Renovated 2-Unit
For Sale
$209,900
3054 Waynoka Ave, Memphis, TN 38111
Two updated residences offer flexible living and rental use near the University of Memphis campus.
Property Size1,350 SF
Price / SF$155.48
Days on Market11
Property Features for 3054 Waynoka Ave
General Information
Standard status
Active
Size
1,350 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1950
Listing Agency:
Harris Realty Services
(901) 212-2414
Listed By:
The Eric Crutcher Sales Team
(901) 212-2414
Source:
Doorstep-realty
Added: Aug 20
Changed: Aug 28
Last Checked: Aug 29 at 8:54AM
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 Harris Realty Services
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.
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 = 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
$11,385
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
5.42%
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%
$227,700
$227.7K
Cap Rate 7%
$162,643
$162.6K
Cap Rate 9%
$126,500
$126.5K
Market Conditions
NOI Build-Up for 1,350 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
$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 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%
$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
NOI $11,385 @ 7.0% cap · market cap 5.42%
Second Best
Apartment 5plus
$144.0K
$126.0K – $168.0K
NOI $10,080 @ 7.0% cap · market cap 4.80%
Theoretical Best
Office A
$399.0K
$349.1K – $465.5K
NOI $27,929 @ 7.0% cap · market cap 13.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
