1515 MADISON Ave Memphis, TN 38104
MULTI_FAMILY - Memphis, TN
Property Features for 1515 MADISON Ave
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Standard status
- Active
- Size
- 3,166 SF
Taxes and HOA fees
- Tax Annual Amount
- 2794
Building Details
- Year built
- 1956
Listing agent Tyler Tapley License #296080 (901) 871-1290
Listing office Crye-Leike, Inc., REALTORS 6525 N Quail Hollow Rd, Memphis, TN (901) 756-8900
Listing date Mar 31, 2026
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.
Located at 1515 Madison Ave in Memphis, TN 38104, the property is described as minutes from Midtown and Downtown. Updates were completed in 2017 and 2019, including a new roof and HVAC. The record also states that some units have updated flooring and appliances.
The current rent and lease information provided includes Unit #1 at $950 (lease ends 7/31/26), Unit #2 at $1,025 (lease ends 7/31/26), and Unit #3 at $750 (lease ends 3/28/27). Units #4 and #5 are currently vacant. With FHA/VA- and Conventional financing eligibility noted in the listing, the configuration may support an owner-occupant “house hack” approach, where one unit is lived in while other units are rented. No wholesalers, assignments, or creative financing are indicated.
Key Highlights
- Prime location: Minutes from Midtown and Downtown
- Five‑unit complex with income potential
- Qualifies for FHA/VA/Conventional financing (house hacking opportunity)
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $46.0k | $14.52 |
| − Vacancy | −$3.0k | −$0.94 |
| EGI | $43.0k | $13.58 |
| − OpEx | −$19.3k | −$6.11 |
| NOI | $23.6k | $7.47 |
