Memphis Triplex Investment
For Sale
$357,000
1531 Court Ave, Memphis, TN 38103
Triplex in 38104, currently operating as short-term rental.
Property Size2,580 SF
Price / SF$138.37
Days on Market219
Property Features for 1531 Court Ave
General Information
Standard status
Active
Size
2,580 SF
Property subtype
Residential Income
Listing Agency:
eXp Realty, LLC
Listed By:
Jordan Ray · License #375004
(901) 325-1164
Source:
Exprealty
Added: Mar 5
Changed: Sep 24
Last Checked: Oct 10 at 12:37AM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
This property is a multi-family investment opportunity located in the 38104 area. Currently configured and operating as a triplex, it is zoned as a duplex. The property is utilized as a short-term rental, generating income. The first unit features 2 beds and 2 baths, the second unit offers 2 beds and 1 bath, and the third unit includes 1 bed and 1 bath. The property size is 2580 square feet.
Key Highlights
- Turnkey, cashflow‑heavy multi‑family property
- Strong income potential as a short‑term rental property
- Currently configured as a triplex, offering multiple income streams
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,758
Cap Rate
6.09%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$435,160
$435.2K
Cap Rate 7%
$310,829
$310.8K
Cap Rate 9%
$241,756
$241.8K
Market Conditions
NOI Build-Up for 2,580 SF
Gross rent
$33.1K $12.84/SF
− Vacancy
−$2.0K −$0.79/SF
EGI
$31.1K $12.05/SF
− OpEx
−$9.3K −$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 Rate 5%
$435,160
Cap Rate 7%
$310,829
Cap Rate 9%
$241,756
Alternative Uses
Best Use
Multifamily LT 5
$310.8K
$272.0K – $362.6K
NOI $21,758 @ 7.0% cap · market cap 6.09%
Second Best
Apartment 5plus
$275.2K
$240.8K – $321.1K
NOI $19,265 @ 7.0% cap · market cap 5.40%
Theoretical Best
Office A
$762.5K
$667.2K – $889.6K
NOI $53,375 @ 7.0% cap · market cap 14.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,589
Businesses Nearby
Explore this area
Business Placement
Demographics for 38103, TN
14,739
Population
8,811
Households
1.7
Avg Household Size
35
Median Age
61%
College-Educated
95%
High-School Grad
2.7 sq mi
ZIP Area
5,459
Density / Sq Mi
$75,763
Median Household Income
$60,918
Median Earnings
$1,575
Median Rent
$380,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Triplex in 38104, currently operating as short-term rental.
Where is this triplex located?
The property is located at 1531 Court Ave Memphis, TN.
What is the asking price?
The asking price for this property is $357,000.
What are key features of this property?
This property features: Turnkey, cashflow‑heavy multi‑family property; Strong income potential as a short‑term rental property; Currently configured as a triplex, offering multiple income streams
