8-Unit Apartment
For Sale
$895,000
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 Market75
Property Features for 1616 MONROE AVE
General Information
Standard status
Active
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
(901) 277-0477
Listed By:
Jeffrey B Moore · License #250330
(901) 277-0477
Source:
Justinblance.kw
Added: Jun 18
Changed: Aug 30
Last Checked: Aug 31 at 12:41PM
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
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 = 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
$29,868
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
3.34%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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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
