Three-Story Triplex with
New
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 Market2
Property Features for 1557 Central Ave
General Information
Standard status
Active
Size
5,778 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Amenities
full home generator
Building Details
Year Built
1925
Buildings
1
Stories
3
Listing Agency:
Keller Williams
Listed By:
John Quinn · License #3298267
(901) 591-8100
Source:
Johnquinnrealestate
Added: Sep 7
Last Checked: Sep 8 at 5:54AM
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 Keller Williams
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 = 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
$48,728
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
8.27%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
417
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 - 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
