Mixed-Use Property with Gated
For Sale
Contact for pricing
28 S IDLEWILD ST, Memphis, TN 38104
Historic two-level property allows office and residential use with a full kitchen and secured rear parking.
Property Size3,079 SF
Price / SF$146.15
Days on Market13
Property Features for 28 S IDLEWILD ST
General Information
Standard status
Active
Size
3,079 SF
Total Parking Spaces
12
Property subtype
Office, Mixed Use
Zoning
RU-4
Building Details
Year Built
1910
Year Renovated
2016
Buildings
1
Stories
2
Units
1
Listing Agency:
Crye-Leike Real Estate Services
(901) 338-3226
Listed By:
Chris Garland · License #TN-232993
Source:
Crexi
Added: Aug 10
Changed: Aug 21
Last Checked: Aug 21 at 5:45PM
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 Crye-Leike Real Estate Services
Investment Insights
Based on property information with market context.
Located at 28 S Idlewild St in Memphis, this RU-4-zoned mixed-use property contains 3,079 square feet and dates to 1910. The two-level layout includes four bedrooms and two full baths upstairs, while the lower level features 12-foot ceilings, a full kitchen, living room, and dining room. The existing configuration can accommodate four private offices upstairs, with the lower-level rooms suited to reception and conference functions as described in the property information.
A gated, fenced parking area at the rear provides space for 12 cars. The property sits between Union Avenue and Madison Avenue, on a street with several other office uses. Both office and residential use are identified for the location.
A gated, fenced parking area at the rear provides space for 12 cars. The property sits between Union Avenue and Madison Avenue, on a street with several other office uses. Both office and residential use are identified for the location.
Key Highlights
- 3,079‑square‑foot mixed‑use property built in 1910
- RU‑4 zoning with office and residential use identified
- Four upstairs bedrooms and two full baths
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
$37,410
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
8.31%
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%
$748,200
$748.2K
Cap Rate 7%
$534,429
$534.4K
Cap Rate 9%
$415,667
$415.7K
Market Conditions
NOI Build-Up for 3,079 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
$66.5K $21.60/SF
− Vacancy
−$6.7K −$2.16/SF
EGI
$59.9K $19.44/SF
− OpEx
−$22.4K −$7.29/SF
NOI
$37.4K $12.15/SF
Area
Memphis, TN
Vacancy
10.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$748,200
Cap Rate 7%
$534,429
Cap Rate 9%
$415,667
Alternative Uses
Best Use
Office B
$673.0K
$588.9K – $785.2K
NOI $47,109 @ 7.0% cap · market cap 10.47%
Second Best
Mixed Use
$534.4K
$467.6K – $623.5K
NOI $37,410 @ 7.0% cap · market cap 8.31%
Theoretical Best
Office A
$910.0K
$796.2K – $1.06M
NOI $63,698 @ 7.0% cap · market cap 14.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,581
Businesses Nearby
Explore this area
Business Placement
Demographics for 38104, TN
22,584
Population
14,315
Households
1.6
Avg Household Size
38
Median Age
52%
College-Educated
93%
High-School Grad
5.0 sq mi
ZIP Area
4,517
Density / Sq Mi
$56,452
Median Household Income
$48,300
Median Earnings
$1,073
Median Rent
$301,100
Median Home Value
Market
Vacancy Rate% for Office in Memphis, TN
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Historic two-level property allows office and residential use with a full kitchen and secured rear parking.
Where is this mixed-use property located?
The property is located at 28 S IDLEWILD ST Memphis, TN.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 3,079‑square‑foot mixed‑use property built in 1910; RU‑4 zoning with office and residential use identified; Four upstairs bedrooms and two full baths
