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Building Details

Year Built 1950

Listing Agency: Uc River City Realty

Listed By: The Eric Crutcher Sales Team Show Phone

Source: Doorstep-realty

Added: Aug 20 Changed: Oct 15 Last Checked: Oct 14 at 11:03PM

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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 Uc River City Realty

Investment Insights

Based on property information with market context.

This duplex contains two renovated residences, each configured with two bedrooms and one bathroom. Improvements include a newer roof and windows, luxury vinyl plank flooring, interior paint, updated lighting and ceiling fans, refreshed cabinetry, granite countertops, and remodeled bathrooms with new vanities and contemporary finishes. The property was built in 1950 and measures 1,350 square feet.

Located at 3054 Waynoka Ave in Memphis, the duplex is near the University of Memphis, shopping, dining, and campus amenities. Its two-unit configuration supports separate residential occupancy within a single property.

Key Highlights

• Two‑unit duplex with 2 bedrooms and 1 bathroom in each unit
• 1,350 square feet on a 1950‑built property
• Renovated kitchens with new cabinets and granite countertops

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$11,385

Cap Rate

5.42%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$227,700 $227.7K

Cap Rate 7%

$162,643 $162.6K

Cap Rate 9%

$126,500 $126.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,350 SF

Gross rent

$17.3K $12.84/SF

− Vacancy

−$1.1K −$0.79/SF

EGI

$16.3K $12.05/SF

− OpEx

−$4.9K −$3.61/SF

NOI

$11.4K $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%

$227,700

Cap Rate 7%

$162,643

Cap Rate 9%

$126,500

Alternative Uses

Best Use

Multifamily LT 5

$162.6K

$142.3K – $189.8K (±1% cap)

NOI $11,385 @ 7.0% cap · market cap 5.42%

Second Best

Apartment 5plus

$144.0K

$126.0K – $168.0K (±1% cap)

NOI $10,080 @ 7.0% cap · market cap 4.80%

Theoretical Best

Office A

$399.0K

$349.1K – $465.5K (±1% cap)

NOI $27,929 @ 7.0% cap · market cap 13.31%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Parking Lot & Garage Pet Grooming Service (Bike/Boat/Book/etc) Store Restaurant Carpet & Flooring Store Computer & Electronic Repair

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

799

Businesses Nearby

Explore this area Business Placement

Demographics for 38111, TN

40,533

Population

20,084

Households

2

Avg Household Size

34

Median Age

38%

College-Educated

89%

High-School Grad

9.8 sq mi

ZIP Area

4,136

Density / Sq Mi

$52,806

Median Household Income

$33,449

Median Earnings

$1,077

Median Rent

$165,200

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Two updated residences offer flexible living and rental use near the University of Memphis campus.

Where is this duplex located?

The property is located at 3054 Waynoka Ave Memphis, TN.

What is the asking price?

The asking price for this property is $209,900.

What are key features of this property?

This property features: Two‑unit duplex with 2 bedrooms and 1 bathroom in each unit; 1,350 square feet on a 1950‑built property; Renovated kitchens with new cabinets and granite countertops