Two-Unit
For Sale
$119,900
1507 OAKWOOD St, Memphis, TN 38108
Duplexes, Traditional, Memphis, TN
Property Size1,357 SF
Price / SF$88.36
Days on Market8
Property Features for 1507 OAKWOOD St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1, Bedroom 3, Bedroom 4, Bedroom 1, Bedroom 2
Subdivision
NORWOOD
Standard status
Active
Size
1,357 SF
Taxes and HOA fees
Tax Annual Amount
528
Building Details
Year built
1964
Architectural style
Other
Listing Agency:
Fast Track Realty, LLC
(901) 767-8770
Listed By:
Jonathan Nunez · License #349008
(901) 453-8455
Added: Oct 8
Changed: Oct 14
Last Checked: Oct 15 at 11:06AM
MLS# 10231999
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.
This Memphis duplex contains two separate residential units within 1,357 square feet. The property was built in 1964 and includes four bedrooms and two bathrooms in total.
Located at 1507 Oakwood St, the property is in Memphis, Tennessee, ZIP code 38108. The two-unit setup supports separate occupancy, with the option to live in one residence and rent the other.
Located at 1507 Oakwood St, the property is in Memphis, Tennessee, ZIP code 38108. The two-unit setup supports separate occupancy, with the option to live in one residence and rent the other.
Key Highlights
- Two separate residential units
- 1,357 square feet
- Four bedrooms and two bathrooms
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
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Separate residences allow an owner to occupy one side while receiving rental income from the other.
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; Four bedrooms and two bathrooms
