Historic Duplex in Speedway
For Sale
Contact for pricing
1220 Snowden Ave, Memphis, TN 38107
Classic 1912 Craftsman duplex, income potential in the heart of Memphis.
Property Size1,572 SF
Price / SF$136.77
Days on Market166
Property Features for 1220 Snowden Ave
General Information
Standard status
Active
Size
1,572 SF
Class
C
Property subtype
Multifamily
Zoning
Duplex
Investment Type
Stabilized
Building Details
Year Built
1912
Units
2
Listing Agency:
eXp Realty, LLC
(901) 325-1164
Listed By:
Jordan Ray · License #375004
Source:
Crexi
Added: Mar 7
Changed: Aug 8
Last Checked: Aug 20 at 12:46PM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
Located in the Speedway Terrace Historic District, this 1912 Craftsman bungalow duplex with Victorian Folk influence offers historic character and income potential. The property, operating as a short-term rental, features two fully furnished units, each with one bed and one bath, providing immediate revenue opportunity. Showcasing the timeless appeal of Memphis’ historic bungalow design, the home offers flexible investment possibilities. Positioned near local amenities, restaurants, and major employment centers, this property is suited for investors looking to capitalize on Memphis’ rental demand. Opportunities to own a fully furnished duplex in Speedway Terrace are rare. The property size is 1572 square feet.
Key Highlights
- Income‑producing duplex: Currently operating as a short‑term rental with immediate revenue.
- Fully furnished units: Both units are move‑in ready and equipped for rental operations.
- Historic charm: Located in the Speedway Terrace Historic District, featuring classic 1912 Craftsman bungalow architecture.
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
$13,257
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
6.17%
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%
$265,140
$265.1K
Cap Rate 7%
$189,386
$189.4K
Cap Rate 9%
$147,300
$147.3K
Market Conditions
NOI Build-Up for 1,572 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
$20.2K $12.84/SF
− Vacancy
−$1.2K −$0.79/SF
EGI
$18.9K $12.05/SF
− OpEx
−$5.7K −$3.61/SF
NOI
$13.3K $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%
$265,140
Cap Rate 7%
$189,386
Cap Rate 9%
$147,300
Alternative Uses
Best Use
Multifamily LT 5
$189.4K
$165.7K – $221.0K
NOI $13,257 @ 7.0% cap · market cap 6.17%
Second Best
Apartment 5plus
$167.7K
$146.7K – $195.6K
NOI $11,738 @ 7.0% cap · market cap 5.46%
Theoretical Best
Office A
$464.6K
$406.5K – $542.0K
NOI $32,522 @ 7.0% cap · market cap 15.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
608
Businesses Nearby
Explore this area
Business Placement
Demographics for 38107, TN
15,655
Population
8,093
Households
1.9
Avg Household Size
37
Median Age
24%
College-Educated
87%
High-School Grad
5.4 sq mi
ZIP Area
2,899
Density / Sq Mi
$36,393
Median Household Income
$34,958
Median Earnings
$999
Median Rent
$128,600
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?
Duplex - Classic 1912 Craftsman duplex, income potential in the heart of Memphis.
Where is this duplex located?
The property is located at 1220 Snowden Ave Memphis, TN.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: Income‑producing duplex: Currently operating as a short‑term rental with immediate revenue.; Fully furnished units: Both units are move‑in ready and equipped for rental operations.; Historic charm: Located in the Speedway Terrace Historic District, featuring classic 1912 Craftsman bungalow architecture.
