Historic Craftsman
For Sale
$439,999
201 STONEWALL St, Memphis, TN 38112
Duplexes, Colonial, Memphis, TN
Property Size3,998 SF
Price / SF$110.05
Days on Market164
Property Features for 201 STONEWALL St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Bedroom 1, Bedroom 4, Bedroom 2, Bathroom 1, Bathroom 4, Bedroom 3, Bedroom 5, Bathroom 3, Bathroom 2
Subdivision
STONEWALL PL
Standard status
Active
Size
3,998 SF
Taxes and HOA fees
Tax Annual Amount
6437
Amenities
front porches
patios
Building Details
Year built
1916
Architectural style
Colonial
Listing Agency:
Keller Williams · Keller Williams Realty
(901) 261-7900
Listed By:
Todd Adams
(901) 870-7633
Added: Mar 19
Changed: Aug 29
Last Checked: Aug 29 at 9:06PM
MLS# 10217112
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.
Investment Insights
Based on property information with market context.
Built in 1916, this Colonial duplex provides 3,998 square feet across two residential units. The property retains original hardwood flooring, leaded-glass windows, 10-foot ceilings, broad front porches, and patios at both levels, with four-post columns adding architectural definition. Contemporary updates are also noted while the Craftsman character remains intact.
The residence occupies a verified double lot at 201 Stonewall St in Memphis, within the Historic Evergreen District. Shopping, Overton Park, the Memphis Zoo, theaters, hospitals, and colleges are identified as walkable destinations. The configuration supports separate occupancy of the units, with the option to occupy one and lease the other or lease both, subject to applicable requirements.
The residence occupies a verified double lot at 201 Stonewall St in Memphis, within the Historic Evergreen District. Shopping, Overton Park, the Memphis Zoo, theaters, hospitals, and colleges are identified as walkable destinations. The configuration supports separate occupancy of the units, with the option to occupy one and lease the other or lease both, subject to applicable requirements.
Key Highlights
- 3,998‑square‑foot duplex built in 1916
- Verified double lot with potential for an additional duplex
- Original hardwood floors and leaded‑glass windows
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$33,717
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.66%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$674,340
$674.3K
Cap Rate 7%
$481,671
$481.7K
Cap Rate 9%
$374,633
$374.6K
Market Conditions
NOI Build-Up for 3,998 SF
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.
Gross rent
$51.3K $12.84/SF
− Vacancy
−$3.2K −$0.79/SF
EGI
$48.2K $12.05/SF
− OpEx
−$14.5K −$3.61/SF
NOI
$33.7K $8.43/SF
Area
Memphis, TN
Vacancy
6.17%
Lease Rate
$12.84 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$674,340
Cap Rate 7%
$481,671
Cap Rate 9%
$374,633
Alternative Uses
Best Use
Multifamily LT 5
$481.7K
$421.5K – $562.0K
NOI $33,717 @ 7.0% cap · market cap 7.66%
Second Best
Apartment 5plus
$426.5K
$373.2K – $497.6K
NOI $29,853 @ 7.0% cap · market cap 6.78%
Theoretical Best
Office A
$1.18M
$1.03M – $1.38M
NOI $82,711 @ 7.0% cap · market cap 18.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,764
Businesses Nearby
Explore this area
Business Placement
Demographics for 38112, TN
16,970
Population
7,425
Households
2.3
Avg Household Size
32
Median Age
38%
College-Educated
85%
High-School Grad
4.8 sq mi
ZIP Area
3,535
Density / Sq Mi
$52,639
Median Household Income
$29,576
Median Earnings
$969
Median Rent
$206,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit Colonial property featuring period details, generous ceiling height, and multiple outdoor living areas.
Where is this duplex located?
The property is located at 201 STONEWALL St Memphis, TN.
What is the asking price?
The asking price for this property is $439,999.
What are key features of this property?
This property features: 3,998‑square‑foot duplex built in 1916; Verified double lot with potential for an additional duplex; Original hardwood floors and leaded‑glass windows
