Building Details

Year built 1960

Listing Agency: Renshaw Company, REALTORS G***@renshawrealtors.com Show Phone

Listed By: Raychel Day Show Phone

Added: Sep 2 Changed: Oct 18 Last Checked: Oct 18 at 4:06PM

Report an Issue

MLS# 10229640

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.

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

This 8-unit apartment building contains 5,184 square feet and was built in 1960. The unit mix includes four studios and four one-bedroom, one-bath apartments. Four units are occupied, while the other four are partially renovated and require completion. The property is being sold as-is.

Located near Downtown Memphis, the Medical District, and Midtown amenities, the asset combines an established multifamily setting with a mix of completed and unfinished unit improvements. The existing configuration provides a clear overview of the building’s residential layout and current occupancy status.

Key Highlights

• 8‑unit apartment building with 5,184 square feet
• Unit mix includes four studios and four 1 bedroom 1 bath units
• Four units are currently occupied

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$38,708

Cap Rate

8.60%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$774,160 $774.2K

Cap Rate 7%

$552,971 $553.0K

Cap Rate 9%

$430,089 $430.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,184 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $107,247 @ 7.0% cap · market cap 23.84%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

P & J Paving General Contractor

Suggested Use

Top Pick Electrical Service Furniture & Home Goods (Bike/Boat/Book/etc) Store HVAC Service Pet Store Pet Store & Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Similar For Sale Nearby

See more

Renovated 6-Unit Apartment Building

487 WILLIAMS Ave, Memphis, TN 38126

$369,000

4,200 SF

View details

Apartment Buildings with Recent Improvements

1239 Agnes Pl, Memphis, TN 38104

$550,000

6,777 SF

View details

Renovated 5-Unit Apartment Building

712 N FIFTH St, Memphis, TN 38107

$444,900

3,202 SF

View details

5-Unit Garden Apartment Building

1025 S WELLINGTON St, Memphis, TN 38126

$292,500

3,772 SF

View details

5-Unit Apartment Building

1515 MADISON Ave, Memphis, TN 38104

$380,000

3,166 SF

View details

Historic 6-Unit Apartment Building

1261 CENTRAL Ave, Memphis, TN 38104

$470,000

2,748 SF

View details

Six-Unit Apartment Building

1178 N EVERGREEN St, Memphis, TN 38108

$300,000

3,600 SF

View details

9-Unit Apartment Building

229 N Dunlap St, Memphis, TN 38105

$1,250,000

4,176 SF

View details

Renovated 10-Unit Apartment Property

3917 Dunn Ave, Memphis, TN 38111

$846,284

7,200 SF

View details

Multifamily Package Deal Opportunity

347 Pauline St, Memphis, TN 38104

Contact for pricing

5,100 SF

View details

46-Unit Apartment Portfolio

3439 SOUTHERN Ave, Memphis, TN 38111

$1,900,000

7,000 SF

View details

15-Unit Apartment Property

1088 National St, Memphis, TN 38122

$1,066,000

10,304 SF

View details

Frequently Asked Questions

What type of property is this?

Apartment building - Studio and one-bedroom, one-bath layouts include occupied units alongside partially renovated apartments requiring completion.

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 5,184 square feet; Unit mix includes four studios and four 1 bedroom 1 bath units; Four units are currently occupied