Five-Unit Apartment
For Sale
Contact for pricing
1515 Madison Ave, Memphis, TN 38104
Four units occupy the main structure, while a fifth sits above the garage alongside on-site laundry and gated parking.
Property Size3,166 SF
Price / SF$120.03
Days on Market202
Property Features for 1515 Madison Ave
General Information
Standard status
Active
Size
3,166 SF
Property subtype
Multifamily
Occupancy
60%
Additional Details
Multifamily Units
5
Amenities
on site laundry facility
gated parking
Building Details
Year Built
1956
Buildings
2
Stories
2
Units
5
Listing Agency:
Crye-Leike, Inc., REALTORS
Listed By:
Monica Bynum · License #343193
(901) 833-5456
Source:
Crexi
Added: Mar 31
Changed: Oct 14
Last Checked: Oct 16 at 8:14AM
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 Crye-Leike, Inc., REALTORS
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Investment Insights
Based on property information with market context.
This 1956 apartment property contains five units arranged across a primary building and a separate unit above the garage. The site also provides gated parking and an on-site laundry facility. Improvements completed in 2017 and 2019 included a roof replacement, HVAC work, and selective flooring and appliance updates.
The property is located on Madison Avenue in Memphis, with Midtown and Downtown nearby. Four units are leased: Units 1 and 2 through 7/31/26, and Unit 3 through 3/28/27. Units 4 and 5 are vacant. Professional management is in place, providing an established operating structure for the apartment complex.
The property is located on Madison Avenue in Memphis, with Midtown and Downtown nearby. Four units are leased: Units 1 and 2 through 7/31/26, and Unit 3 through 3/28/27. Units 4 and 5 are vacant. Professional management is in place, providing an established operating structure for the apartment complex.
Key Highlights
- Five‑unit apartment property with four units in the primary building and one above the garage
- Gated parking and on‑site laundry facility
- Roof and HVAC improvements completed in 2017 and 2019
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,640
Cap Rate
6.22%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$472,800
$472.8K
Cap Rate 7%
$337,714
$337.7K
Cap Rate 9%
$262,667
$262.7K
Market Conditions
NOI Build-Up for 3,166 SF
Gross rent
$46.0K $14.52/SF
− Vacancy
−$3.0K −$0.94/SF
EGI
$43.0K $13.58/SF
− OpEx
−$19.3K −$6.11/SF
NOI
$23.6K $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%
$472,800
Cap Rate 7%
$337,714
Cap Rate 9%
$262,667
Alternative Uses
Best Use
Apartment 5plus
$337.7K
$295.5K – $394.0K
NOI $23,640 @ 7.0% cap · market cap 6.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$935.7K
$818.7K – $1.09M
NOI $65,498 @ 7.0% cap · market cap 17.24%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
2,788
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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Four units occupy the main structure, while a fifth sits above the garage alongside on-site laundry and gated parking.
Where is this apartment building located?
The property is located at 1515 Madison Ave Memphis, TN.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: Five‑unit apartment property with four units in the primary building and one above the garage; Gated parking and on‑site laundry facility; Roof and HVAC improvements completed in 2017 and 2019
