Three-Story Triplex with
For Sale
$589,000
1557 CENTRAL Ave, Memphis, TN 38104
Multi-Family, Memphis, TN
Property Size5,778 SF
Price / SF$101.94
Days on Market48
Property Features for 1557 CENTRAL Ave
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Subdivision
CENTRAL HEIGHTS
Standard status
Active
Size
5,778 SF
Taxes and HOA fees
Tax Annual Amount
8628
Amenities
full home generator
Building Details
Year built
1925
Listing Agency:
Hobson, REALTORS
(901) 761-1622
Listed By:
Leigh Martin
(901) 351-3877
Added: Sep 5
Last Checked: Oct 22 at 8:06AM
MLS# 10229886
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.
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Investment Insights
Based on property information with market context.
Built in 1925, this 5,778-square-foot triplex occupies a three-story structure with a floor plan on each level. A full-home generator serves the entire building. Interior character includes decorative moldings and additional architectural detailing, giving the property a defined historic-era profile.
The property sits on a corner lot at 1557 Central Ave in Memphis’s Central Gardens area. Its three-level configuration supports the existing triplex layout, while the source information also identifies the structure as adaptable to single-family use. The property is located in Shelby County within ZIP code 38104.
The property sits on a corner lot at 1557 Central Ave in Memphis’s Central Gardens area. Its three-level configuration supports the existing triplex layout, while the source information also identifies the structure as adaptable to single-family use. The property is located in Shelby County within ZIP code 38104.
Key Highlights
- Triplex configuration across three stories
- 5,778 square feet 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 - Corner-lot property with distinct floor plans on each level and a full-home generator.
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: Triplex configuration across three stories; 5,778 square feet of building area; Full‑home generator serving all three stories
