RU-3 Multi-Family Development
For Sale
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1221 S Willett St, Memphis, TN 38106
Multi-family zoned parcel with prior apartment improvements removed, suitable for new conventional apartment development.
Property SizeContact for details
Lot Size11.85 Acres
Days on Market135
Property Features for 1221 S Willett St
General Information
Standard status
Active
Lot size
11.85 Acres
Property subtype
Land
Zoning
RU-3
Listing Agency:
Crye-Leike Commercial Memphis
Listed By:
Susan Hines · License #TN 00329900
Source:
Crexi
Added: Apr 10
Changed: Aug 8
Last Checked: Apr 11 at 12:00AM
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 Commercial Memphis
Investment Insights
Based on property information with market context.
This 11.85-acre parcel is positioned for multi-family redevelopment, with improvements currently on site. Public records indicate there previously was an apartment complex on the property, which was razed by the city due to owner noncompliance with municipal taxes and other codes.
The property is zoned RU-3, which allows for a variety of uses. The density is described as limited by setback and maximum height requirements, and depending on design the site could accommodate up to 400 units.
For buyers evaluating conventional apartment development, this RU-3 tract offers a straightforward development framework centered on applicable setback and height limits.
The property is zoned RU-3, which allows for a variety of uses. The density is described as limited by setback and maximum height requirements, and depending on design the site could accommodate up to 400 units.
For buyers evaluating conventional apartment development, this RU-3 tract offers a straightforward development framework centered on applicable setback and height limits.
Key Highlights
- 11.85‑acre multi‑family property with all improvements located on‑site
- RU‑3 zoning allows for a variety of uses
- Prior apartment complex improvements were razed by the city due to owners' municipal tax and code compliance failures
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
376
Businesses Nearby
Explore this area
Business Placement
Demographics for 38106, TN
22,394
Population
11,630
Households
1.9
Avg Household Size
41
Median Age
12%
College-Educated
83%
High-School Grad
10.4 sq mi
ZIP Area
2,153
Density / Sq Mi
$29,818
Median Household Income
$30,101
Median Earnings
$915
Median Rent
$66,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential land & home lot - Multi-family zoned parcel with prior apartment improvements removed, suitable for new conventional apartment development.
Where is this residential land & home lot located?
The property is located at 1221 S Willett St Memphis, TN.
What are key features of this property?
This property features: 11.85‑acre multi‑family property with all improvements located on‑site; RU‑3 zoning allows for a variety of uses; Prior apartment complex improvements were razed by the city due to owners' municipal tax and code compliance failures
