7-Unit Apartment
For Sale
Contact for pricing
1825 Castalia ST, Memphis, TN 38114
Fully occupied property with six recently renovated units and air conditioning serving every apartment.
Property Size3,402 SF
Price / SF$126.40
Days on Market209
Property Features for 1825 Castalia ST
General Information
Standard status
Active
Size
3,402 SF
Property subtype
Multifamily
Occupancy
100%
Additional Details
Multifamily Units
7
Amenities
air conditioning
Building Details
Units
7
Tenancy
Multi
Listing Agency:
MyersCRE
Listed By:
Elizabeth Gavarrete · License #354142
(901) 496-6183
Source:
Crexi
Added: Mar 24
Changed: Oct 6
Last Checked: Oct 16 at 5:56AM
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 MyersCRE
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Investment Insights
Based on property information with market context.
Located at 1825 Castalia Street in Memphis, this 7-unit apartment building was constructed in 1958 and is fully occupied. Six apartments have undergone renovation within the last two years, while all units are leased under long-term agreements.
Each apartment is equipped with air conditioning through either central AC or PTAC systems. The property sits directly across from the Kellogg’s facility and near major distribution centers, placing it within approximately 15 minutes of Memphis International Airport. Its proximity to employment and transportation hubs adds practical context for multifamily operations.
Each apartment is equipped with air conditioning through either central AC or PTAC systems. The property sits directly across from the Kellogg’s facility and near major distribution centers, placing it within approximately 15 minutes of Memphis International Airport. Its proximity to employment and transportation hubs adds practical context for multifamily operations.
Key Highlights
- 7‑unit apartment building with 100% occupancy
- Six of seven units renovated within the last two years
- All units secured by long‑term leases
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,402
Cap Rate
5.91%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$508,040
$508.0K
Cap Rate 7%
$362,886
$362.9K
Cap Rate 9%
$282,244
$282.2K
Market Conditions
NOI Build-Up for 3,402 SF
Gross rent
$49.4K $14.52/SF
− Vacancy
−$3.2K −$0.94/SF
EGI
$46.2K $13.58/SF
− OpEx
−$20.8K −$6.11/SF
NOI
$25.4K $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 Rate 5%
$508,040
Cap Rate 7%
$362,886
Cap Rate 9%
$282,244
Alternative Uses
Best Use
Apartment 5plus
$362.9K
$317.5K – $423.4K
NOI $25,402 @ 7.0% cap · market cap 5.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.01M
$879.8K – $1.17M
NOI $70,381 @ 7.0% cap · market cap 16.37%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
236
Businesses Nearby
Explore this area
Business Placement
Demographics for 38114, TN
23,559
Population
12,252
Households
1.9
Avg Household Size
38
Median Age
14%
College-Educated
82%
High-School Grad
7.6 sq mi
ZIP Area
3,100
Density / Sq Mi
$32,080
Median Household Income
$28,570
Median Earnings
$897
Median Rent
$79,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied property with six recently renovated units and air conditioning serving every apartment.
Where is this apartment building located?
The property is located at 1825 Castalia ST Memphis, TN.
What is the asking price?
The asking price for this property is $429,999.
What are key features of this property?
This property features: 7‑unit apartment building with 100% occupancy; Six of seven units renovated within the last two years; All units secured by long‑term leases
