Renovated
2428 Vollintine Ave, Memphis, TN 38108
For Sale
New
$148,000
Two leased residences have tenants in place through the end of 2027.
Property Size1,224 SF
Price / SF$120.92
Days on Market4
Property Features for 2428 Vollintine Ave
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Additional Details
Average Monthly Rent
Multifamily Units
Tenant in Place
Building Details
Year Built
Year Renovated
Buildings
Listing Agency:
Fast Track Realty, LLC
Listed By:
John Quinn · License #3298267
(901) 591-8100
Source:
Johnquinnrealestate
Added: Nov 4
Changed: Nov 6
Last Checked: Nov 6 at 9:05AM
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 Fast Track Realty, LLC
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Investment Insights
Based on property information with market context.
This duplex contains two rented units, with each tenant paying $750 per month. Both leases were renewed through the end of 2027, and the residents are current on their payments. A professional manager oversees the property.
A 2023 renovation replaced the roof, air conditioning, furnace, water heater, plumbing, and electrical systems, and included cosmetic updates. The building dates to 1940 and contains 1,224 square feet. Tenant ledger and maintenance records are available upon request.
A 2023 renovation replaced the roof, air conditioning, furnace, water heater, plumbing, and electrical systems, and included cosmetic updates. The building dates to 1940 and contains 1,224 square feet. Tenant ledger and maintenance records are available upon request.
Key Highlights
- Two units, each rented for $750 per month
- Both leases extend through the end of 2027; tenants are current
- 2023 renovation included roof, AC, furnace, water heater, plumbing, electrical, and cosmetic updates
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$10,323
Cap Rate
6.98%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$206,460
$206.5K
Cap Rate 7%
$147,471
$147.5K
Cap Rate 9%
$114,700
$114.7K
Market Conditions
NOI Build-Up for 1,224 SF
Gross rent
$15.7K $12.84/SF
− Vacancy
−$970 −$0.79/SF
EGI
$14.7K $12.05/SF
− OpEx
−$4.4K −$3.61/SF
NOI
$10.3K $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%
$206,460
Cap Rate 7%
$147,471
Cap Rate 9%
$114,700
Alternative Uses
Best Use
Multifamily LT 5
$147.5K
$129.0K – $172.1K
NOI $10,323 @ 7.0% cap · market cap 6.98%
Second Best
Apartment 5plus
$130.6K
$114.2K – $152.3K
NOI $9,139 @ 7.0% cap · market cap 6.18%
Theoretical Best
Office A
$361.7K
$316.5K – $422.0K
NOI $25,322 @ 7.0% cap · market cap 17.11%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
299
Businesses Nearby
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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
$62,600
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Memphis, TN
Properties on Market for Duplexes in Memphis
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two leased residences have tenants in place through the end of 2027.
Where is this duplex located?
The property is located at 2428 Vollintine Ave Memphis, TN.
What is the asking price?
The asking price for this property is $148,000.
What are key features of this property?
This property features: Two units, each rented for $750 per month; Both leases extend through the end of 2027; tenants are current; 2023 renovation included roof, AC, furnace, water heater, plumbing, electrical, and cosmetic updates
