Apartment Buildings with Recent
New
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 Market4
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:
Renshaw Company, Realtors
(901) 270-9019
Listed By:
Stacia Rosatti
(901) 270-9019
Source:
Staciarosatti
Added: Aug 26
Changed: Aug 28
Last Checked: Aug 28 at 4:19PM
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 Renshaw Company, 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 = 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
$50,603
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
9.20%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
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 - 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
