Historic Apartment
For Sale
$470,000
1261 Central Ave, Memphis, TN 38104
Multifamily property with a varied unit mix in a designated historic district.
Property Size2,748 SF
Price / SF$171.03
Days on Market50
Property Features for 1261 Central Ave
General Information
Standard status
Active
Size
2,748 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Midtown Memphis Development Corp.
Additional Details
Multifamily Units
6
Building Details
Year Built
1917
Buildings
1
Listing Agency:
Marx-Bensdorf, Realtors
Listed By:
Stacia Rosatti
(901) 270-9019
Source:
Staciarosatti
Added: Sep 5
Changed: Oct 21
Last Checked: Oct 23 at 7:11AM
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 Marx-Bensdorf, Realtors
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Investment Insights
Based on property information with market context.
Constructed in 1917, this 2,748-square-foot apartment building contains six units with configurations ranging from studio layouts to two-bedroom residences. The property offers a compact multifamily format within an established historic structure.
The building is located at 1261 Central Ave in Memphis, Tennessee, within the Annesdale Snowden Historic District and the Midtown area. Its unit mix and historic setting provide a clearly defined residential income property profile.
The building is located at 1261 Central Ave in Memphis, Tennessee, within the Annesdale Snowden Historic District and the Midtown area. Its unit mix and historic setting provide a clearly defined residential income property profile.
Key Highlights
- Six‑unit apartment building
- Unit mix includes studios through two‑bedroom residences
- 2,748 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,519
Cap Rate
4.37%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$410,380
$410.4K
Cap Rate 7%
$293,129
$293.1K
Cap Rate 9%
$227,989
$228.0K
Market Conditions
NOI Build-Up for 2,748 SF
Gross rent
$39.9K $14.52/SF
− Vacancy
−$2.6K −$0.94/SF
EGI
$37.3K $13.58/SF
− OpEx
−$16.8K −$6.11/SF
NOI
$20.5K $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%
$410,380
Cap Rate 7%
$293,129
Cap Rate 9%
$227,989
Alternative Uses
Best Use
Apartment 5plus
$293.1K
$256.5K – $342.0K
NOI $20,519 @ 7.0% cap · market cap 4.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$812.2K
$710.6K – $947.5K
NOI $56,851 @ 7.0% cap · market cap 12.10%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
423
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with a varied unit mix in a designated historic district.
Where is this apartment building located?
The property is located at 1261 Central Ave Memphis, TN.
What is the asking price?
The asking price for this property is $470,000.
What are key features of this property?
This property features: Six‑unit apartment building; Unit mix includes studios through two‑bedroom residences; 2,748 square feet
