Six-Unit Brick Apartment
For Sale
$300,000
1178 N Evergreen St, Memphis, TN 38108
Multifamily property with two-bedroom layouts, individual heating and cooling, and existing occupancy.
Property Size3,600 SF
Price / SF$83.33
Days on Market53
Property Features for 1178 N Evergreen St
General Information
Standard status
Active
Size
3,600 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
North Memphis
Units
Unit Mix
6 x 2BR/1BA
Multifamily Units
6
Building Details
Year Built
1955
Construction
brick
Listing Agency:
Crye-Leike, Inc., Realtors
Listed By:
The Eric Crutcher Sales Team
(901) 212-2414
Source:
Doorstep-realty
Added: Sep 9
Changed: Oct 28
Last Checked: Oct 30 at 1:54PM
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 Crye-Leike, Inc., Realtors
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 3,600-square-foot apartment property in Memphis contains six units, each configured with two bedrooms and one bathroom. Brick construction dates to 1955, while unit-level systems include wall heat and window air conditioning.
Four apartments are occupied, providing an existing operating base for the property. The six-unit configuration offers a compact multifamily format at 1178 N Evergreen St.
Four apartments are occupied, providing an existing operating base for the property. The six-unit configuration offers a compact multifamily format at 1178 N Evergreen St.
Key Highlights
- Six‑unit apartment building in Memphis
- Each unit includes 2 bedrooms and 1 bathroom
- 3,600 square feet of building area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,881
Cap Rate
8.96%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$537,620
$537.6K
Cap Rate 7%
$384,014
$384.0K
Cap Rate 9%
$298,678
$298.7K
Market Conditions
NOI Build-Up for 3,600 SF
Gross rent
$52.3K $14.52/SF
− Vacancy
−$3.4K −$0.94/SF
EGI
$48.9K $13.58/SF
− OpEx
−$22.0K −$6.11/SF
NOI
$26.9K $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 Rate 5%
$537,620
Cap Rate 7%
$384,014
Cap Rate 9%
$298,678
Alternative Uses
Best Use
Apartment 5plus
$384.0K
$336.0K – $448.0K
NOI $26,881 @ 7.0% cap · market cap 8.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.06M
$931.0K – $1.24M
NOI $74,477 @ 7.0% cap · market cap 24.83%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Open Analytics
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
234
Businesses Nearby
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Business Placement
Demographics for 38108, TN
17,051
Population
7,881
Households
2.2
Avg Household Size
34
Median Age
11%
College-Educated
73%
High-School Grad
7.6 sq mi
ZIP Area
2,244
Density / Sq Mi
$35,435
Median Household Income
$32,126
Median Earnings
$921
Median Rent
$62,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with two-bedroom layouts, individual heating and cooling, and existing occupancy.
Where is this apartment building located?
The property is located at 1178 N Evergreen St Memphis, TN.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Six‑unit apartment building in Memphis; Each unit includes 2 bedrooms and 1 bathroom; 3,600 square feet of building area
