Updated 4-Unit Multifamily
New
For Sale
$215,000
259 MARYLAND Ave, Memphis, TN 38126
Multi-Family, Memphis, TN
Property Size1,560 SF
Price / SF$137.82
Days on Market2
Property Features for 259 MARYLAND Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RU-3
Subdivision
COCKE CAROLINE J
Standard status
Active
Size
1,560 SF
Taxes and HOA fees
Tax Annual Amount
1757
Building Details
Year built
1958
Listing Agency:
eXp Realty, LLC
(888) 519-5113
Listed By:
Terrance Hill
(901) 691-2722
Added: Oct 21
Last Checked: Oct 22 at 7:06AM
MLS# 10232910
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.
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Investment Insights
Based on property information with market context.
This 1,560-square-foot quadplex in Memphis was built in 1958 and carries RU-3 zoning. Improvements include a newer roof and refreshed flooring, tile, kitchens, and bathrooms. Two of the four units are occupied, while the other two are vacant.
Key Highlights
- Four‑unit multifamily property
- 1,560 square feet
- Two units occupied and two vacant
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,156
Cap Rate
6.12%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$263,120
$263.1K
Cap Rate 7%
$187,943
$187.9K
Cap Rate 9%
$146,178
$146.2K
Market Conditions
NOI Build-Up for 1,560 SF
Gross rent
$20.0K $12.84/SF
− Vacancy
−$1.2K −$0.79/SF
EGI
$18.8K $12.05/SF
− OpEx
−$5.6K −$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 Rate 5%
$263,120
Cap Rate 7%
$187,943
Cap Rate 9%
$146,178
Alternative Uses
Best Use
Multifamily LT 5
$187.9K
$164.5K – $219.3K
NOI $13,156 @ 7.0% cap · market cap 6.12%
Second Best
Apartment 5plus
$166.4K
$145.6K – $194.1K
NOI $11,648 @ 7.0% cap · market cap 5.42%
Theoretical Best
Office A
$461.0K
$403.4K – $537.9K
NOI $32,273 @ 7.0% cap · market cap 15.01%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
574
Businesses Nearby
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Business Placement
Demographics for 38126, TN
5,717
Population
3,260
Households
1.8
Avg Household Size
32
Median Age
14%
College-Educated
82%
High-School Grad
1.9 sq mi
ZIP Area
3,009
Density / Sq Mi
$30,825
Median Household Income
$32,396
Median Earnings
$794
Median Rent
$59,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - Two leased apartments and two vacant units offer a mix of current occupancy and available space.
Where is this quadplex located?
The property is located at 259 MARYLAND Ave Memphis, TN.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: Four‑unit multifamily property; 1,560 square feet; Two units occupied and two vacant
