Updated Duplex with Quartz
1503 EASTMORELAND Ave, Memphis, TN 38104
For Sale
$409,000
Duplexes, Traditional, Memphis, TN
Property Size3,264 SF
Price / SF$125.31
Days on Market139
Property Features for 1503 EASTMORELAND Ave
General Information
Property type
Property subtype
Bedrooms
Bathrooms
Full bathrooms
Half bathrooms
Rooms
Subdivision
Standard status
Size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Annual Amount
Building Details
Year built
Architectural style
Buildings
Listing Agency:
Hobson, REALTORS
(901) 761-1622
Listed By:
Christina Morris
(901) 277-1699
Added: Jun 24
Changed: Nov 7
Last Checked: Nov 9 at 10:06PM
MLS# 10224637
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.
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Investment Insights
Based on property information with market context.
This duplex contains 3,264 square feet and was built in 1973. Both residences have received substantial interior improvements, including fresh paint, new luxury vinyl plank flooring on the lower levels, quartz kitchen countertops, and replacement ovens/ranges, dishwashers, and refrigerators. Downstairs can lighting and a water heater were also replaced as part of the 2024 work.
The right-side residence was renovated in 2024, while the left-side residence was renovated in 2025. Both units are currently rented, providing an occupied two-unit configuration at 1503 Eastmoreland Ave in Memphis, Tennessee.
The right-side residence was renovated in 2024, while the left-side residence was renovated in 2025. Both units are currently rented, providing an occupied two-unit configuration at 1503 Eastmoreland Ave in Memphis, Tennessee.
Key Highlights
- 3,264‑square‑foot duplex built in 1973
- Right‑side unit renovated in 2024; left‑side unit renovated in 2025
- Both units are currently rented
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
2
Residential units
100%
Occupancy
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
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Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two renovated units offer refreshed finishes and updated appliance packages.
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‑square‑foot duplex built in 1973; Right‑side unit renovated in 2024; left‑side unit renovated in 2025; Both units are currently rented
