Renovated Multifamily Community in
170 North Hollywood Street, Memphis, TN 38112
Call to check price and availability
Renovated 52-unit multifamily property in Midtown Memphis.
Type:Multifamily
Property size:
49,222 SFPrice / SF:
$119/SF- Added:
- May 15, 2026
- Days on Market:
- 16
- Last Refresh:
- May 16 at 8:50 pm
Property Features for 170 North Hollywood Street
General Information
- Standard status
- Active
- Size
- 49,222 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1952
Listing agent Lea Heilig License #TN 291983
Listing office Woodyard Realty Corporation (901) 767-1998
Listing date May 15, 2026
Source Crexi
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 Woodyard Realty Corporation
HighLights
- Turnkey Class A Renovation: Exhaustive rehab completed in 2020.
- Below Replacement Cost: Offered at $5,900,000 ($113K/Unit).
- Strong Occupancy: Maintained 90%+ occupancy since renovation.
- Midtown Location: Convenient access to dining, entertainment, and employment centers.
- Proforma NOI: $398,000 with a 6.75% Proforma Cap.
- Located in a Memphis MSA Opportunity Zone.
Overview
Hollywood Square is a renovated multifamily community featuring 52 residences in Midtown Memphis. The property was renovated in 2020 and offers investors a turnkey opportunity at a price below replacement cost. The property is located between the Medical District, Downtown, and East Memphis. It features modernized interiors, upgraded building systems, controlled-access parking, and convenient access to Midtown’s dining, entertainment, and employment centers. The property size is 49222 square feet. Since renovation, Hollywood Square has maintained strong renter demand and stable occupancy above 90%.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $714.7k | $14.52 |
| − Vacancy | −$46.5k | −$0.94 |
| EGI | $668.2k | $13.58 |
| − OpEx | −$300.7k | −$6.11 |
| NOI | $367.5k | $7.47 |
49,222 SF · lease $14.52/SF/yr · vacancy 6.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$5.25M
$4.59M – $6.13M
NOI $367,536 @ 7.0% cap · market cap 6.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$14.55M
$12.73M – $16.97M
NOI $1,018,305 @ 7.0% cap · market cap 17.26%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Woodcrest Apartments
Apartment Building
Hollywood Square Apartments
Apartment Complex
Location Insight
- Map
- Local Demand
- City
- Memphis
- County
- Shelby
- State
- Tennessee
- Longitude
- -89.9757045
- Latitude
- 35.128111
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Renovated 52-unit multifamily property in Midtown Memphis.
Where is this apartment building located?
The property is located at 170 North Hollywood Street Memphis, TN.
What is the asking price?
The asking price for this property is $5,900,000.
What are key features of this property?
This property features: Turnkey Class A Renovation: Exhaustive rehab completed in 2020.; Below Replacement Cost: Offered at $5,900,000 ($113K/Unit).; Strong Occupancy: Maintained 90%+ occupancy since renovation.
