Live-Work Property with Office
For Sale
Contact for pricing
2151 MONROE AVE, Memphis, TN 38104
RU-1 zoning includes a BOA variance permitting light office use.
Property Size2,400 SF
Price / SF$166.25
Days on Market10
Property Features for 2151 MONROE AVE
General Information
Standard status
Active
Size
2,400 SF
Class
C
Total Parking Spaces
6
Property subtype
Multifamily, Office
Zoning
RU-1 with BOA Variance for Office
Building Details
Year Built
1905
Buildings
1
Stories
1
Units
1
Listing Agency:
Crye-Leike Real Estate Services
(901) 338-3226
Listed By:
Chris Garland · License #TN-232993
Source:
Crexi
Added: Jul 27
Changed: Aug 4
Last Checked: Aug 4 at 6:45AM
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 Real Estate Services
Investment Insights
Based on property information with market context.
This 2,400-square-foot property, built in 1905, combines a duplex-style residential layout with an approved office-use component. The lower level is configured for light office use, while the upper apartment includes a kitchen and full bathroom. The arrangement supports a live-work format, with the upper residence also identified as an option for extending the office use.
The property is positioned across from Overton Square in Memphis. A rear parking lot is secured by an electric gate, with vehicle access from the alley. Zoning is RU-1, with a BOA variance for office use, providing the governing framework for the current light-office configuration.
The property is positioned across from Overton Square in Memphis. A rear parking lot is secured by an electric gate, with vehicle access from the alley. Zoning is RU-1, with a BOA variance for office use, providing the governing framework for the current light-office configuration.
Key Highlights
- 2,400 SF property built in 1905
- RU‑1 zoning with BOA variance for office use
- Lower level configured for light office use
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $57.6k | $24.00 |
| − Vacancy | −$8.6k | −$3.60 |
| EGI | $49.0k | $20.40 |
| − OpEx | −$12.2k | −$5.10 |
| NOI | $36.7k | $15.30 |
2,400 SF · lease $24.00/SF/yr · vacancy 15.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$524.6K
$459.0K – $612.0K
NOI $36,720 @ 7.0% cap · market cap 9.20%
Second Best
Mixed Use
$416.6K
$364.5K – $486.0K
NOI $29,160 @ 7.0% cap · market cap 7.31%
Theoretical Best
Office A
$709.3K
$620.6K – $827.5K
NOI $49,651 @ 7.0% cap · market cap 12.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,095
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 Office in Memphis, TN
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Live-work space - RU-1 zoning includes a BOA variance permitting light office use.
Where is this live-work space located?
The property is located at 2151 MONROE AVE Memphis, TN.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 2,400 SF property built in 1905; RU‑1 zoning with BOA variance for office use; Lower level configured for light office use
