Renovated
New
For Sale
$129,900
1351 Austin St, Memphis, TN 38108
Two-unit residential property in Hyde Park with recent renovations.
Property Size1,508 SF
Price / SF$86.14
Days on Market5
Property Features for 1351 Austin St
General Information
Standard status
Active
Size
1,508 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1985
Listing Agency:
Crye-Leike, Inc., Realtors
Listed By:
John Quinn · License #3298267
(901) 591-8100
Source:
Johnquinnrealestate
Added: Sep 4
Changed: Sep 8
Last Checked: Sep 8 at 5:32AM
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 Crye-Leike, Inc., Realtors
Investment Insights
Based on property information with market context.
This duplex contains two residential units and has been recently renovated. The property was built in 1985 and is located at 1351 Austin St in Memphis, Tennessee 38108. Hyde Park identifies the immediate area, while the duplex format provides a residential income property configuration.
Key Highlights
- Two‑unit duplex configuration
- Recently renovated
- Built in 1985
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
$11,260
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
8.67%
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%
$225,200
$225.2K
Cap Rate 7%
$160,857
$160.9K
Cap Rate 9%
$125,111
$125.1K
Market Conditions
NOI Build-Up for 1,508 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
$21.9K $14.52/SF
− Vacancy
−$1.4K −$0.94/SF
EGI
$20.5K $13.58/SF
− OpEx
−$9.2K −$6.11/SF
NOI
$11.3K $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%
$225,200
Cap Rate 7%
$160,857
Cap Rate 9%
$125,111
Alternative Uses
Best Use
Multifamily LT 5
$181.7K
$159.0K – $212.0K
NOI $12,718 @ 7.0% cap · market cap 9.79%
Second Best
Apartment 5plus
$160.9K
$140.8K – $187.7K
NOI $11,260 @ 7.0% cap · market cap 8.67%
Theoretical Best
Office A
$445.7K
$390.0K – $520.0K
NOI $31,198 @ 7.0% cap · market cap 24.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
314
Businesses Nearby
Explore this area
Business Placement
Demographics for 38108, TN
17,051
Population
7,881
Households
2.2
Avg Household Size
34
Median Age
11%
College-Educated
73%
High-School Grad
7.6 sq mi
ZIP Area
2,244
Density / Sq Mi
$35,435
Median Household Income
$32,126
Median Earnings
$921
Median Rent
$62,600
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?
Duplex - Two-unit residential property in Hyde Park with recent renovations.
Where is this duplex located?
The property is located at 1351 Austin St Memphis, TN.
What is the asking price?
The asking price for this property is $129,900.
What are key features of this property?
This property features: Two‑unit duplex configuration; Recently renovated; Built in 1985
