Renovated
For Sale
$226,000
155-157 N MERTON St, Memphis, TN 38112
Multi-Family, Memphis, TN
Property Size1,725 SF
Price / SF$131.01
Days on Market47
Property Features for 155-157 N MERTON St
General Information
Property type
Residential Multi Family
Property subtype
Other
Subdivision
BARTON & LAMB POPLAR ST RE OF PART LOTS
Standard status
Active
Size
1,725 SF
Building Details
Year built
1947
Listing Agency:
homecoin.com
(888) 400-2513
Listed By:
Jonathan Minerick · License #B-24350
(404) 388-9441
Added: Jul 18
Changed: Aug 25
Last Checked: Sep 2 at 6:06PM
MLS# 10226455
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.
This duplex contains two 2-bedroom, 1-bath residences within 1,725 SF. The property was renovated in 2023, adding modern finishes while retaining elements of its original character. Constructed in 1947, the building offers a distinct combination of updated interiors and established residential design.
Located at 155-157 N MERTON St in Memphis, TN 38112, the property is configured for residential rental use with two separate units. Its duplex format provides a concise multifamily asset for buyers seeking a small-scale residential income property.
Located at 155-157 N MERTON St in Memphis, TN 38112, the property is configured for residential rental use with two separate units. Its duplex format provides a concise multifamily asset for buyers seeking a small-scale residential income property.
Key Highlights
- Two 2‑bedroom, 1‑bath units
- 1,725 SF total building area
- Renovated in 2023
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
$14,548
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
6.44%
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%
$290,960
$291.0K
Cap Rate 7%
$207,829
$207.8K
Cap Rate 9%
$161,644
$161.6K
Market Conditions
NOI Build-Up for 1,725 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
$22.1K $12.84/SF
− Vacancy
−$1.4K −$0.79/SF
EGI
$20.8K $12.05/SF
− OpEx
−$6.2K −$3.61/SF
NOI
$14.5K $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%
$290,960
Cap Rate 7%
$207,829
Cap Rate 9%
$161,644
Alternative Uses
Best Use
Multifamily LT 5
$207.8K
$181.9K – $242.5K
NOI $14,548 @ 7.0% cap · market cap 6.44%
Second Best
Apartment 5plus
$184.0K
$161.0K – $214.7K
NOI $12,880 @ 7.0% cap · market cap 5.70%
Theoretical Best
Office A
$509.8K
$446.1K – $594.8K
NOI $35,687 @ 7.0% cap · market cap 15.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,033
Businesses Nearby
Explore this area
Business Placement
Demographics for 38112, TN
16,970
Population
7,425
Households
2.3
Avg Household Size
32
Median Age
38%
College-Educated
85%
High-School Grad
4.8 sq mi
ZIP Area
3,535
Density / Sq Mi
$52,639
Median Household Income
$29,576
Median Earnings
$969
Median Rent
$206,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Updated two-unit residential property with a straightforward income-property layout.
Where is this duplex located?
The property is located at 155-157 N MERTON St Memphis, TN.
What is the asking price?
The asking price for this property is $226,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units; 1,725 SF total building area; Renovated in 2023
