Six-Unit Apartment
For Sale
$300,000
1178 N EVERGREEN St, Memphis, TN 38108
Multi-Family, Memphis, TN
Property Size3,600 SF
Price / SF$83.33
Days on Market47
Property Features for 1178 N EVERGREEN St
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Subdivision
UNION LAND & IMPROVEMENT CO
Standard status
Active
Size
3,600 SF
Taxes and HOA fees
Tax Annual Amount
2618
Building Details
Year built
1955
Listing Agency:
Crye-Leike, Inc., REALTORS
(901) 756-8900
Listed By:
Adam Underwood
(901) 413-8963
Added: Sep 8
Last Checked: Oct 24 at 2:06AM
MLS# 10229981
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.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This six-unit apartment property contains 3,600 square feet in a brick building completed in 1955. Each apartment follows a two-bedroom, one-bathroom layout, providing a consistent configuration across the property. Individual units are equipped with wall heat and window air conditioning.
Four of the six apartments are occupied, while two are currently available. The property is located at 1178 N Evergreen St in Memphis, Tennessee, within ZIP Code 38108. Its established construction, uniform unit mix, and existing occupancy make it a straightforward multifamily asset for continued rental operations.
Four of the six apartments are occupied, while two are currently available. The property is located at 1178 N Evergreen St in Memphis, Tennessee, within ZIP Code 38108. Its established construction, uniform unit mix, and existing occupancy make it a straightforward multifamily asset for continued rental operations.
Key Highlights
- Six‑unit apartment building with 3,600 square feet
- Each unit offers 2 bedrooms and 1 bathroom
- Four of six units are currently occupied
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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
214
Businesses Nearby
Explore this area
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
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
Frequently Asked Questions
What type of property is this?
Apartment building - Brick multifamily property with consistent two-bedroom layouts and a mix of occupied and available units.
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 with 3,600 square feet; Each unit offers 2 bedrooms and 1 bathroom; Four of six units are currently occupied
