Two-Unit
New
For Sale
$119,900
1507 Oakwood St, Memphis, TN 38108
Separate living areas support rental use on both sides or occupancy of one unit alongside a tenant.
Property Size1,357 SF
Price / SF$88.36
Days on Market7
Property Features for 1507 Oakwood St
General Information
Standard status
Active
Size
1,357 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1964
Listing Agency:
Main Street, Realtors
Listed By:
Stacia Rosatti
(901) 270-9019
Source:
Staciarosatti
Added: Oct 9
Changed: Oct 15
Last Checked: Oct 14 at 10:38PM
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 Main Street, Realtors
Investment Insights
Based on property information with market context.
Built in 1964, this 1,357-square-foot duplex contains two separate residential units. Updates have been completed, and both units have previously been rented. The configuration allows an owner to live in one unit while renting the other, or to lease both sides.
Key Highlights
- Two separate residential units
- 1,357 square feet
- Built in 1964
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$10,133
Cap Rate
8.45%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$202,660
$202.7K
Cap Rate 7%
$144,757
$144.8K
Cap Rate 9%
$112,589
$112.6K
Market Conditions
NOI Build-Up for 1,357 SF
Gross rent
$19.7K $14.52/SF
− Vacancy
−$1.3K −$0.94/SF
EGI
$18.4K $13.58/SF
− OpEx
−$8.3K −$6.11/SF
NOI
$10.1K $7.47/SF
Area
Memphis, TN
Vacancy
6.50%
Lease Rate
$14.52 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$202,660
Cap Rate 7%
$144,757
Cap Rate 9%
$112,589
Alternative Uses
Best Use
Multifamily LT 5
$163.5K
$143.1K – $190.7K
NOI $11,444 @ 7.0% cap · market cap 9.54%
Second Best
Apartment 5plus
$144.8K
$126.7K – $168.9K
NOI $10,133 @ 7.0% cap · market cap 8.45%
Theoretical Best
Office A
$401.1K
$350.9K – $467.9K
NOI $28,074 @ 7.0% cap · market cap 23.41%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
334
Businesses Nearby
Explore this area
Business Placement
Demographics for 38108, TN
17,051
Population
7,881
Households
2.2
Avg Household Size
34
Median Age
11%
College-Educated
73%
High-School Grad
7.6 sq mi
ZIP Area
2,244
Density / Sq Mi
$35,435
Median Household Income
$32,126
Median Earnings
$921
Median Rent
$62,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Separate living areas support rental use on both sides or occupancy of one unit alongside a tenant.
Where is this duplex located?
The property is located at 1507 Oakwood St Memphis, TN.
What is the asking price?
The asking price for this property is $119,900.
What are key features of this property?
This property features: Two separate residential units; 1,357 square feet; Built in 1964
