Duplex Rental
For Sale
$214,900
2483 Harvard Ave, Memphis, TN 38112
Two-unit residential income property suited to rental operations.
Property Size1,568 SF
Price / SF$137.05
Days on Market19
Property Features for 2483 Harvard Ave
General Information
Standard status
Active
Size
1,568 SF
Property subtype
Residential Income
Listing Agency:
CrestCore Realty MphsBrokerage
(901) 619-6170
Listed By:
Dean Harris
(901) 619-6170
Source:
Exprealty
Added: Jul 24
Changed: Aug 8
Last Checked: Aug 10 at 8:18AM
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 CrestCore Realty MphsBrokerage
Investment Insights
Based on property information with market context.
This duplex provides 1,568 square feet of residential income property in Memphis, Tennessee. The two-unit configuration supports separate residential occupancy within one investment asset.
The property is located at 2483 Harvard Ave, with surrounding commerce and industry referenced in the property information.
The property is located at 2483 Harvard Ave, with surrounding commerce and industry referenced in the property information.
Key Highlights
- Duplex configuration with two residential units
- 1,568 square feet of property size
- Located at 2483 Harvard Ave in Memphis, TN
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
$13,224
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
6.15%
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%
$264,480
$264.5K
Cap Rate 7%
$188,914
$188.9K
Cap Rate 9%
$146,933
$146.9K
Market Conditions
NOI Build-Up for 1,568 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
$20.1K $12.84/SF
− Vacancy
−$1.2K −$0.79/SF
EGI
$18.9K $12.05/SF
− OpEx
−$5.7K −$3.61/SF
NOI
$13.2K $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%
$264,480
Cap Rate 7%
$188,914
Cap Rate 9%
$146,933
Alternative Uses
Best Use
Multifamily LT 5
$188.9K
$165.3K – $220.4K
NOI $13,224 @ 7.0% cap · market cap 6.15%
Second Best
Apartment 5plus
$167.3K
$146.4K – $195.1K
NOI $11,708 @ 7.0% cap · market cap 5.45%
Theoretical Best
Office A
$463.4K
$405.5K – $540.7K
NOI $32,439 @ 7.0% cap · market cap 15.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
871
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
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 suited to rental operations.
Where is this duplex located?
The property is located at 2483 Harvard Ave Memphis, TN.
What is the asking price?
The asking price for this property is $214,900.
What are key features of this property?
This property features: Duplex configuration with two residential units; 1,568 square feet of property size; Located at 2483 Harvard Ave in Memphis, TN
