Three-Story Triplex with
For Sale
$589,000
1557 Central Ave, Memphis, TN 38104
Historic multifamily property with separate floor layouts and architectural detailing on a corner lot in Central Gardens.
Property Size5,778 SF
Price / SF$101.94
Days on Market47
Property Features for 1557 Central Ave
General Information
Standard status
Active
Size
5,778 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Central Gardens Association
Additional Details
Multifamily Units
3
Amenities
full home generator
Building Details
Year Built
1925
Buildings
1
Stories
3
Listing Agency:
Sowell, Realtors
Listed By:
John Quinn · License #3298267
(901) 591-8100
Source:
Johnquinnrealestate
Added: Sep 7
Changed: Oct 21
Last Checked: Oct 23 at 7:26AM
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 Sowell, Realtors
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Investment Insights
Based on property information with market context.
Built in 1925, this three-story triplex contains 5,778 square feet and offers a distinct floor plan on each level. The property retains detailed moldings and other architectural features, while a full-home generator serves all three stories. Its corner-lot setting adds to the building’s presence within Central Gardens at 1557 Central Ave in Memphis.
The layout supports continued use as a triplex, with the source information also identifying the property as adaptable to a single-family configuration. Each floor provides a separate plan, creating flexibility for residential occupancy or rental use across the building.
The layout supports continued use as a triplex, with the source information also identifying the property as adaptable to a single-family configuration. Each floor provides a separate plan, creating flexibility for residential occupancy or rental use across the building.
Key Highlights
- Three‑story triplex with a floor plan on each level
- 5,778 SF of building area
- Full‑home generator serving all three stories
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$48,728
Cap Rate
8.27%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$974,560
$974.6K
Cap Rate 7%
$696,114
$696.1K
Cap Rate 9%
$541,422
$541.4K
Market Conditions
NOI Build-Up for 5,778 SF
Gross rent
$74.2K $12.84/SF
− Vacancy
−$4.6K −$0.79/SF
EGI
$69.6K $12.05/SF
− OpEx
−$20.9K −$3.61/SF
NOI
$48.7K $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%
$974,560
Cap Rate 7%
$696,114
Cap Rate 9%
$541,422
Alternative Uses
Best Use
Multifamily LT 5
$696.1K
$609.1K – $812.1K
NOI $48,728 @ 7.0% cap · market cap 8.27%
Second Best
Apartment 5plus
$616.3K
$539.3K – $719.1K
NOI $43,144 @ 7.0% cap · market cap 7.32%
Theoretical Best
Office A
$1.71M
$1.49M – $1.99M
NOI $119,535 @ 7.0% cap · market cap 20.29%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
417
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - Historic multifamily property with separate floor layouts and architectural detailing on a corner lot in Central Gardens.
Where is this triplex located?
The property is located at 1557 Central Ave Memphis, TN.
What is the asking price?
The asking price for this property is $589,000.
What are key features of this property?
This property features: Three‑story triplex with a floor plan on each level; 5,778 SF of building area; Full‑home generator serving all three stories
