Four-Unit Multifamily
For Sale
$255,000
1493 GAITHER ST, Memphis, TN 38106
Memphis multifamily property with four units and wall/window cooling units.
Property Size2,850 SF
Price / SF$89.47
Days on Market140
Property Features for 1493 GAITHER ST
General Information
Standard status
Active
Size
2,850 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$2,956
Amenities
Wall/Window Unit(s)
Building Details
Building Size
2,850 SF
Year Built
1970
Stories
2
Listing Agency:
eXp Realty LLC
(253) 737-8018
Listed By:
Garth Ward
(253) 737-8018
Source:
Evrealestate
Added: Mar 26
Changed: Aug 11
Last Checked: Aug 11 at 6:56AM
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 eXp Realty LLC
Investment Insights
Based on property information with market context.
This Memphis quadplex contains four residential units within a 2,850-square-foot property built in 1970. Interior features include wall/window unit cooling, while no additional interior features are identified.
The property is located at 1493 Gaither St in Memphis, Tennessee, in Shelby County. It sits next to a playground, with the building positioned on the right when approaching the site.
The property is located at 1493 Gaither St in Memphis, Tennessee, in Shelby County. It sits next to a playground, with the building positioned on the right when approaching the site.
Key Highlights
- Four‑unit quadplex in Memphis
- 2,850‑square‑foot property
- Built in 1970
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
$21,281
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
8.35%
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%
$425,620
$425.6K
Cap Rate 7%
$304,014
$304.0K
Cap Rate 9%
$236,456
$236.5K
Market Conditions
NOI Build-Up for 2,850 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
$41.4K $14.52/SF
− Vacancy
−$2.7K −$0.94/SF
EGI
$38.7K $13.58/SF
− OpEx
−$17.4K −$6.11/SF
NOI
$21.3K $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%
$425,620
Cap Rate 7%
$304,014
Cap Rate 9%
$236,456
Alternative Uses
Best Use
Multifamily LT 5
$343.4K
$300.4K – $400.6K
NOI $24,035 @ 7.0% cap · market cap 9.43%
Second Best
Apartment 5plus
$304.0K
$266.0K – $354.7K
NOI $21,281 @ 7.0% cap · market cap 8.35%
Theoretical Best
Office A
$842.3K
$737.0K – $982.7K
NOI $58,961 @ 7.0% cap · market cap 23.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
534
Businesses Nearby
Explore this area
Business Placement
Demographics for 38106, TN
22,394
Population
11,630
Households
1.9
Avg Household Size
41
Median Age
12%
College-Educated
83%
High-School Grad
10.4 sq mi
ZIP Area
2,153
Density / Sq Mi
$29,818
Median Household Income
$30,101
Median Earnings
$915
Median Rent
$66,400
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?
Quadplex - Memphis multifamily property with four units and wall/window cooling units.
Where is this quadplex located?
The property is located at 1493 GAITHER ST Memphis, TN.
What is the asking price?
The asking price for this property is $255,000.
What are key features of this property?
This property features: Four‑unit quadplex in Memphis; 2,850‑square‑foot property; Built in 1970
