Renovated
New
For Sale
$110,000
2261 HUNTER Ave, Memphis, TN 38108
Duplexes, Traditional, Memphis, TN
Property Size1,056 SF
Price / SF$104.17
Days on Market4
Property Features for 2261 HUNTER Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bathroom 1, Bathroom 2
Subdivision
W G CURRY
Standard status
Active
Size
1,056 SF
Taxes and HOA fees
Tax Annual Amount
1032
Building Details
Year built
1945
Architectural style
Other
Listing Agency:
Crye-Leike, Inc., REALTORS
(901) 756-8900
Listed By:
Tyler Tapley · License #296080
(901) 871-1290
Added: Aug 20
Changed: Aug 23
Last Checked: Aug 23 at 4:06PM
MLS# 10228765
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 1,056-square-foot duplex was built in 1945 and contains two residential units with a combined two bedrooms and two bathrooms. Both units underwent rehabilitation in 2026, providing updated interiors within an established duplex structure.
The property is located at 2261 HUNTER Ave in Memphis, Tennessee, 38108. Each unit is currently rented, and professional management is in place. Lease documentation and operating ledgers are available upon request, supporting review of the existing tenancy and property operations.
The property is located at 2261 HUNTER Ave in Memphis, Tennessee, 38108. Each unit is currently rented, and professional management is in place. Lease documentation and operating ledgers are available upon request, supporting review of the existing tenancy and property operations.
Key Highlights
- Two‑unit duplex totaling 1056 square feet
- Both units rehabilitated in 2026
- Built in 1945
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
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
355
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential income property with both units leased and professional management in place.
Where is this duplex located?
The property is located at 2261 HUNTER Ave 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: Two‑unit duplex totaling 1056 square feet; Both units rehabilitated in 2026; Built in 1945
