Memphis Multifamily Investment
1515 MADISON Ave, Memphis, TN 38104
- Added:
- Mar 31, 2026
- Days on Market:
- 61
- Last Refresh:
- May 30 at 6:06 pm
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
MLS# 10218073
Listing URL
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.
HighLights
- Prime location: Minutes from Midtown and Downtown
- Five‑unit complex with income potential
- Qualifies for FHA/VA/Conventional financing (house hacking opportunity)
- Gated parking for tenants
- On‑site laundry facility
- Recent updates include new roof and HVAC (2017 & 2019)
Overview
This five-unit complex is located minutes from Midtown and Downtown Memphis. The property features gated parking and an on-site laundry facility. The main building contains four units, with an additional unit located above the garage. Updates to the complex were completed in 2017 and 2019, including a new roof and HVAC system. Some units feature updated flooring and appliances. The property is professionally managed. Unit #1 rents for $950 with a lease ending on 7/31/26. Unit #2 rents for $1,025 with a lease ending on 7/31/26. Unit #3 rents for $750 with a lease ending on 3/28/27. Units #4 and 5 are currently vacant. The property size is 3,166 square feet.
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 |
3,166 SF · lease $14.52/SF/yr · vacancy 6.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$337.7K
$295.5K – $394.0K
NOI $23,640 @ 7.0% cap · market cap 5.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$935.7K
$818.7K – $1.09M
NOI $65,498 @ 7.0% cap · market cap 15.06%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Memphis
- County
- Shelby
- State
- Tennessee
- Longitude
- -90.010868
- Latitude
- 35.138133
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Five-unit complex near Midtown and Downtown Memphis with 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 $435,000.
What are key features of this property?
This property features: Prime location: Minutes from Midtown and Downtown; Five‑unit complex with income potential; Qualifies for FHA/VA/Conventional financing (house hacking opportunity)
