Two-Unit Duplex with Covered
For Sale
$495,000
1464 PEABODY Ave, Memphis, TN 38104
Duplexes, Traditional, Memphis, TN
Property Size4,398 SF
Price / SF$112.55
Days on Market386
Property Features for 1464 PEABODY Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bathroom 2, Bathroom 1, Bedroom 1, Bathroom 4, Bedroom 2, Bedroom 3, Bathroom 3, Bedroom 4, Bedroom 6
Subdivision
KIMBROUGHS UNION AVE
Standard status
Active
Size
4,398 SF
Taxes and HOA fees
Tax Annual Amount
5519
Amenities
fireplace
sunroom
all appliances
washer and dryer
central heating and air conditioning
covered off-street parking
Building Details
Year built
1915
Architectural style
Other
Listing Agency:
Hobson, REALTORS
(901) 761-1622
Listed By:
Leigh Martin · License #277409
(901) 351-3877
Added: Aug 15, 2025
Changed: Sep 2
Last Checked: Sep 4 at 6:06PM
MLS# 10203609
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.
Investment Insights
Based on property information with market context.
Built in 1915, this duplex contains two similarly arranged residences with spacious living areas and distinctive architectural character. Each unit measures 2,000 square feet and includes bedrooms, bathrooms, a kitchen, all appliances, a washer and dryer, and central heating and air conditioning. The upstairs residence adds a living room with fireplace, dining room, and sunroom, while covered off-street parking serves the property.
The property is located at 1464 Peabody Ave in Memphis, approximately five minutes from the medical and dental schools and ten minutes from the University of Memphis Law School. The mirrored floor plans and established residential design provide a consistent configuration across both units.
The property is located at 1464 Peabody Ave in Memphis, approximately five minutes from the medical and dental schools and ten minutes from the University of Memphis Law School. The mirrored floor plans and established residential design provide a consistent configuration across both units.
Key Highlights
- Two‑unit duplex with 2,000‑square‑foot residences
- Upstairs unit includes 3 bedrooms, 2 bathrooms, fireplace, dining room, and sunroom
- Both units include all appliances, a washer and dryer, and central heating and air conditioning
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
$37,090
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
7.49%
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%
$741,800
$741.8K
Cap Rate 7%
$529,857
$529.9K
Cap Rate 9%
$412,111
$412.1K
Market Conditions
NOI Build-Up for 4,398 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
$56.5K $12.84/SF
− Vacancy
−$3.5K −$0.79/SF
EGI
$53.0K $12.05/SF
− OpEx
−$15.9K −$3.61/SF
NOI
$37.1K $8.43/SF
Area
Memphis, TN
Vacancy
6.17%
Lease Rate
$12.84 /SF/Yr
Expense Ratio
30.00%
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%
$741,800
Cap Rate 7%
$529,857
Cap Rate 9%
$412,111
Alternative Uses
Best Use
Multifamily LT 5
$529.9K
$463.6K – $618.2K
NOI $37,090 @ 7.0% cap · market cap 7.49%
Second Best
Apartment 5plus
$469.1K
$410.5K – $547.3K
NOI $32,839 @ 7.0% cap · market cap 6.63%
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $90,986 @ 7.0% cap · market cap 18.38%
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
2,604
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
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Frequently Asked Questions
What type of property is this?
Duplex - Historic duplex with mirrored layouts, substantial living areas, full appliance packages, and central heating and air conditioning.
Where is this duplex located?
The property is located at 1464 PEABODY Ave Memphis, TN.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,000‑square‑foot residences; Upstairs unit includes 3 bedrooms, 2 bathrooms, fireplace, dining room, and sunroom; Both units include all appliances, a washer and dryer, and central heating and air conditioning
