6-Unit Apartment
241 Mill Avenue, Memphis, TN 38105
For Sale
Contact for pricing
Six two-bedroom, one-bath residences occupy a two-story brick-veneer structure.
Property Size3,750 SF
Lot Size0.51 Acres
Price / SF$120
Days on Market9
Property Features for 241 Mill Avenue
General Information
Standard status
Size
Lot size
Property subtype
Net Operating Income
Financials
Asking Price
Gross Income
Average Monthly Rent
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Building Details
Year Built
Year Renovated
Buildings
Stories
Construction
Listing Agency:
Braden, Braden & Braden CRE
Listed By:
Curtis Braden · License TN #284224
(901) 301-3691
Source:
Crexi
Added: Nov 5
Changed: Nov 10
Last Checked: Nov 12 at 5:57AM
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 Braden, Braden & Braden CRE
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Investment Insights
Based on property information with market context.
This two-story apartment property contains six units, each with two bedrooms and one bathroom. The brick-veneer building offers approximately 3,750 square feet on a 0.51-acre parcel. Central HVAC serves each residence. Construction dates to 1948, with renovation work completed in 2006.
The property is in Memphis’ Uptown neighborhood, with access to Downtown Memphis and the St. Jude Children’s Research Hospital campus.
The property is in Memphis’ Uptown neighborhood, with access to Downtown Memphis and the St. Jude Children’s Research Hospital campus.
Key Highlights
- Six apartments, each configured with two bedrooms and one bathroom
- Approximately 3,750 square feet on a 0.51‑acre parcel
- Two‑story brick‑veneer building with central HVAC in every unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,001
Cap Rate
6.22%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$560,020
$560.0K
Cap Rate 7%
$400,014
$400.0K
Cap Rate 9%
$311,122
$311.1K
Market Conditions
NOI Build-Up for 3,750 SF
Gross rent
$54.5K $14.52/SF
− Vacancy
−$3.5K −$0.94/SF
EGI
$50.9K $13.58/SF
− OpEx
−$22.9K −$6.11/SF
NOI
$28.0K $7.47/SF
Area
Memphis, TN
Vacancy
6.50%
Lease Rate
$14.52 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$560,020
Cap Rate 7%
$400,014
Cap Rate 9%
$311,122
Alternative Uses
Best Use
Apartment 5plus
$400.0K
$350.0K – $466.7K
NOI $28,001 @ 7.0% cap · market cap 6.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.11M
$969.8K – $1.29M
NOI $77,580 @ 7.0% cap · market cap 17.24%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,365
Businesses Nearby
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Business Placement
Demographics for 38105, TN
6,232
Population
4,145
Households
1.5
Avg Household Size
39
Median Age
22%
College-Educated
81%
High-School Grad
1.7 sq mi
ZIP Area
3,666
Density / Sq Mi
$29,316
Median Household Income
$34,969
Median Earnings
$928
Median Rent
$75,400
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Memphis, TN
Properties on Market for Apartment buildings in Memphis
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Six two-bedroom, one-bath residences occupy a two-story brick-veneer structure.
Where is this apartment building located?
The property is located at 241 Mill Avenue Memphis, TN.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Six apartments, each configured with two bedrooms and one bathroom; Approximately 3,750 square feet on a 0.51‑acre parcel; Two‑story brick‑veneer building with central HVAC in every unit
