Occupied Midtown
For Sale
$150,000
2435 FORREST Ave, Memphis, TN 38112
Multi-Family, Memphis, TN
Property Size1,636 SF
Price / SF$91.69
Days on Market50
Property Features for 2435 FORREST Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Subdivision
MISSES HANSON
Standard status
Active
Size
1,636 SF
Taxes and HOA fees
Tax Annual Amount
1813
Building Details
Year built
1922
Listing Agency:
Reedy & Company, REALTORS
(901) 842-0805
Listed By:
Bradley Puckett
(901) 604-6338
Added: Sep 11
Changed: Sep 16
Last Checked: Oct 30 at 8:06AM
MLS# 10230280
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.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 1,636-square-foot duplex, built in 1922, includes two residential units at 2435 Forrest Ave in Memphis. Unit 1 and Unit 2 are both leased, providing an established rental profile with occupants in place at closing.
The property is situated in Midtown Memphis near Broad Avenue’s shops and restaurants, with the Memphis Zoo and Overton Park also nearby. Its existing tenant occupancy and two-unit configuration provide a straightforward residential income property format for review.
The property is situated in Midtown Memphis near Broad Avenue’s shops and restaurants, with the Memphis Zoo and Overton Park also nearby. Its existing tenant occupancy and two-unit configuration provide a straightforward residential income property format for review.
Key Highlights
- Two‑unit duplex with 1,636 square feet
- Both Unit 1 and Unit 2 are leased
- Built in 1922
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,797
Cap Rate
9.20%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$275,940
$275.9K
Cap Rate 7%
$197,100
$197.1K
Cap Rate 9%
$153,300
$153.3K
Market Conditions
NOI Build-Up for 1,636 SF
Gross rent
$21.0K $12.84/SF
− Vacancy
−$1.3K −$0.79/SF
EGI
$19.7K $12.05/SF
− OpEx
−$5.9K −$3.61/SF
NOI
$13.8K $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%
$275,940
Cap Rate 7%
$197,100
Cap Rate 9%
$153,300
Alternative Uses
Best Use
Multifamily LT 5
$197.1K
$172.5K – $230.0K
NOI $13,797 @ 7.0% cap · market cap 9.20%
Second Best
Apartment 5plus
$174.5K
$152.7K – $203.6K
NOI $12,216 @ 7.0% cap · market cap 8.14%
Theoretical Best
Office A
$483.5K
$423.1K – $564.1K
NOI $33,846 @ 7.0% cap · market cap 22.56%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
642
Businesses Nearby
Explore this area
Business Placement
Demographics for 38112, TN
16,970
Population
7,425
Households
2.3
Avg Household Size
32
Median Age
38%
College-Educated
85%
High-School Grad
4.8 sq mi
ZIP Area
3,535
Density / Sq Mi
$52,639
Median Household Income
$29,576
Median Earnings
$969
Median Rent
$206,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two leased units offer established rental operations in Midtown Memphis near Broad Avenue, the Memphis Zoo, and Overton Park.
Where is this duplex located?
The property is located at 2435 FORREST Ave Memphis, TN.
What is the asking price?
The asking price for this property is $150,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,636 square feet; Both Unit 1 and Unit 2 are leased; Built in 1922
