8-Unit Apartment
New
For Sale
$449,900
1292 Court Ave, Memphis, TN 38104
Multifamily property with a balanced studio and one-bedroom unit mix, including partially renovated apartments.
Property Size5,184 SF
Price / SF$86.79
Days on Market4
Property Features for 1292 Court Ave
General Information
Standard status
Active
Size
5,184 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
partially renovated and in need of completion
Units
Unit Mix
4 x studio, 4 x 1BR/1BA
Multifamily Units
8
Building Details
Year Built
1960
Listing Agency:
Renshaw Company Realtors
Listed By:
Raychel Day
Source:
Fiddletreerealty
Added: Sep 4
Last Checked: Sep 6 at 12:36PM
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.
Built in 1960, this 5,184-square-foot apartment property contains 8 units: four studios and four one-bedroom, one-bath apartments. Four units are occupied, while the other four—two studios and two one-bedroom units—are partially renovated and require completion. The property is being offered in as-is condition.
The address places the building near Downtown Memphis, the Medical District, and Midtown amenities. Tenant privacy is required during property visits.
The address places the building near Downtown Memphis, the Medical District, and Midtown amenities. Tenant privacy is required during property visits.
Key Highlights
- 8‑unit apartment building with four studios and four one‑bedroom, one‑bath units
- 5,184 square feet built in 1960
- Four units are occupied
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
$38,708
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
8.60%
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%
$774,160
$774.2K
Cap Rate 7%
$552,971
$553.0K
Cap Rate 9%
$430,089
$430.1K
Market Conditions
NOI Build-Up for 5,184 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
$75.3K $14.52/SF
− Vacancy
−$4.9K −$0.94/SF
EGI
$70.4K $13.58/SF
− OpEx
−$31.7K −$6.11/SF
NOI
$38.7K $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%
$774,160
Cap Rate 7%
$552,971
Cap Rate 9%
$430,089
Alternative Uses
Best Use
Apartment 5plus
$553.0K
$483.9K – $645.1K
NOI $38,708 @ 7.0% cap · market cap 8.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.53M
$1.34M – $1.79M
NOI $107,247 @ 7.0% cap · market cap 23.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
2,896
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with a balanced studio and one-bedroom unit mix, including partially renovated apartments.
Where is this apartment building located?
The property is located at 1292 Court Ave Memphis, TN.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: 8‑unit apartment building with four studios and four one‑bedroom, one‑bath units; 5,184 square feet built in 1960; Four units are occupied
