Craftsman
For Sale
$309,900
2380 Parkway Pl, Memphis, TN 38112
Three residences comprise a two-bedroom unit and two efficiency apartments, with separate kitchens and bathrooms in each.
Property Size2,309 SF
Price / SF$134.21
Days on Market10
Property Features for 2380 Parkway Pl
General Information
Standard status
Active
Size
2,309 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 2 x efficiency
Multifamily Units
3
Amenities
covered front porch
rear deck
Building Details
Year Built
1925
Buildings
1
Construction
brick Craftsman
Listing Agency:
Crye-Leike, Inc., Realtors
Listed By:
John Quinn · License #3298267
(901) 591-8100
Source:
Johnquinnrealestate
Added: Sep 29
Changed: Oct 7
Last Checked: Oct 7 at 12:18PM
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.
Built in 1925, this 2,309-square-foot brick Craftsman is configured as a three-unit property. The main residence has two bedrooms and one bathroom; two efficiency units each include a kitchen and bathroom. Interior details include hardwood flooring, a fireplace with built-in bookcases, French doors, and separate dining and breakfast rooms. The kitchen has been updated and includes a gas range. A covered front porch and rear deck provide additional features.
The property is minutes from Overton Park, the Memphis Zoo, Broad Avenue Arts District, Overton Square, and Crosstown Concourse. Sam Cooper Boulevard is accessible nearby. The building is vacant and available for showing.
The property is minutes from Overton Park, the Memphis Zoo, Broad Avenue Arts District, Overton Square, and Crosstown Concourse. Sam Cooper Boulevard is accessible nearby. The building is vacant and available for showing.
Key Highlights
- Three units: one 2BR/1BA residence and two efficiency apartments
- 2,309 SF brick Craftsman built in 1925
- Each efficiency apartment has its own kitchen and bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,473
Cap Rate
6.28%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$389,460
$389.5K
Cap Rate 7%
$278,186
$278.2K
Cap Rate 9%
$216,367
$216.4K
Market Conditions
NOI Build-Up for 2,309 SF
Gross rent
$29.6K $12.84/SF
− Vacancy
−$1.8K −$0.79/SF
EGI
$27.8K $12.05/SF
− OpEx
−$8.3K −$3.61/SF
NOI
$19.5K $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%
$389,460
Cap Rate 7%
$278,186
Cap Rate 9%
$216,367
Alternative Uses
Best Use
Multifamily LT 5
$278.2K
$243.4K – $324.6K
NOI $19,473 @ 7.0% cap · market cap 6.28%
Second Best
Apartment 5plus
$246.3K
$215.5K – $287.4K
NOI $17,241 @ 7.0% cap · market cap 5.56%
Theoretical Best
Office A
$682.4K
$597.1K – $796.2K
NOI $47,769 @ 7.0% cap · market cap 15.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
572
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Triplex - Three residences comprise a two-bedroom unit and two efficiency apartments, with separate kitchens and bathrooms in each.
Where is this triplex located?
The property is located at 2380 Parkway Pl Memphis, TN.
What is the asking price?
The asking price for this property is $309,900.
What are key features of this property?
This property features: Three units: one 2BR/1BA residence and two efficiency apartments; 2,309 SF brick Craftsman built in 1925; Each efficiency apartment has its own kitchen and bathroom
