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 Market164
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: Aug 30 at 1:06AM
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 = 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
$22,770
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
8.93%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
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 - 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
