Updated Central Gardens
For Sale
$409,000
1503 Eastmoreland Ave, Memphis, TN 38104
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 Market68
Property Features for 1503 Eastmoreland Ave
General Information
Standard status
Active
Size
3,264 SF
Property subtype
Residential Income
Occupancy
100%
Building Details
Year Renovated
2025
Tenancy
Multi
Listing Agency:
Hobson, REALTORS
(901) 277-1699
Listed By:
Christina Morris
(901) 277-1699
Source:
Exprealty
Added: Jun 24
Changed: Aug 20
Last Checked: Aug 29 at 11:48AM
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
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 = 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
2,747
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 - 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
