32-Unit Apartment
New
For Sale
$3,200,000
1935-1943 Lamar Ave, Memphis, TN 38114
The property combines short- and long-term rental operations with completed foundation, plumbing, and electrical updates.
Property Size29,212 SF
Lot Size1.23 Acres
Price / SF$109.54
Days on Market2
Property Features for 1935-1943 Lamar Ave
General Information
Standard status
Active
Size
29,212 SF
Lot size
1.23 Acres
Property subtype
Multi-Family
Site & Location
Neighborhood
Glenview Cdc
Additional Details
Multifamily Units
32
Currently Operating
Yes
Building Details
Year Built
1933
Listing Agency:
Keller Williams
Listed By:
Stacia Rosatti
(901) 270-9019
Source:
Staciarosatti
Added: Nov 1
Last Checked: Nov 1 at 3:00PM
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 Keller Williams
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 32-unit apartment property occupies 1.23 acres and contains 29,212 square feet. Built in 1933, it has undergone foundation, plumbing, and electrical work under current ownership. The operating model includes both short-term and long-term rentals.
Located at 1935-1943 Lamar Ave in Memphis, the property offers an established multifamily footprint in a corridor described as undergoing revitalization.
Located at 1935-1943 Lamar Ave in Memphis, the property offers an established multifamily footprint in a corridor described as undergoing revitalization.
Key Highlights
- 32 apartment units across 1.23 acres
- 29,212 square feet; built in 1933
- Foundation, plumbing, and electrical updates completed under current ownership
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$218,123
Cap Rate
6.82%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,362,460
$4.4M
Cap Rate 7%
$3,116,043
$3.1M
Cap Rate 9%
$2,423,589
$2.4M
Market Conditions
NOI Build-Up for 29,212 SF
Gross rent
$424.2K $14.52/SF
− Vacancy
−$27.6K −$0.94/SF
EGI
$396.6K $13.58/SF
− OpEx
−$178.5K −$6.11/SF
NOI
$218.1K $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 Rate 5%
$4,362,460
Cap Rate 7%
$3,116,043
Cap Rate 9%
$2,423,589
Alternative Uses
Best Use
Apartment 5plus
$3.12M
$2.73M – $3.64M
NOI $218,123 @ 7.0% cap · market cap 6.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.63M
$7.55M – $10.07M
NOI $604,338 @ 7.0% cap · market cap 18.89%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
32
Residential units
Location Intelligence
Trade Area within ½ mile
474
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
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - The property combines short- and long-term rental operations with completed foundation, plumbing, and electrical updates.
Where is this apartment building located?
The property is located at 1935-1943 Lamar Ave Memphis, TN.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: 32 apartment units across 1.23 acres; 29,212 square feet; built in 1933; Foundation, plumbing, and electrical updates completed under current ownership
