Tenant-Occupied Duplex with
For Sale
$345,000
1517 Court Ave, Memphis, TN 38104
Two leased residences feature updated interiors, separate kitchens, fenced outdoor space, and driveway parking near Midtown.
Property Size2,588 SF
Price / SF$133.31
Days on Market15
Property Features for 1517 Court Ave
General Information
Standard status
Active
Size
2,588 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$34,800
Amenities
fenced yard
driveway parking
Building Details
Year Built
1910
Buildings
1
Tenancy
Multi
Listing Agency:
Premier Realty Group, LLC
Listed By:
John Quinn · License #3298267
(901) 591-8100
Source:
Johnquinnrealestate
Added: Aug 19
Changed: Sep 2
Last Checked: Sep 2 at 4:44PM
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 Premier Realty Group, LLC
Investment Insights
Based on property information with market context.
This 1910 duplex contains approximately 2,588 SF arranged as two 3BR/1BA residences. Each unit includes a combined living and dining area, a separate enclosed kitchen, and a mix of hardwood, LVP, tile, carpet, and laminate flooring. The lower residence has renovated kitchen and bathroom areas, new appliances, flooring, and paint. Improvements to the upper unit include fresh paint, a new dishwasher, energy-efficient windows, and an updated bath. Owner-owned appliances convey, including refrigerators, range/ovens, dishwashers, washers, dryers, and vent hoods.
Both residences are occupied under active leases. The property also includes a fenced yard and driveway parking, with annual termite treatment maintained. Located at 1517 Court Ave in Memphis’s Central Gardens area, the duplex is near Midtown and positioned in a walkable setting.
Both residences are occupied under active leases. The property also includes a fenced yard and driveway parking, with annual termite treatment maintained. Located at 1517 Court Ave in Memphis’s Central Gardens area, the duplex is near Midtown and positioned in a walkable setting.
Key Highlights
- Two 3BR/1BA units within approximately 2,588 SF
- Built in 1910 with both residences currently leased
- Lower unit renovated with updated kitchen, bath, flooring, paint, and appliances
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$21,826
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.33%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$436,520
$436.5K
Cap Rate 7%
$311,800
$311.8K
Cap Rate 9%
$242,511
$242.5K
Market Conditions
NOI Build-Up for 2,588 SF
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.
Gross rent
$33.2K $12.84/SF
− Vacancy
−$2.1K −$0.79/SF
EGI
$31.2K $12.05/SF
− OpEx
−$9.4K −$3.61/SF
NOI
$21.8K $8.43/SF
Area
Memphis, TN
Vacancy
6.17%
Lease Rate
$12.84 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$436,520
Cap Rate 7%
$311,800
Cap Rate 9%
$242,511
Alternative Uses
Best Use
Multifamily LT 5
$311.8K
$272.8K – $363.8K
NOI $21,826 @ 7.0% cap · market cap 6.33%
Second Best
Apartment 5plus
$276.1K
$241.6K – $322.1K
NOI $19,324 @ 7.0% cap · market cap 5.60%
Theoretical Best
Office A
$764.9K
$669.3K – $892.4K
NOI $53,541 @ 7.0% cap · market cap 15.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,834
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two leased residences feature updated interiors, separate kitchens, fenced outdoor space, and driveway parking near Midtown.
Where is this duplex located?
The property is located at 1517 Court Ave Memphis, TN.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: Two 3BR/1BA units within approximately 2,588 SF; Built in 1910 with both residences currently leased; Lower unit renovated with updated kitchen, bath, flooring, paint, and appliances
