Two-Unit Duplex with
For Sale
$295,000
2022 Courtland Pl, Memphis, TN 38104
Two-bedroom units feature central heating and air, included appliances, and access to a fenced backyard with storage.
Property Size1,682 SF
Price / SF$175.39
Days on Market55
Property Features for 2022 Courtland Pl
General Information
Standard status
Active
Size
1,682 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR
Multifamily Units
2
Amenities
fenced backyard
storage sheds
deck
Building Details
Buildings
1
Construction
painted brick
Listing Agency:
BHHS McLemore & Co., Realty
(901) 461-9246
Listed By:
Amanda Lott
(901) 461-9246
Source:
Exprealty
Added: Jun 18
Changed: Aug 10
Last Checked: Aug 10 at 10:08AM
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 BHHS McLemore & Co., Realty
Investment Insights
Based on property information with market context.
This 1,682-square-foot duplex includes two 2-bedroom residences, with one side currently rented. Interior features include hardwood flooring, smooth ceilings, central heat and air, well-maintained bathrooms, and appliances that remain with the property. The layout supports both owner occupancy and continued rental use.
Outdoor improvements include a large shaded, fenced backyard, two storage sheds serving the individual units, and a side deck. The roof is approximately 5 years old. The property is located in Memphis near the restaurants, entertainment, and established character associated with Cooper Young and Overton Square.
Outdoor improvements include a large shaded, fenced backyard, two storage sheds serving the individual units, and a side deck. The roof is approximately 5 years old. The property is located in Memphis near the restaurants, entertainment, and established character associated with Cooper Young and Overton Square.
Key Highlights
- Two 2‑bedroom units within a 1,682‑square‑foot duplex
- One unit is currently rented
- Hardwood floors and smooth ceilings throughout
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
$14,185
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
4.81%
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%
$283,700
$283.7K
Cap Rate 7%
$202,643
$202.6K
Cap Rate 9%
$157,611
$157.6K
Market Conditions
NOI Build-Up for 1,682 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
$21.6K $12.84/SF
− Vacancy
−$1.3K −$0.79/SF
EGI
$20.3K $12.05/SF
− OpEx
−$6.1K −$3.61/SF
NOI
$14.2K $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%
$283,700
Cap Rate 7%
$202,643
Cap Rate 9%
$157,611
Alternative Uses
Best Use
Multifamily LT 5
$202.6K
$177.3K – $236.4K
NOI $14,185 @ 7.0% cap · market cap 4.81%
Second Best
Apartment 5plus
$179.4K
$157.0K – $209.3K
NOI $12,559 @ 7.0% cap · market cap 4.26%
Theoretical Best
Office A
$497.1K
$435.0K – $580.0K
NOI $34,797 @ 7.0% cap · market cap 11.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,301
Businesses Nearby
Explore this area
Business Placement
Demographics for 38104, TN
22,584
Population
14,315
Households
1.6
Avg Household Size
38
Median Age
52%
College-Educated
93%
High-School Grad
5.0 sq mi
ZIP Area
4,517
Density / Sq Mi
$56,452
Median Household Income
$48,300
Median Earnings
$1,073
Median Rent
$301,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom units feature central heating and air, included appliances, and access to a fenced backyard with storage.
Where is this duplex located?
The property is located at 2022 Courtland Pl Memphis, TN.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Two 2‑bedroom units within a 1,682‑square‑foot duplex; One unit is currently rented; Hardwood floors and smooth ceilings throughout
