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    Gated Townhome Community in Memphis Title is generated by Realmo AI

    1961-1970 REMBERT Pl, Memphis, TN 38104

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    For Sale
    $1,650,000

    MULTI_FAMILY - Memphis, TN

    Property size:
    1,116 SF
    Price / SF:
    $1,478/SF
    Added:
    Apr 24, 2026
    Days on Market:
    36
    Last Refresh:
    May 29 at 7:06 pm

    Property Features for 1961-1970 REMBERT Pl

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    RU-3
    Standard status
    Active
    Size
    1,116 SF

    Taxes and HOA fees

    Tax Annual Amount
    1614

    Building Details

    Year built
    1987

    We can help!

    Listing Contact
    Ashley Wisch
    Ashley Wisch

    Listing agent Ashley Wisch

    Listing office eXp Realty, LLC 3401 Mallory Lane #100, Nashville, TN

    Listing date Apr 24, 2026

    MLS# 10220143 Listing URL

    Copyright © 2026 Memphis Area Association of Realtors®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 100% Occupied & Fully Renovated (2019): Immediate income generation with modern updates.
    • Prime Location: Heart of Midtown Memphis, near Overton Square, Overton Park, Memphis Zoo, and the Medical District.
    • No HOA or Deed Restrictions: Ideal for long‑term or short‑term rentals (Airbnb).
    • Gated Community: Enhanced security and privacy for residents.
    • Unit Features: 2 beds/2.5 baths with updated kitchens (granite, stainless steel), new flooring, and dedicated parking.
    • New Windows and Roof: Reduced maintenance costs and improved energy efficiency.

    Overview

    This 100% occupied, gated townhome community is situated in a highly desirable investment area within the Greater Memphis Area, a short distance from Chick-Fil-A and Overton Square. The complex was fully renovated in 2019 and features new windows, a new roof, new flooring, granite countertops, stainless steel appliances, and asphalt parking. The property also includes a gate and updated exterior lighting. Each unit offers 2 beds and 2.5 baths, with a spacious living and dining combination, a half bath on the main floor, and two upper-level bedrooms with full baths. Each unit includes 2 dedicated parking spaces. The property is zoned RU-3 and comprises 1,116 square feet. Located in the heart of Midtown Memphis, it is just minutes from Overton Park, the Memphis Zoo, the Medical District, and Midtown's dining and entertainment options. The absence of an HOA or deed restrictions makes it suitable for long-term or short-term leasing, including platforms like Airbnb. This complex is suitable for multi-family use.
    Property Profile Location Intelligence

    Current Use by Public Records

    Short term rental ...

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -89.996212
    Latitude
    35.136261

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    FAQs

    What type of property is this?
    Apartment building - Fully occupied, renovated townhomes near Overton Square. Perfect for investors.
    Where is this apartment building located?
    The property is located at 1961-1970 REMBERT Pl Memphis, TN.
    What is the asking price?
    The asking price for this property is $1,650,000.
    What are key features of this property?
    This property features: 100% Occupied & Fully Renovated (2019): Immediate income generation with modern updates.; Prime Location: Heart of Midtown Memphis, near Overton Square, Overton Park, Memphis Zoo, and the Medical District.; No HOA or Deed Restrictions: Ideal for long‑term or short‑term rentals (Airbnb).
    (901) 361-1293
    We can help!
    Listing Contact
    Ashley Wisch
    Ashley Wisch
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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