Memphis Triplex Investment
For Sale
Contact for pricing
1531 Court Ave, Memphis, TN 38104
Triplex in 38104, currently operating as short-term rental.
Property Size2,580 SF
Price / SF$143.41
Days on Market167
Property Features for 1531 Court Ave
General Information
Standard status
Active
Size
2,580 SF
Class
B
Property subtype
Multifamily
Zoning
Multifamily/Multiplex
Investment Type
Stabilized
Building Details
Stories
2
Units
3
Listing Agency:
eXp Realty, LLC
(901) 325-1164
Listed By:
Jordan Ray · License #375004
Source:
Crexi
Added: Mar 7
Changed: Aug 8
Last Checked: Aug 20 at 5:12PM
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 = 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
$21,758
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
5.88%
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%
$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
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
$33.1K $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 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%
$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 5.88%
Second Best
Apartment 5plus
$275.2K
$240.8K – $321.1K
NOI $19,265 @ 7.0% cap · market cap 5.21%
Theoretical Best
Office A
$762.5K
$667.2K – $889.6K
NOI $53,375 @ 7.0% cap · market cap 14.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,589
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?
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 $370,000.
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
