Craftsman
For Sale
$309,900
2380 PARKWAY Pl, Memphis, TN 38112
Multi-Family, Memphis, TN
Property Size2,309 SF
Price / SF$134.21
Days on Market9
Property Features for 2380 PARKWAY Pl
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Subdivision
PARKWAY PL BLK 1
Standard status
Active
Size
2,309 SF
Taxes and HOA fees
Tax Annual Amount
2808
Amenities
covered front porch
rear deck
Building Details
Year built
1925
Listing Agency:
eXp Realty
(901) 671-1015
Listed By:
Alyssa Ivey
(901) 336-2048
Added: Sep 27
Last Checked: Oct 5 at 1:06AM
MLS# 10231237
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.
Built in 1925, this 2,309-square-foot brick Craftsman is configured as a triplex. The primary residence has two bedrooms and one bathroom, while two efficiency apartments each include a kitchen and bathroom. A flexible room adds interior space. Hardwood floors, a fireplace with built-in shelving, French doors, separate dining and breakfast rooms, and an updated kitchen with a gas range are among the interior features. A covered front porch and rear deck extend the property outdoors.
The property is near Overton Park, the Memphis Zoo, Broad Avenue Arts District, Overton Square, and Crosstown Concourse, with access to Sam Cooper Boulevard. The building is vacant.
The property is near Overton Park, the Memphis Zoo, Broad Avenue Arts District, Overton Square, and Crosstown Concourse, with access to Sam Cooper Boulevard. The building is vacant.
Key Highlights
- 2,309‑square‑foot brick triplex built in 1925
- Three units: one 2‑bedroom/1‑bath residence and two efficiencies, each with a kitchen and bathroom
- Flexible room, hardwood flooring, fireplace with built‑in bookcases, and French doors
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
$19,473
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
6.28%
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%
$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
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
$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 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%
$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
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - The three-unit layout pairs a two-bedroom residence with two self-contained efficiency apartments.
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: 2,309‑square‑foot brick triplex built in 1925; Three units: one 2‑bedroom/1‑bath residence and two efficiencies, each with a kitchen and bathroom; Flexible room, hardwood flooring, fireplace with built‑in bookcases, and French doors
