Renovated
For Sale
$162,000
2428 VOLLINTINE Ave, Memphis, TN 38108
Duplexes, Traditional, Memphis, TN
Property Size1,224 SF
Price / SF$132.35
Days on Market177
Property Features for 2428 VOLLINTINE Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 2, Bedroom 1, Bathroom 1
Subdivision
WILSHIRE PARK
Standard status
Active
Size
1,224 SF
Taxes and HOA fees
Tax Annual Amount
1814
Building Details
Year built
1940
Architectural style
Other
Listing Agency:
KAIZEN Realty, LLC
(901) 221-4041
Listed By:
Jeremy Veldman
(662) 418-7511
Added: Mar 9
Changed: Aug 29
Last Checked: Sep 1 at 5:06PM
MLS# 10216384
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 1,224-square-foot duplex in Memphis contains two residential units with a 2-bedroom, 1-bathroom layout identified for each unit. Originally built in 1940, the property underwent a full renovation in 2023. Improvements included a replacement roof, air-conditioning systems, furnaces, water heater, plumbing, electrical work, and cosmetic updates.
Both units are leased through the end of the year, and the property is professionally managed. Tenant ledgers and maintenance records are available for review. The property is located at 2428 Vollintine Ave in Memphis, Tennessee 38108.
Both units are leased through the end of the year, and the property is professionally managed. Tenant ledgers and maintenance records are available for review. The property is located at 2428 Vollintine Ave in Memphis, Tennessee 38108.
Key Highlights
- 1,224‑square‑foot duplex with two residential units
- Full renovation completed in 2023
- Updates include roof, AC, furnaces, water heater, plumbing, and electrical systems
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
$10,323
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
6.37%
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%
$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
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
$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 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%
$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 6.37%
Second Best
Apartment 5plus
$130.6K
$114.2K – $152.3K
NOI $9,139 @ 7.0% cap · market cap 5.64%
Theoretical Best
Office A
$361.7K
$316.5K – $422.0K
NOI $25,322 @ 7.0% cap · market cap 15.63%
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with updated major systems and active leases extending through year-end.
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 $162,000.
What are key features of this property?
This property features: 1,224‑square‑foot duplex with two residential units; Full renovation completed in 2023; Updates include roof, AC, furnaces, water heater, plumbing, and electrical systems
