Apartment Buildings with Recent
For Sale
$550,000
1239 Agnes Pl, Memphis, TN 38104
Two-building multifamily property with six renovated units and updated electrical service.
Property Size6,777 SF
Price / SF$81.16
Days on Market50
Property Features for 1239 Agnes Pl
General Information
Standard status
Active
Size
6,777 SF
Property subtype
Multi-Family
Building Details
Year Built
1923
Buildings
2
Tenancy
Multi
Listing Agency:
Crye-Leike, Inc., Realtors
Listed By:
Stacia Rosatti
(901) 270-9019
Source:
Staciarosatti
Added: Aug 26
Changed: Oct 13
Last Checked: Oct 12 at 7:02PM
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
Investment Insights
Based on property information with market context.
This multifamily property comprises two apartment buildings totaling 6,777 square feet. Constructed in 1923, the property includes six renovated units. Building maintenance has included replacement of both roofs in 2023 and 2024, removal of rotted wood, and exterior painting completed in 2023.
The rear building received an upgraded weather head and breaker box in 2026. The rear-exit fire escape on the main building requires replacement. The property is located at 1239 Agnes Pl in Memphis, Tennessee.
The rear building received an upgraded weather head and breaker box in 2026. The rear-exit fire escape on the main building requires replacement. The property is located at 1239 Agnes Pl in Memphis, Tennessee.
Key Highlights
- Two apartment buildings totaling 6,777 square feet
- Six units have been renovated
- Both roofs replaced in 2023 and 2024
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$50,603
Cap Rate
9.20%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,012,060
$1.0M
Cap Rate 7%
$722,900
$722.9K
Cap Rate 9%
$562,256
$562.3K
Market Conditions
NOI Build-Up for 6,777 SF
Gross rent
$98.4K $14.52/SF
− Vacancy
−$6.4K −$0.94/SF
EGI
$92.0K $13.58/SF
− OpEx
−$41.4K −$6.11/SF
NOI
$50.6K $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%
$1,012,060
Cap Rate 7%
$722,900
Cap Rate 9%
$562,256
Alternative Uses
Best Use
Apartment 5plus
$722.9K
$632.5K – $843.4K
NOI $50,603 @ 7.0% cap · market cap 9.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.00M
$1.75M – $2.34M
NOI $140,203 @ 7.0% cap · market cap 25.49%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
419
Businesses Nearby
Explore this area
Business Placement
Demographics for 38104, TN
22,584
Population
14,315
Households
1.6
Avg Household Size
38
Median Age
52%
College-Educated
93%
High-School Grad
5.0 sq mi
ZIP Area
4,517
Density / Sq Mi
$56,452
Median Household Income
$48,300
Median Earnings
$1,073
Median Rent
$301,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-building multifamily property with six renovated units and updated electrical service.
Where is this apartment building located?
The property is located at 1239 Agnes Pl Memphis, TN.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Two apartment buildings totaling 6,777 square feet; Six units have been renovated; Both roofs replaced in 2023 and 2024
