Renovated Duplex with Newer
New
For Sale
$220,900
2412 VOLLINTINE Ave, Memphis, TN 38108
MULTI_FAMILY - Memphis, TN
Property Size1,505 SF
Price / SF$146.78
Days on Market6
Property Features for 2412 VOLLINTINE Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 2, Bedroom 3, Bedroom 1, Bathroom 2
Subdivision
WILSHIRE PARK
Standard status
Active
Size
1,505 SF
Taxes and HOA fees
Tax Annual Amount
906
Building Details
Year built
1940
Architectural style
Other
Listing Agency:
Reedy & Company, REALTORS
(901) 842-0805
Listed By:
Mark Hart
(901) 692-3195
Added: Aug 18
Changed: Aug 19
Last Checked: Aug 23 at 3:06PM
MLS# 10228625
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.
This duplex contains 1,505 square feet and was originally built in 1940. Renovation work was completed in 2025, with improvements including a roof less than three years old and HVAC and water-heating equipment installed one year ago. The property includes two residential units with separate bedrooms and bathrooms.
The 2412 unit is occupied under a lease extending through 02/28/2027, and its payments are current. The 2414 unit is vacant and available to show. Reedy and Company Realtors currently provides professional management and would like to continue serving in that role.
The 2412 unit is occupied under a lease extending through 02/28/2027, and its payments are current. The 2414 unit is vacant and available to show. Reedy and Company Realtors currently provides professional management and would like to continue serving in that role.
Key Highlights
- 1,505‑square‑foot duplex originally built in 1940
- Renovation work completed in 2025
- Roof is less than 3 years old
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
$12,692
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
5.75%
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%
$253,840
$253.8K
Cap Rate 7%
$181,314
$181.3K
Cap Rate 9%
$141,022
$141.0K
Market Conditions
NOI Build-Up for 1,505 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
$19.3K $12.84/SF
− Vacancy
−$1.2K −$0.79/SF
EGI
$18.1K $12.05/SF
− OpEx
−$5.4K −$3.61/SF
NOI
$12.7K $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%
$253,840
Cap Rate 7%
$181,314
Cap Rate 9%
$141,022
Alternative Uses
Best Use
Multifamily LT 5
$181.3K
$158.7K – $211.5K
NOI $12,692 @ 7.0% cap · market cap 5.75%
Second Best
Apartment 5plus
$160.5K
$140.5K – $187.3K
NOI $11,238 @ 7.0% cap · market cap 5.09%
Theoretical Best
Office A
$444.8K
$389.2K – $518.9K
NOI $31,135 @ 7.0% cap · market cap 14.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
299
Businesses Nearby
Explore this area
Business Placement
Demographics for 38108, TN
17,051
Population
7,881
Households
2.2
Avg Household Size
34
Median Age
11%
College-Educated
73%
High-School Grad
7.6 sq mi
ZIP Area
2,244
Density / Sq Mi
$35,435
Median Household Income
$32,126
Median Earnings
$921
Median Rent
$62,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential income property with one occupied side and a second unit available for leasing.
Where is this duplex located?
The property is located at 2412 VOLLINTINE Ave Memphis, TN.
What is the asking price?
The asking price for this property is $220,900.
What are key features of this property?
This property features: 1,505‑square‑foot duplex originally built in 1940; Renovation work completed in 2025; Roof is less than 3 years old
