Three-Story Triplex with
New
For Sale
$589,000
1557 CENTRAL Ave, Memphis, TN 38104
Multi-Family, Memphis, TN
Property Size5,778 SF
Price / SF$101.94
Days on Market1
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 · License #277409
(901) 351-3877
Added: Sep 5
Last Checked: Sep 5 at 9:06PM
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.
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 = 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
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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
