Six-Unit Apartment
New
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 Market1
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: Sep 8 at 7:06PM
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.
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 = 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
$26,881
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
8.96%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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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
