Large Multifamily Property Near
179 Vance Avenue Memphis, TN 38103
179 Vance Avenue, Memphis, TN, 38103
$999,000
For Sale
$999,000
Two-unit multifamily property with parking near FedEx Forum.
Property Size9,000 SF
Price / SF$111
Days on Market280
Property Features for 179 Vance Avenue
General Information
- Standard status
- Active
- Size
- 9,000 SF
- Property subtype
- Multi-Family / Apartment Building
Building Details
- Year Built
- 1923
Listing Agency
Crye-Leike, Inc., REALTORS
(901) 338-3226
Listed by
Chris Garland · License #TN-232993
(901) 338-3226
Source
Compass
Added: Oct 12, 2025 Checked: Jul 17 at 4:58 am
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, Inc., REALTORS
Investment Insights
Based on property information with market context.
This multifamily property contains two units, each featuring 7 bedrooms and 3 baths, totaling 9000 square feet. A private parking lot provides 12 parking spaces. The building is located two blocks from the FedEx Forum. The property is described as having a shabby-chic aesthetic.
Key Highlights
- Multifamily property suitable for Airbnb operation
- Large size: 9000 sqft with 2 units
- Each unit features 7 bedrooms and 3 baths
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 | $130.7k | $14.52 |
| − Vacancy | −$8.5k | −$0.94 |
| EGI | $122.2k | $13.58 |
| − OpEx | −$55.0k | −$6.11 |
| NOI | $67.2k | $7.47 |
9,000 SF · lease $14.52/SF/yr · vacancy 6.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$960.0K
$840.0K – $1.12M
NOI $67,202 @ 7.0% cap · market cap 6.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.66M
$2.33M – $3.10M
NOI $186,192 @ 7.0% cap · market cap 18.64%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Short term rental ...
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Two-unit multifamily property with parking near FedEx Forum.
Where is this apartment building located?
The property is located at 179 Vance Avenue Memphis, TN.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Multifamily property suitable for Airbnb operation; Large size: 9000 sqft with 2 units; Each unit features **7 bedrooms and 3 baths**
