Renovated Quadplex with Central
For Sale
$826,995
2033 Young Avenue, Memphis, TN 38104
Fully renovated quadplex featuring a studio, two 1BR units, and a 3BR unit with central HVAC across all units.
Property Size3,585 SF
Price / SF$230.68
Days on Market248
Property Features for 2033 Young Avenue
General Information
Standard status
Active
Size
3,585 SF
Property subtype
Multi-Family / Fourplex
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$8,249
Amenities
Hardwood Throughout, Tile
Refrigerator, Range/Oven (Freestanding)
Composition, Pitched
Building Details
Year Built
1925
Listing Agency:
Crye-Leike Commercial
Listed By:
Jeffrey Moore · License #250330
(901) 277-0477
Source:
Compass
Added: Jan 4
Changed: Aug 8
Last Checked: Jul 22 at 2:25PM
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 Crye-Leike Commercial
Investment Insights
Based on property information with market context.
This fully renovated quadplex offers a diversified unit mix: one studio, two 1BR units, and one 3BR unit. Each unit includes modern finishes and is supported by central H&A, along with updated systems throughout the property.
Located in the Cooper-Young District in Midtown Memphis at 2033 Young Avenue, the building sits within a neighborhood described as walkable and known for its restaurants, nightlife, arts scene, and historic character.
With four independently sized living options ranging from studio to three-bedroom layouts, the property provides flexible tenant appeal while maintaining a consistent level of renovation and mechanical updates across the asset.
Located in the Cooper-Young District in Midtown Memphis at 2033 Young Avenue, the building sits within a neighborhood described as walkable and known for its restaurants, nightlife, arts scene, and historic character.
With four independently sized living options ranging from studio to three-bedroom layouts, the property provides flexible tenant appeal while maintaining a consistent level of renovation and mechanical updates across the asset.
Key Highlights
- Fully renovated quadplex with 1 studio, 2 one‑bedroom, and 1 three‑bedroom unit
- Hardwood flooring throughout and tile flooring
- Each unit includes central HVAC (H&A)
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
$30,234
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
3.66%
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%
$604,680
$604.7K
Cap Rate 7%
$431,914
$431.9K
Cap Rate 9%
$335,933
$335.9K
Market Conditions
NOI Build-Up for 3,585 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
$46.0K $12.84/SF
− Vacancy
−$2.8K −$0.79/SF
EGI
$43.2K $12.05/SF
− OpEx
−$13.0K −$3.61/SF
NOI
$30.2K $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%
$604,680
Cap Rate 7%
$431,914
Cap Rate 9%
$335,933
Alternative Uses
Best Use
Multifamily LT 5
$431.9K
$377.9K – $503.9K
NOI $30,234 @ 7.0% cap · market cap 3.66%
Second Best
Apartment 5plus
$382.4K
$334.6K – $446.2K
NOI $26,769 @ 7.0% cap · market cap 3.24%
Theoretical Best
Office A
$1.06M
$927.1K – $1.24M
NOI $74,166 @ 7.0% cap · market cap 8.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
698
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?
Quadplex - Fully renovated quadplex featuring a studio, two 1BR units, and a 3BR unit with central HVAC across all units.
Where is this quadplex located?
The property is located at 2033 Young Avenue Memphis, TN.
What is the asking price?
The asking price for this property is $826,995.
What are key features of this property?
This property features: Fully renovated quadplex with 1 studio, 2 one‑bedroom, and 1 three‑bedroom unit; Hardwood flooring throughout and tile flooring; Each unit includes central HVAC (H&A)
