8-Unit Apartment
For Sale
$895,000
Pending
1616 MONROE AVE, Memphis, TN 38104
Renovated multifamily property with one-bedroom layouts, central HVAC, and in-unit laundry.
Property Size4,000 SF
Days on Market120
Property Features for 1616 MONROE AVE
General Information
Standard status
Pending
Size
4,000 SF
Property subtype
Multi-Family
Units
Unit Mix
8 x 1BR
Multifamily Units
8
Additional Details
Gross Income
$83,136
Amenities
central HVAC
range
refrigerator
in-unit washer and dryers
Building Details
Building Size
4,000 SF
Year Built
1960
Stories
2
Listing Agency:
Crye-Leike Commercial
Listed By:
Jeffrey B Moore · License #250330
(901) 277-0477
Source:
Justinblance.kw
Added: Jun 18
Changed: Oct 14
Last Checked: Oct 14 at 7:56PM
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 Crye-Leike Commercial
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Investment Insights
Based on property information with market context.
Built in 1960, this multifamily property contains eight one-bedroom apartments. Each unit is equipped with central HVAC, a range, a refrigerator, and an in-unit washer and dryer. Significant renovations have been completed across the property, providing updated improvements for the next owner.
The property is located at 1616 Monroe Ave in Memphis, within the Midtown area. Resident access is managed through a drive-by-only showing protocol; please do not disturb occupants.
The property is located at 1616 Monroe Ave in Memphis, within the Midtown area. Resident access is managed through a drive-by-only showing protocol; please do not disturb occupants.
Key Highlights
- Eight one‑bedroom units
- Central HVAC in every unit
- Range and refrigerator included in each apartment
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,868
Cap Rate
3.34%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$597,360
$597.4K
Cap Rate 7%
$426,686
$426.7K
Cap Rate 9%
$331,867
$331.9K
Market Conditions
NOI Build-Up for 4,000 SF
Gross rent
$58.1K $14.52/SF
− Vacancy
−$3.8K −$0.94/SF
EGI
$54.3K $13.58/SF
− OpEx
−$24.4K −$6.11/SF
NOI
$29.9K $7.47/SF
Area
Memphis, TN
Vacancy
6.50%
Lease Rate
$14.52 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$597,360
Cap Rate 7%
$426,686
Cap Rate 9%
$331,867
Alternative Uses
Best Use
Apartment 5plus
$426.7K
$373.4K – $497.8K
NOI $29,868 @ 7.0% cap · market cap 3.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.18M
$1.03M – $1.38M
NOI $82,752 @ 7.0% cap · market cap 9.25%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
2,534
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Renovated multifamily property with one-bedroom layouts, central HVAC, and in-unit laundry.
Where is this apartment building located?
The property is located at 1616 MONROE AVE Memphis, TN.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Eight one‑bedroom units; Central HVAC in every unit; Range and refrigerator included in each apartment
