Two-Unit Duplex with Detached
New
For Sale
$615,000
289 Kenilworth Pl, Memphis, TN 38112
Up-and-down units offer separate in-unit laundry rooms and retained appliances.
Property Size3,576 SF
Price / SF$171.98
Days on Market3
Property Features for 289 Kenilworth Pl
General Information
Standard status
Active
Size
3,576 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/2BA, 1 x 3BR/1BA
Multifamily Units
2
Amenities
in-unit laundry
Building Details
Year Built
1920
Buildings
2
Listing Agency:
Crye-Leike, Inc., Realtors
Listed By:
The Eric Crutcher Sales Team
(901) 212-2414
Source:
Doorstep-realty
Added: Sep 13
Changed: Sep 14
Last Checked: Sep 14 at 8:53AM
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, Inc., Realtors
Investment Insights
Based on property information with market context.
Built in 1920, this 3,576-square-foot duplex has an up-and-down configuration with two distinct living units. The lower residence includes three bedrooms and two baths, while the upper residence provides three bedrooms and one bath. Each unit has its own interior laundry room, and the existing appliances convey in as-is condition.
A detached two-car garage adds an attached apartment or office area that was most recently used as office space. The property is located at 289 Kenilworth Pl in Memphis, within a historic district setting and near Overton Park. Its residential layout, separate unit amenities, and additional garage structure create a property with multiple existing components for the next owner to evaluate.
A detached two-car garage adds an attached apartment or office area that was most recently used as office space. The property is located at 289 Kenilworth Pl in Memphis, within a historic district setting and near Overton Park. Its residential layout, separate unit amenities, and additional garage structure create a property with multiple existing components for the next owner to evaluate.
Key Highlights
- 3,576‑square‑foot duplex built in 1920
- Downstairs unit includes 3 bedrooms and 2 baths
- Upstairs unit includes 3 bedrooms and 1 bath
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
$30,158
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
4.90%
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%
$603,160
$603.2K
Cap Rate 7%
$430,829
$430.8K
Cap Rate 9%
$335,089
$335.1K
Market Conditions
NOI Build-Up for 3,576 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
$45.9K $12.84/SF
− Vacancy
−$2.8K −$0.79/SF
EGI
$43.1K $12.05/SF
− OpEx
−$12.9K −$3.61/SF
NOI
$30.2K $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%
$603,160
Cap Rate 7%
$430,829
Cap Rate 9%
$335,089
Alternative Uses
Best Use
Multifamily LT 5
$430.8K
$377.0K – $502.6K
NOI $30,158 @ 7.0% cap · market cap 4.90%
Second Best
Apartment 5plus
$381.5K
$333.8K – $445.0K
NOI $26,702 @ 7.0% cap · market cap 4.34%
Theoretical Best
Office A
$1.06M
$924.8K – $1.23M
NOI $73,980 @ 7.0% cap · market cap 12.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
815
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
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Up-and-down units offer separate in-unit laundry rooms and retained appliances.
Where is this duplex located?
The property is located at 289 Kenilworth Pl Memphis, TN.
What is the asking price?
The asking price for this property is $615,000.
What are key features of this property?
This property features: 3,576‑square‑foot duplex built in 1920; Downstairs unit includes 3 bedrooms and 2 baths; Upstairs unit includes 3 bedrooms and 1 bath
