Updated Central Gardens
1503 Eastmoreland Ave, Memphis, TN 38104
For Sale
$409,000
Right unit renovated in 2024 and left unit in 2025, with both sides currently fully rented.
Property Size3,264 SF
Price / SF$125.31
Days on Market137
Property Features for 1503 Eastmoreland Ave
General Information
Standard status
Size
Property subtype
Occupancy
Site & Location
Neighborhood
Building Details
Year Renovated
Tenancy
Listing Agency:
Hobson, REALTORS
Listed By:
Christina Morris
(901) 277-1699
Source:
Exprealty
Added: Jun 24
Changed: Nov 6
Last Checked: Nov 6 at 11:24AM
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 Hobson, REALTORS
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Investment Insights
Based on property information with market context.
Fantastic Central Gardens duplex with extensive updates in both units. The right-side unit was fully renovated in 2024, and the left-side unit was fully renovated in 2025. Renovations include fresh paint throughout, new LVP flooring downstairs, quartz kitchen countertops, and new oven/range, dishwasher, and refrigerator. The 2024 renovation also included new can lighting downstairs and a new water heater.
The property consists of two rental units and is currently fully rented, supporting an easy-to-operate investment setup.
With a total size of 3,264 SF, this duplex offers well-documented interior improvements across both sides, making it well suited for an owner looking for a recently updated, income-producing property.
The property consists of two rental units and is currently fully rented, supporting an easy-to-operate investment setup.
With a total size of 3,264 SF, this duplex offers well-documented interior improvements across both sides, making it well suited for an owner looking for a recently updated, income-producing property.
Key Highlights
- 3,264 SF duplex with two updated rental units
- Right‑side unit fully renovated in 2024
- Left‑side unit fully renovated in 2025
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,527
Cap Rate
6.73%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$550,540
$550.5K
Cap Rate 7%
$393,243
$393.2K
Cap Rate 9%
$305,856
$305.9K
Market Conditions
NOI Build-Up for 3,264 SF
Gross rent
$41.9K $12.84/SF
− Vacancy
−$2.6K −$0.79/SF
EGI
$39.3K $12.05/SF
− OpEx
−$11.8K −$3.61/SF
NOI
$27.5K $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%
$550,540
Cap Rate 7%
$393,243
Cap Rate 9%
$305,856
Alternative Uses
Best Use
Multifamily LT 5
$393.2K
$344.1K – $458.8K
NOI $27,527 @ 7.0% cap · market cap 6.73%
Second Best
Apartment 5plus
$348.2K
$304.7K – $406.2K
NOI $24,372 @ 7.0% cap · market cap 5.96%
Theoretical Best
Office A
$964.7K
$844.1K – $1.13M
NOI $67,526 @ 7.0% cap · market cap 16.51%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,747
Businesses Nearby
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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
$301,100
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Memphis, TN
Properties on Market for Duplexes in Memphis
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Right unit renovated in 2024 and left unit in 2025, with both sides currently fully rented.
Where is this duplex located?
The property is located at 1503 Eastmoreland Ave Memphis, TN.
What is the asking price?
The asking price for this property is $409,000.
What are key features of this property?
This property features: 3,264 SF duplex with two updated rental units; Right‑side unit fully renovated in 2024; Left‑side unit fully renovated in 2025
