual Amount
1755
Building Details
Year built
1967
Architectural style
Other
Listing Agency:
KAIZEN Realty, LLC
(901) 221-4041
Listed By:
Jeremy Veldman
(662) 418-7511
Added: Aug 6
Changed: Aug 11
Last Checked: Aug 11 at 9:06AM
MLS# 10227869
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 1,634-square-foot duplex contains two distinct residences, each configured with two bedrooms and one bathroom. Both units include a living area, kitchen, and bedroom spaces arranged for everyday residential use. The property was built in 1967 and places both units on a single lot.
Located at 1120 Semmes St in Memphis, the property is near schools, shopping, dining, and major roadways. The two-unit configuration provides separate residential spaces within one multifamily asset.
Located at 1120 Semmes St in Memphis, the property is near schools, shopping, dining, and major roadways. The two-unit configuration provides separate residential spaces within one multifamily asset.
Key Highlights
- Two‑unit duplex with 1,634 square feet
- Each unit includes 2 bedrooms and 1 bathroom
- Both residences feature living, kitchen, and bedroom areas
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
$13,780
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
8.15%
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%
$275,600
$275.6K
Cap Rate 7%
$196,857
$196.9K
Cap Rate 9%
$153,111
$153.1K
Market Conditions
NOI Build-Up for 1,634 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
$21.0K $12.84/SF
− Vacancy
−$1.3K −$0.79/SF
EGI
$19.7K $12.05/SF
− OpEx
−$5.9K −$3.61/SF
NOI
$13.8K $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%
$275,600
Cap Rate 7%
$196,857
Cap Rate 9%
$153,111
Alternative Uses
Best Use
Multifamily LT 5
$196.9K
$172.3K – $229.7K
NOI $13,780 @ 7.0% cap · market cap 8.15%
Second Best
Apartment 5plus
$174.3K
$152.5K – $203.4K
NOI $12,201 @ 7.0% cap · market cap 7.22%
Theoretical Best
Office A
$482.9K
$422.6K – $563.4K
NOI $33,804 @ 7.0% cap · market cap 20.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
372
Businesses Nearby
Explore this area
Business Placement
Demographics for 38111, TN
40,533
Population
20,084
Households
2
Avg Household Size
34
Median Age
38%
College-Educated
89%
High-School Grad
9.8 sq mi
ZIP Area
4,136
Density / Sq Mi
$52,806
Median Household Income
$33,449
Median Earnings
$1,077
Median Rent
$165,200
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 separate residences share one parcel, each with a practical layout and dedicated living, kitchen, bedroom, and bath areas.
Where is this duplex located?
The property is located at 1120 SEMMES St Memphis, TN.
What is the asking price?
The asking price for this property is $169,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,634 square feet; Each unit includes 2 bedrooms and 1 bathroom; Both residences feature living, kitchen, and bedroom areas
