Renovated Multifamily Community in
For Sale
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170 North Hollywood Street, Memphis, TN 38112
Renovated 52-unit multifamily property in Midtown Memphis.
Property Size49,222 SF
Price / SF$119.87
Days on Market78
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 Agency:
Woodyard Realty Corporation
(901) 767-1998
Listed By:
Lea Heilig · License #TN 291983
Source:
Crexi
Added: May 15
Changed: Jul 10
Last Checked: Jul 31 at 10:56AM
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
Investment Insights
Based on property information with market context.
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%.
Key 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.
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
642
Businesses Nearby
Explore this area
Business Placement
Demographics for 38112, TN
16,970
Population
7,425
Households
2.3
Avg Household Size
32
Median Age
38%
College-Educated
85%
High-School Grad
4.8 sq mi
ZIP Area
3,535
Density / Sq Mi
$52,639
Median Household Income
$29,576
Median Earnings
$969
Median Rent
$206,900
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 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.
