Updated Four-Unit
For Sale
$255,000
1493 GAITHER St, Memphis, TN 38106
Multi-Family, Memphis, TN
Property Size2,700 SF
Price / SF$94.44
Days on Market209
Property Features for 1493 GAITHER St
General Information
Property type
Residential Multi Family
Property subtype
Other
Subdivision
GREENLAND HGTS
Standard status
Active
Size
2,700 SF
Taxes and HOA fees
Tax Annual Amount
1509
Building Details
Year built
1970
Listing Agency:
eXp Realty, LLC
(888) 519-5113
Listed By:
Garth Ward
(253) 737-8018
Added: Mar 20
Changed: Aug 20
Last Checked: Oct 14 at 4:06AM
MLS# 10217289
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.
This quadplex contains four residential units within 2700 square feet of building area. Interior updates include new flooring and fresh paint, giving the units a clean, updated presentation. The property was built in 1970 and is located at 1493 GAITHER St in Memphis, Tennessee.
A park sits directly next to the property, providing immediate access to open green space. The asset is positioned in Memphis’ 38106 ZIP code within Shelby County. Its four-unit configuration, refreshed interiors, and park adjacency define the property’s core physical characteristics.
A park sits directly next to the property, providing immediate access to open green space. The asset is positioned in Memphis’ 38106 ZIP code within Shelby County. Its four-unit configuration, refreshed interiors, and park adjacency define the property’s core physical characteristics.
Key Highlights
- Four‑unit quadplex totaling 2700 square feet
- New flooring and fresh paint throughout the units
- Directly next to a park with immediate green‑space access
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,770
Cap Rate
8.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$455,400
$455.4K
Cap Rate 7%
$325,286
$325.3K
Cap Rate 9%
$253,000
$253.0K
Market Conditions
NOI Build-Up for 2,700 SF
Gross rent
$34.7K $12.84/SF
− Vacancy
−$2.1K −$0.79/SF
EGI
$32.5K $12.05/SF
− OpEx
−$9.8K −$3.61/SF
NOI
$22.8K $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 Rate 5%
$455,400
Cap Rate 7%
$325,286
Cap Rate 9%
$253,000
Alternative Uses
Best Use
Multifamily LT 5
$325.3K
$284.6K – $379.5K
NOI $22,770 @ 7.0% cap · market cap 8.93%
Second Best
Apartment 5plus
$288.0K
$252.0K – $336.0K
NOI $20,161 @ 7.0% cap · market cap 7.91%
Theoretical Best
Office A
$798.0K
$698.2K – $931.0K
NOI $55,858 @ 7.0% cap · market cap 21.91%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
356
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - The property includes refreshed interiors and direct adjacency to a park.
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 totaling 2700 square feet; New flooring and fresh paint throughout the units; Directly next to a park with immediate green‑space access
