Duplex with One Vacant
For Sale
Contact for pricing
2261 Hunter Avenue, Memphis, TN 38108
Duplex configured with one rented unit and one vacant unit, with rehab completed on the rented side in 2026.
Property Size1,056 SF
Price / SF$104.17
Days on Market117
Property Features for 2261 Hunter Avenue
General Information
Standard status
Active
Size
1,056 SF
Property subtype
Multifamily
Occupancy
50%
Additional Details
Multifamily Units
2
Building Details
Year Renovated
2026
Listing Agency:
Crye-Leike, Inc., REALTORS
(901) 871-1290
Listed By:
Tyler Tapley · License #TN 296080
Source:
Crexi
Added: Apr 17
Changed: Aug 8
Last Checked: Jul 21 at 12:23AM
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, Inc., REALTORS
Investment Insights
Based on property information with market context.
This duplex is set up with two units, including one unit currently rented and the other unit vacant. The rented unit is reported to have been rehabbed in spring 2026. A lease and ledger are available upon request, and the property is described as professionally managed.
The asset is offered for sale at 2261 Hunter Avenue, Memphis, TN 38108. An online video is available upon request. The seller notes that offers must be standard financing, with no creative or owner-financed terms, and no wholesale or assignment transactions considered.
From a practical standpoint, the current occupancy mix provides immediate income on one side while the second unit remains available. Investors can review the provided financial documentation and lease details to evaluate performance and next steps.
The asset is offered for sale at 2261 Hunter Avenue, Memphis, TN 38108. An online video is available upon request. The seller notes that offers must be standard financing, with no creative or owner-financed terms, and no wholesale or assignment transactions considered.
From a practical standpoint, the current occupancy mix provides immediate income on one side while the second unit remains available. Investors can review the provided financial documentation and lease details to evaluate performance and next steps.
Key Highlights
- Duplex configured with one unit rented and one unit vacant
- Rented unit currently pays $525/mo
- Rented side was rehabbed in Spring 2026
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
$8,906
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
8.10%
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%
$178,120
$178.1K
Cap Rate 7%
$127,229
$127.2K
Cap Rate 9%
$98,956
$99.0K
Market Conditions
NOI Build-Up for 1,056 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
$13.6K $12.84/SF
− Vacancy
−$837 −$0.79/SF
EGI
$12.7K $12.05/SF
− OpEx
−$3.8K −$3.61/SF
NOI
$8.9K $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%
$178,120
Cap Rate 7%
$127,229
Cap Rate 9%
$98,956
Alternative Uses
Best Use
Multifamily LT 5
$127.2K
$111.3K – $148.4K
NOI $8,906 @ 7.0% cap · market cap 8.10%
Second Best
Apartment 5plus
$112.6K
$98.6K – $131.4K
NOI $7,885 @ 7.0% cap · market cap 7.17%
Theoretical Best
Office A
$312.1K
$273.1K – $364.1K
NOI $21,847 @ 7.0% cap · market cap 19.86%
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
351
Businesses Nearby
Explore this area
Business Placement
Demographics for 38108, TN
17,051
Population
7,881
Households
2.2
Avg Household Size
34
Median Age
11%
College-Educated
73%
High-School Grad
7.6 sq mi
ZIP Area
2,244
Density / Sq Mi
$35,435
Median Household Income
$32,126
Median Earnings
$921
Median Rent
$62,600
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 - Duplex configured with one rented unit and one vacant unit, with rehab completed on the rented side in 2026.
Where is this duplex located?
The property is located at 2261 Hunter Avenue Memphis, TN.
What is the asking price?
The asking price for this property is $110,000.
What are key features of this property?
This property features: Duplex configured with one unit rented and one unit vacant; Rented unit currently pays $525/mo; Rented side was rehabbed in Spring 2026
