26-Unit Apartment
New
For Sale
$1,775,000
1763 E Raines Rd, Memphis, TN 38116
The community combines individually metered utilities, an on-site laundry facility, and recent exterior and security upgrades.
Property Size19,578 SF
Days on Market2
Property Features for 1763 E Raines Rd
General Information
Standard status
Active
Size
19,578 SF
Property subtype
Multifamily
Site & Location
Neighborhood
Greater Whitehaven Economic Development Corp.
Highway Access
Yes
Units
Multifamily Units
26
Individually Metered Utilities
unspecified utilities
Additional Details
Cap Rate
6.39%
Tenant in Place
Yes
Amenities
on-site laundry facility
Approximately $650,000 invested in capital improvements over the past 36 months, including extensive interior and exterior upgrades.
25 of 26 units have been renovated, with one remaining unrenovated unit.
Renovated units feature granite counter-tops, tile flooring, updated lighting and fixtures, appliance upgrades, fresh paint, and modern finishes throughout.
Major property improvements include parking lot paving, security camera installation, automated gated entry, exterior lighting enhancements, and updated signage.
Roofs were replaced approximately four years ago, reducing near-term capital expenditure requirements.
Water and electricity are individually metered.
Building Details
Building Size
19,578 SF
Units
26
Listing Agency:
Nashville Office
Listed By:
Pat Cosgrove · License #License(s): TN: 341774
(615) 997-2853
Source:
Marcusmillichap
Added: Oct 30
Last Checked: Oct 30 at 3:11PM
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 Nashville Office
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Investment Insights
Based on property information with market context.
This 26-unit apartment community includes individually metered utilities and an on-site laundry facility. Recent work includes renovations to 25 of the 26 units, along with exterior and security improvements; one unit remains unrenovated.
The property is located on E Raines Rd in Memphis, with access to Interstate 240 and Interstate 55. The surrounding area includes logistics, distribution, manufacturing, and industrial employers.
The property is located on E Raines Rd in Memphis, with access to Interstate 240 and Interstate 55. The surrounding area includes logistics, distribution, manufacturing, and industrial employers.
Key Highlights
- 26 apartment units
- 25 of 26 units renovated; one remains unrenovated
- Individually metered utilities
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$148,209
Cap Rate
8.35%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,964,180
$3.0M
Cap Rate 7%
$2,117,271
$2.1M
Cap Rate 9%
$1,646,767
$1.6M
Market Conditions
NOI Build-Up for 19,578 SF
Gross rent
$291.3K $14.88/SF
− Vacancy
−$21.8K −$1.12/SF
EGI
$269.5K $13.76/SF
− OpEx
−$121.3K −$6.19/SF
NOI
$148.2K $7.57/SF
Area
ZIP 38116
Vacancy
7.50%
Lease Rate
$14.88 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,964,180
Cap Rate 7%
$2,117,271
Cap Rate 9%
$1,646,767
Alternative Uses
Best Use
Apartment 5plus
$2.12M
$1.85M – $2.47M
NOI $148,209 @ 7.0% cap · market cap 8.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.80M
$4.20M – $5.60M
NOI $336,203 @ 7.0% cap · market cap 18.94%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
26
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
163
Businesses Nearby
Explore this area
Business Placement
Demographics for 38116, TN
39,107
Population
18,526
Households
2.1
Avg Household Size
35
Median Age
21%
College-Educated
88%
High-School Grad
19.6 sq mi
ZIP Area
1,995
Density / Sq Mi
$44,663
Median Household Income
$31,593
Median Earnings
$1,035
Median Rent
$125,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - The community combines individually metered utilities, an on-site laundry facility, and recent exterior and security upgrades.
Where is this apartment building located?
The property is located at 1763 E Raines Rd Memphis, TN.
What is the asking price?
The asking price for this property is $1,775,000.
What are key features of this property?
This property features: 26 apartment units; 25 of 26 units renovated; one remains unrenovated; Individually metered utilities
