Remodeled Furnished
For Sale
$240,000
217 N HOLLYWOOD St, Memphis, TN 38112
Duplexes, Traditional, Memphis, TN
Property Size1,230 SF
Price / SF$195.12
Days on Market174
Property Features for 217 N HOLLYWOOD St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 1, Bedroom 2, Bathroom 2
Subdivision
WILLIFORD PL
Standard status
Active
Size
1,230 SF
Taxes and HOA fees
Tax Annual Amount
983
Building Details
Year built
1948
Architectural style
Other
Listing Agency:
Fast Track Realty, LLC
(901) 767-8770
Listed By:
Cesar Lara
(901) 246-5634
Added: Mar 14
Changed: Sep 3
Last Checked: Sep 3 at 12:06PM
MLS# 10216788
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 1,230-square-foot duplex, built in 1948, has undergone extensive remodeling across both units. Improvements include new electrical service, kitchens, bathrooms, roof, HVAC systems, water lines, and water heater, along with refinished hardwood floors. Exterior work includes fresh paint and new lighting. Both residences are furnished and decorated, allowing for short-term or long-term rental use.
The property is located at 217 N Hollywood St in Memphis, within ZIP code 38112. Midtown, Overton Park, the Memphis Zoo, restaurants, and shopping are identified nearby. The layout includes two bedrooms and two bathrooms overall.
The property is located at 217 N Hollywood St in Memphis, within ZIP code 38112. Midtown, Overton Park, the Memphis Zoo, restaurants, and shopping are identified nearby. The layout includes two bedrooms and two bathrooms overall.
Key Highlights
- 1,230‑square‑foot duplex built in 1948
- Both units are furnished and decorated
- Updated electrical service, kitchens, bathrooms, roof, HVAC, water lines, and water heater
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
$10,373
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
4.32%
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%
$207,460
$207.5K
Cap Rate 7%
$148,186
$148.2K
Cap Rate 9%
$115,256
$115.3K
Market Conditions
NOI Build-Up for 1,230 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
$15.8K $12.84/SF
− Vacancy
−$974 −$0.79/SF
EGI
$14.8K $12.05/SF
− OpEx
−$4.4K −$3.61/SF
NOI
$10.4K $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%
$207,460
Cap Rate 7%
$148,186
Cap Rate 9%
$115,256
Alternative Uses
Best Use
Multifamily LT 5
$148.2K
$129.7K – $172.9K
NOI $10,373 @ 7.0% cap · market cap 4.32%
Second Best
Apartment 5plus
$131.2K
$114.8K – $153.1K
NOI $9,184 @ 7.0% cap · market cap 3.83%
Theoretical Best
Office A
$363.5K
$318.1K – $424.1K
NOI $25,446 @ 7.0% cap · market cap 10.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,012
Businesses Nearby
Explore this area
Business Placement
Demographics for 38112, TN
16,970
Population
7,425
Households
2.3
Avg Household Size
32
Median Age
38%
College-Educated
85%
High-School Grad
4.8 sq mi
ZIP Area
3,535
Density / Sq Mi
$52,639
Median Household Income
$29,576
Median Earnings
$969
Median Rent
$206,900
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 furnished units feature updated kitchens, baths, mechanical systems, and refinished hardwood flooring.
Where is this duplex located?
The property is located at 217 N HOLLYWOOD St Memphis, TN.
What is the asking price?
The asking price for this property is $240,000.
What are key features of this property?
This property features: 1,230‑square‑foot duplex built in 1948; Both units are furnished and decorated; Updated electrical service, kitchens, bathrooms, roof, HVAC, water lines, and water heater
