5-Unit Apartment
New
For Sale
$299,000
2092 LINDEN Ave, Memphis, TN 38104
MULTI_FAMILY - Memphis, TN
Property Size2,601 SF
Price / SF$114.96
Days on Market3
Property Features for 2092 LINDEN Ave
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Subdivision
W LENOX
Standard status
Active
Size
2,601 SF
Taxes and HOA fees
Tax Annual Amount
2998
Building Details
Year built
1901
Listing Agency:
Sowell, Realtors
(901) 278-4380
Listed By:
Linda Sowell
(901) 277-4380
Added: Aug 11
Changed: Aug 12
Last Checked: Aug 13 at 9:06AM
MLS# 10228190
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.
This 5-unit apartment property contains 2,601 square feet and was built in 1901. The multifamily layout is complemented by off-street parking, providing a practical feature for residents and the surrounding urban setting.
The property is within walking distance of Overton Square, with restaurants, shopping, and entertainment nearby. Located in Memphis, the building offers an established residential income asset in a walkable area.
The property is within walking distance of Overton Square, with restaurants, shopping, and entertainment nearby. Located in Memphis, the building offers an established residential income asset in a walkable area.
Key Highlights
- Five‑unit apartment property with 2,601 square feet
- Built in 1901
- Off‑street parking included
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
$19,421
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
6.50%
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%
$388,420
$388.4K
Cap Rate 7%
$277,443
$277.4K
Cap Rate 9%
$215,789
$215.8K
Market Conditions
NOI Build-Up for 2,601 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
$37.8K $14.52/SF
− Vacancy
−$2.5K −$0.94/SF
EGI
$35.3K $13.58/SF
− OpEx
−$15.9K −$6.11/SF
NOI
$19.4K $7.47/SF
Area
Memphis, TN
Vacancy
6.50%
Lease Rate
$14.52 /SF/Yr
Expense Ratio
45.00%
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%
$388,420
Cap Rate 7%
$277,443
Cap Rate 9%
$215,789
Alternative Uses
Best Use
Apartment 5plus
$277.4K
$242.8K – $323.7K
NOI $19,421 @ 7.0% cap · market cap 6.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$768.7K
$672.6K – $896.8K
NOI $53,809 @ 7.0% cap · market cap 18.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
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?
Apartment building - Historic multifamily property near Overton Square with off-street parking and walkable access to dining, shopping, and entertainment.
Where is this apartment building located?
The property is located at 2092 LINDEN Ave Memphis, TN.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Five‑unit apartment property with 2,601 square feet; Built in 1901; Off‑street parking included
