Four-Unit Residential
For Sale
$850,000
1571 Court Avenue, Memphis, TN 38104
Four matching two-bedroom residences with appliances, in-unit laundry, and gated parking create a low-maintenance multifamily configuration.
Property Size4,784 SF
Price / SF$177.68
Days on Market167
Property Features for 1571 Court Avenue
General Information
Standard status
Active
Size
4,784 SF
Property subtype
Multi-Family / Fourplex
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Parking per Unit
2
Taxes and HOA fees
Annual Taxes
$594
Amenities
9 Ft or More, Tile, Vinyl Floor
Refrigerator, Ice Maker, Range/Oven (Freestanding), Disposal, Dishwasher, Microwave
Composition
Building Details
Year Built
2025
Buildings
1
Listing Agency:
Keystone Realty, LLC
(662) 747-1420
Listed By:
Bradford Long
(662) 747-1420
Source:
Compass
Added: Mar 17
Changed: Aug 29
Last Checked: Aug 29 at 2:40PM
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 Keystone Realty, LLC
Investment Insights
Based on property information with market context.
This 4,784-square-foot quadplex contains four matching units, each with two bedrooms and one bathroom. Interior finishes include tile and vinyl flooring, along with 9-foot-or-higher ceilings. Every residence includes a refrigerator, ice maker, freestanding range/oven, disposal, dishwasher, microwave, and in-unit washer and dryer. The property also carries a full one-year builder’s warranty, while the construction-year information is not presented consistently and is therefore omitted.
Gated parking provides two dedicated spaces per unit. Located at 1571 Court Avenue in Memphis, the property is within the Evergreen Historic District and offers access to Midtown amenities, parks, dining, and cultural destinations. The surrounding district is characterized by tree-lined streets, historic homes, and an active community association.
Gated parking provides two dedicated spaces per unit. Located at 1571 Court Avenue in Memphis, the property is within the Evergreen Historic District and offers access to Midtown amenities, parks, dining, and cultural destinations. The surrounding district is characterized by tree-lined streets, historic homes, and an active community association.
Key Highlights
- 4,784‑square‑foot quadplex with four units
- Four matching units, each with 2 bedrooms and 1 bathroom
- Appliances and in‑unit washer and dryer included in every residence
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
$40,346
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
4.75%
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%
$806,920
$806.9K
Cap Rate 7%
$576,371
$576.4K
Cap Rate 9%
$448,289
$448.3K
Market Conditions
NOI Build-Up for 4,784 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
$61.4K $12.84/SF
− Vacancy
−$3.8K −$0.79/SF
EGI
$57.6K $12.05/SF
− OpEx
−$17.3K −$3.61/SF
NOI
$40.3K $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%
$806,920
Cap Rate 7%
$576,371
Cap Rate 9%
$448,289
Alternative Uses
Best Use
Multifamily LT 5
$576.4K
$504.3K – $672.4K
NOI $40,346 @ 7.0% cap · market cap 4.75%
Second Best
Apartment 5plus
$510.3K
$446.5K – $595.4K
NOI $35,722 @ 7.0% cap · market cap 4.20%
Theoretical Best
Office A
$1.41M
$1.24M – $1.65M
NOI $98,971 @ 7.0% cap · market cap 11.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,589
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?
Quadplex - Four matching two-bedroom residences with appliances, in-unit laundry, and gated parking create a low-maintenance multifamily configuration.
Where is this quadplex located?
The property is located at 1571 Court Avenue Memphis, TN.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 4,784‑square‑foot quadplex with four units; Four matching units, each with 2 bedrooms and 1 bathroom; Appliances and in‑unit washer and dryer included in every residence
