Historic 6-Unit Apartment
For Sale
$470,000
1261 CENTRAL Ave, Memphis, TN 38104
Multi-Family, Memphis, TN
Property Size2,748 SF
Price / SF$171.03
Days on Market52
Property Features for 1261 CENTRAL Ave
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Subdivision
SNOWDEN HOMESTEAD
Standard status
Active
Size
2,748 SF
Taxes and HOA fees
Tax Annual Amount
2716
Building Details
Year built
1917
Listing Agency:
Crye-Leike, Inc., REALTORS
(901) 756-8900
Listed By:
Kevin Woods
(615) 522-2875
Added: Sep 3
Changed: Oct 1
Last Checked: Oct 24 at 2:06AM
MLS# 10229655
Copyright © 2026 Memphis Area Association of Realtors®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
Located at 1261 Central Avenue in Memphis, this 2,748-square-foot apartment building was constructed in 1917 and contains 6 residential units. The configuration includes studios and apartments with up to two bedrooms, providing a varied unit mix within one historic structure.
The property is situated in the Annesdale Snowden Historic District in Midtown Memphis, with a 38104 postal address. Its established construction date and district setting define the asset’s character while the existing multifamily layout supports continued apartment use.
The property is situated in the Annesdale Snowden Historic District in Midtown Memphis, with a 38104 postal address. Its established construction date and district setting define the asset’s character while the existing multifamily layout supports continued apartment use.
Key Highlights
- 6‑unit apartment building
- 2,748 square feet
- Studio‑to‑two‑bedroom unit mix
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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Property Analytics
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Open Analytics
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
423
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
Frequently Asked Questions
What type of property is this?
Apartment building - Built in 1917, this Midtown Memphis property offers a studio-to-two-bedroom unit mix.
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: 6‑unit apartment building; 2,748 square feet; Studio‑to‑two‑bedroom unit mix
