Two-Duplex Multifamily
For Sale
$650,000
207 S Idlewild St, Memphis, TN 38104
Four-unit residential property with three-bedroom layouts, covered parking, and one unit leased through May 2027.
Property Size5,460 SF
Price / SF$119.05
Days on Market18
Property Features for 207 S Idlewild St
General Information
Standard status
Active
Size
5,460 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Additional Details
Multifamily Units
4
Building Details
Year Built
1964
Buildings
2
Listing Agency:
Lawrence Johnson, Realtors
(901) 591-8100
Listed By:
John Quinn · License #3298267
(901) 591-8100
Source:
Johnquinnrealestate
Added: Aug 14
Changed: Aug 29
Last Checked: Aug 30 at 4:07PM
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 Lawrence Johnson, Realtors
Investment Insights
Based on property information with market context.
This multifamily property includes two duplex buildings containing four total units. Each unit offers 3 bedrooms and 1.5 baths, creating a consistent configuration across the property. Three units are vacant, while the fourth is leased through May 2027. A shared 4-car covered carport serves the buildings, and the property and grounds have been well maintained. Built in 1964, the property is located at 207 S Idlewild St in Memphis, within Midtown.
Key Highlights
- Two duplex buildings with four total units
- Each unit includes 3 bedrooms and 1.5 baths
- Three units are vacant; one is leased through May 2027
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
$46,047
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
7.08%
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%
$920,940
$920.9K
Cap Rate 7%
$657,814
$657.8K
Cap Rate 9%
$511,633
$511.6K
Market Conditions
NOI Build-Up for 5,460 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
$70.1K $12.84/SF
− Vacancy
−$4.3K −$0.79/SF
EGI
$65.8K $12.05/SF
− OpEx
−$19.7K −$3.61/SF
NOI
$46.0K $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%
$920,940
Cap Rate 7%
$657,814
Cap Rate 9%
$511,633
Alternative Uses
Best Use
Multifamily LT 5
$657.8K
$575.6K – $767.5K
NOI $46,047 @ 7.0% cap · market cap 7.08%
Second Best
Apartment 5plus
$582.4K
$509.6K – $679.5K
NOI $40,769 @ 7.0% cap · market cap 6.27%
Theoretical Best
Office A
$1.61M
$1.41M – $1.88M
NOI $112,956 @ 7.0% cap · market cap 17.38%
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
1,424
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 - Four-unit residential property with three-bedroom layouts, covered parking, and one unit leased through May 2027.
Where is this duplex located?
The property is located at 207 S Idlewild St Memphis, TN.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Two duplex buildings with four total units; Each unit includes 3 bedrooms and 1.5 baths; Three units are vacant; one is leased through May 2027
