8-Unit Multifamily
For Sale
Contact for pricing
291 Greenlaw Ave, Memphis, TN 38105
Eight two-bedroom units with central heating and air are offered in this for-sale multifamily property.
Property Size7,042 SF
Price / SF$106.36
Days on Market178
Property Features for 291 Greenlaw Ave
General Information
Standard status
Active
Size
7,042 SF
Class
D
Property subtype
Multifamily
Occupancy
88%
Additional Details
Multifamily Units
8
Amenities
central heating & air
Building Details
Year Built
1960
Buildings
1
Stories
2
Units
8
Tenancy
Multi
Listing Agency:
Crye-Leike Commercial Memphis
Listed By:
Jeffrey Moore · License #TN 250330
(901) 758-5670
Source:
Crexi
Added: Mar 16
Changed: Sep 2
Last Checked: Sep 8 at 8:23AM
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 Commercial Memphis
Investment Insights
Based on property information with market context.
This for-sale 8-unit multifamily property consists of eight 2-bedroom apartments. Each unit is equipped with central heating and air.
The property is located at 291 Greenlaw Ave in Memphis, Tennessee 38105.
For buyers seeking a straightforward small income property, the consistent unit configuration and in-unit central heating and air support a relatively uniform living setup across the building’s eight apartments.
The property is located at 291 Greenlaw Ave in Memphis, Tennessee 38105.
For buyers seeking a straightforward small income property, the consistent unit configuration and in-unit central heating and air support a relatively uniform living setup across the building’s eight apartments.
Key Highlights
- 8‑unit multifamily property
- All units are 2‑bedroom units (8 total)
- Central heating and air in the units
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
$52,582
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
7.02%
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%
$1,051,640
$1.1M
Cap Rate 7%
$751,171
$751.2K
Cap Rate 9%
$584,244
$584.2K
Market Conditions
NOI Build-Up for 7,042 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
$102.2K $14.52/SF
− Vacancy
−$6.6K −$0.94/SF
EGI
$95.6K $13.58/SF
− OpEx
−$43.0K −$6.11/SF
NOI
$52.6K $7.47/SF
Area
Memphis, TN
Vacancy
6.50%
Lease Rate
$14.52 /SF/Yr
Expense Ratio
45.00%
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%
$1,051,640
Cap Rate 7%
$751,171
Cap Rate 9%
$584,244
Alternative Uses
Best Use
Apartment 5plus
$751.2K
$657.3K – $876.4K
NOI $52,582 @ 7.0% cap · market cap 7.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.08M
$1.82M – $2.43M
NOI $145,685 @ 7.0% cap · market cap 19.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
992
Businesses Nearby
Explore this area
Business Placement
Demographics for 38105, TN
6,232
Population
4,145
Households
1.5
Avg Household Size
39
Median Age
22%
College-Educated
81%
High-School Grad
1.7 sq mi
ZIP Area
3,666
Density / Sq Mi
$29,316
Median Household Income
$34,969
Median Earnings
$928
Median Rent
$75,400
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?
Apartment building - Eight two-bedroom units with central heating and air are offered in this for-sale multifamily property.
Where is this apartment building located?
The property is located at 291 Greenlaw Ave Memphis, TN.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: 8‑unit multifamily property; All units are 2‑bedroom units (8 total); Central heating and air in the units
