22-Unit Apartment
For Sale
$1,380,000
1744 N Graham St, Memphis, TN 38108
Three buildings offer renovated interiors and updated plumbing, appliances, flooring, and paint.
Property Size16,488 SF
Price / SF$83.70
Days on Market16
Property Features for 1744 N Graham St
General Information
Standard status
Active
Size
16,488 SF
Property subtype
Residential Income
Listing Agency:
Braden, Braden & Braden LLC
(901) 268-8333
Listed By:
John Cornes · License #49475
(901) 268-8333
Source:
Exprealty
Added: Aug 7
Changed: Aug 21
Last Checked: Aug 21 at 1:58PM
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 Braden, Braden & Braden LLC
Investment Insights
Based on property information with market context.
This apartment complex includes three buildings with 22 total units: 20 two-bedroom residences and two one-bedroom residences. The property contains 16,488 square feet and has received improvements including new flooring, fresh paint, updated plumbing, a new sewer line, new appliances, and window units.
The property is located at 1744 N Graham St in Memphis, approximately 14 minutes from downtown Memphis and 20 minutes from Memphis Airport. Schools, shopping, and an expressway are nearby, adding convenient access to everyday services and regional transportation.
The property is located at 1744 N Graham St in Memphis, approximately 14 minutes from downtown Memphis and 20 minutes from Memphis Airport. Schools, shopping, and an expressway are nearby, adding convenient access to everyday services and regional transportation.
Key Highlights
- 22 total units: 20 two‑bedroom units and 2 one‑bedroom units
- Three‑building apartment complex with 16,488 square feet
- Recent improvements include new floors, new paint, and updated plumbing
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
$123,114
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
8.92%
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%
$2,462,280
$2.5M
Cap Rate 7%
$1,758,771
$1.8M
Cap Rate 9%
$1,367,933
$1.4M
Market Conditions
NOI Build-Up for 16,488 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
$239.4K $14.52/SF
− Vacancy
−$15.6K −$0.94/SF
EGI
$223.8K $13.58/SF
− OpEx
−$100.7K −$6.11/SF
NOI
$123.1K $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%
$2,462,280
Cap Rate 7%
$1,758,771
Cap Rate 9%
$1,367,933
Alternative Uses
Best Use
Apartment 5plus
$1.76M
$1.54M – $2.05M
NOI $123,114 @ 7.0% cap · market cap 8.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.87M
$4.26M – $5.69M
NOI $341,104 @ 7.0% cap · market cap 24.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
247
Businesses Nearby
Explore this area
Business Placement
Demographics for 38108, TN
17,051
Population
7,881
Households
2.2
Avg Household Size
34
Median Age
11%
College-Educated
73%
High-School Grad
7.6 sq mi
ZIP Area
2,244
Density / Sq Mi
$35,435
Median Household Income
$32,126
Median Earnings
$921
Median Rent
$62,600
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 - Three buildings offer renovated interiors and updated plumbing, appliances, flooring, and paint.
Where is this apartment building located?
The property is located at 1744 N Graham St Memphis, TN.
What is the asking price?
The asking price for this property is $1,380,000.
What are key features of this property?
This property features: 22 total units: 20 two‑bedroom units and 2 one‑bedroom units; Three‑building apartment complex with 16,488 square feet; Recent improvements include new floors, new paint, and updated plumbing
