Historic Duplex with Two 3BR
243-245 North Avalon Street Memphis, TN 38112
243-245 North Avalon Street, Memphis, TN, 38112
$375,000
For Sale
$375,000
Historic brick duplex offers two spacious 3-bedroom, 2-bath units with hardwood floors and covered front porch.
Property Size3,990 SF
Price / SF$93.98
Days on Market107
Property Features for 243-245 North Avalon Street
General Information
- Standard status
- Active
- Size
- 3,990 SF
- Property subtype
- Duplexes / Built as Duplex
Building Details
- Year Built
- 1922
Listing agency
Foundation Property Management
(901) 459-2996
Listed by
James Wachob
(901) 459-2996
Source
Compass
Added: Apr 7 Updated: Jul 21 at 5:37AM Checked: Jul 21 at 5:37AM
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 Foundation Property Management
Investment Insights
Based on property information with market context.
This historic Midtown duplex features classic brick construction and two spacious residential units. The property is configured as two 3BR/2BA homes, totaling 6 bedrooms and 4 bathrooms. Interior highlights include hardwood floors, high ceilings, and abundant natural light. A covered front porch adds curb appeal and provides a welcoming entry for residents.
The property is located in the Evergreen/Overton Park area near Overton Park and several Midtown destinations including the Memphis Zoo, Crosstown Concourse, and Rhodes College, with access to downtown Memphis as well as shopping, dining, and entertainment.
With two fully configured units, the duplex offers straightforward residential income potential and also suits buyers seeking an owner-occupant or multi-generational living setup.
The property is located in the Evergreen/Overton Park area near Overton Park and several Midtown destinations including the Memphis Zoo, Crosstown Concourse, and Rhodes College, with access to downtown Memphis as well as shopping, dining, and entertainment.
With two fully configured units, the duplex offers straightforward residential income potential and also suits buyers seeking an owner-occupant or multi-generational living setup.
Key Highlights
- Historic Midtown brick duplex built in 1922 with two spacious 3BR/2BA units for 6 bedrooms and 4 baths total
- Approximately 3,990 SF of living space, offering flexibility for investors, owner‑occupants, or multi‑generational living
- Hardwood floors throughout with central heating
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $51.2k | $12.84 |
| − Vacancy | −$3.2k | −$0.79 |
| EGI | $48.1k | $12.05 |
| − OpEx | −$14.4k | −$3.61 |
| NOI | $33.6k | $8.43 |
3,990 SF · lease $12.84/SF/yr · vacancy 6.17% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$480.7K
$420.6K – $560.8K
NOI $33,649 @ 7.0% cap · market cap 8.97%
Second Best
Apartment 5plus
$425.6K
$372.4K – $496.6K
NOI $29,793 @ 7.0% cap · market cap 7.94%
Theoretical Best
Office A
$1.18M
$1.03M – $1.38M
NOI $82,545 @ 7.0% cap · market cap 22.01%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
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FAQs
What type of property is this?
Duplex - Historic brick duplex offers two spacious 3-bedroom, 2-bath units with hardwood floors and covered front porch.
Where is this duplex located?
The property is located at 243-245 North Avalon Street Memphis, TN.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Historic Midtown brick duplex built in 1922 with two spacious 3BR/2BA units for 6 bedrooms and 4 baths total; Approximately 3,990 SF of living space, offering flexibility for investors, owner‑occupants, or multi‑generational living; Hardwood floors throughout with central heating
