Duplex with Recent
For Sale
$409,000
1503 EASTMORELAND Ave, Memphis, TN 38104
MULTI_FAMILY - Memphis, TN
Property Size3,264 SF
Price / SF$125.31
Days on Market49
Property Features for 1503 EASTMORELAND Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
4
Full bathrooms
2
Half bathrooms
2
Rooms
Bathroom 4, Bedroom 1, Bedroom 2, Bedroom 4, Bathroom 1, Bathroom 3, Bedroom 3, Bathroom 2
Subdivision
KIMBROUGHS UNION AVE
Standard status
Active
Size
3,264 SF
Taxes and HOA fees
Tax Annual Amount
4575
Building Details
Year built
1973
Architectural style
Other
Listing Agency:
Hobson, REALTORS
(901) 761-1622
Listed By:
Christina Morris
(901) 277-1699
Added: Jun 24
Changed: Aug 2
Last Checked: Aug 11 at 10:06AM
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.
Investment Insights
Based on property information with market context.
Fantastic Central Gardens duplex at 1503 Eastmoreland Ave, Memphis, TN 38104, built in 1973 and totaling 3,264 SF. Both units have been extensively updated, with the right-side unit fully renovated in 2024 and the left-side unit renovated in 2025.
Renovations include fresh paint throughout, new LVP flooring downstairs, quartz kitchen countertops, and new kitchen appliances including an oven/range, dishwasher, and refrigerator. The 2024 renovation also added new can lighting downstairs and a new water heater. Both units are currently fully rented.
The property’s duplex layout provides two independent residential units, each with separate bedrooms and bathrooms.
Renovations include fresh paint throughout, new LVP flooring downstairs, quartz kitchen countertops, and new kitchen appliances including an oven/range, dishwasher, and refrigerator. The 2024 renovation also added new can lighting downstairs and a new water heater. Both units are currently fully rented.
The property’s duplex layout provides two independent residential units, each with separate bedrooms and bathrooms.
Key Highlights
- 3,264 SF duplex built in 1973
- Right‑side unit fully renovated in 2024
- Left‑side unit renovated in 2025
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
$27,527
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
6.73%
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%
$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
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
$41.9K $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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,321
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Central Gardens duplex with fully renovated units and LVP flooring, quartz countertops, and updated water heater.
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 built in 1973; Right‑side unit fully renovated in 2024; Left‑side unit renovated in 2025
