Craftsman Triplex with Flex
2380 PARKWAY Pl, Memphis, TN 38112
For Sale
$264,900
Multi-Family, Memphis, TN
Property Size2,309 SF
Price / SF$114.72
Days on Market44
Property Features for 2380 PARKWAY Pl
General Information
Property type
Property subtype
Subdivision
Standard status
Size
Taxes and HOA fees
Tax Annual Amount
Building Details
Year built
Listing Agency:
eXp Realty
(901) 671-1015
Listed By:
Alyssa Ivey
(901) 336-2048
Added: Sep 27
Changed: Nov 8
Last Checked: Nov 9 at 10:06AM
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.
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Investment Insights
Based on property information with market context.
This 2,309-square-foot brick Craftsman, built in 1925, is configured as a three-unit property. The primary residence has two bedrooms and one bathroom, with a dining room, breakfast room, and kitchen featuring a gas range. Two efficiency apartments each include a kitchen and bathroom. A separate flex room with hardwood flooring adds another interior space. The main unit also features original hardwood floors, a fireplace with built-in bookcases, French doors, and a tiled bathroom.
Outdoor features include a covered front porch and a rear deck. The property is in Memphis, with Overton Park, the Memphis Zoo, Broad Avenue Arts District, Overton Square, and Crosstown Concourse named as nearby destinations. Sam Cooper Boulevard provides a stated route connection.
Outdoor features include a covered front porch and a rear deck. The property is in Memphis, with Overton Park, the Memphis Zoo, Broad Avenue Arts District, Overton Square, and Crosstown Concourse named as nearby destinations. Sam Cooper Boulevard provides a stated route connection.
Key Highlights
- 2,309 square feet; brick Craftsman construction dating to 1925
- Three units: one 2‑bedroom, 1‑bath residence and two efficiencies
- Each efficiency has its own kitchen and bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,473
Cap Rate
7.35%
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 7.35%
Second Best
Apartment 5plus
$246.3K
$215.5K – $287.4K
NOI $17,241 @ 7.0% cap · market cap 6.51%
Theoretical Best
Office A
$682.4K
$597.1K – $796.2K
NOI $47,769 @ 7.0% cap · market cap 18.03%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
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?
Triplex - A 1925 brick residence offers three separate units, including a two-bedroom apartment and two efficiencies.
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 $264,900.
What are key features of this property?
This property features: 2,309 square feet; brick Craftsman construction dating to 1925; Three units: one 2‑bedroom, 1‑bath residence and two efficiencies; Each efficiency has its own kitchen and bathroom
