Four-Unit Multifamily
New
For Sale
$407,500
2375 Forrest Ave, Memphis, TN 38112
Renovated kitchens, bathrooms, flooring, and roof serve a four-unit residential property with on-site parking.
Property Size3,951 SF
Price / SF$103.14
Days on Market2
Property Features for 2375 Forrest Ave
General Information
Standard status
Active
Size
3,951 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Binghampton Development Corp.
Additional Details
Multifamily Units
4
Building Details
Year Built
1922
Listing Agency:
Crye-Leike, Inc., Realtors
Listed By:
John Quinn · License #3298267
(901) 591-8100
Source:
Johnquinnrealestate
Added: Nov 1
Last Checked: Nov 1 at 4:02PM
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
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Investment Insights
Based on property information with market context.
This four-unit multifamily property contains 3,951 square feet and was built in 1922. Improvements include a new roof, flooring, kitchens, and bathrooms, along with a retaining wall and parking. The property is located at 2375 Forrest Ave in Memphis, Tennessee.
Key Highlights
- Four residential units
- 3,951 square feet
- Built in 1922
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,321
Cap Rate
8.18%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$666,420
$666.4K
Cap Rate 7%
$476,014
$476.0K
Cap Rate 9%
$370,233
$370.2K
Market Conditions
NOI Build-Up for 3,951 SF
Gross rent
$50.7K $12.84/SF
− Vacancy
−$3.1K −$0.79/SF
EGI
$47.6K $12.05/SF
− OpEx
−$14.3K −$3.61/SF
NOI
$33.3K $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 Rate 5%
$666,420
Cap Rate 7%
$476,014
Cap Rate 9%
$370,233
Alternative Uses
Best Use
Multifamily LT 5
$476.0K
$416.5K – $555.4K
NOI $33,321 @ 7.0% cap · market cap 8.18%
Second Best
Apartment 5plus
$421.5K
$368.8K – $491.7K
NOI $29,502 @ 7.0% cap · market cap 7.24%
Theoretical Best
Office A
$1.17M
$1.02M – $1.36M
NOI $81,738 @ 7.0% cap · market cap 20.06%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
572
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - Renovated kitchens, bathrooms, flooring, and roof serve a four-unit residential property with on-site parking.
Where is this quadplex located?
The property is located at 2375 Forrest Ave Memphis, TN.
What is the asking price?
The asking price for this property is $407,500.
What are key features of this property?
This property features: Four residential units; 3,951 square feet; Built in 1922
