Renovated Two-Unit
For Sale
$209,900
3054 WAYNOKA Ave, Memphis, TN 38111
Duplexes, Memphis, TN
Property Size1,350 SF
Price / SF$155.48
Days on Market52
Property Features for 3054 WAYNOKA Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 2, Bathroom 1, Bedroom 4, Bedroom 1, Bathroom 2
Subdivision
EAST COVE
Standard status
Active
Size
1,350 SF
Taxes and HOA fees
Tax Annual Amount
1033
Building Details
Year built
1950
Listing Agency:
KAIZEN Realty, LLC
(901) 221-4041
Listed By:
Joshua Moss · License #341627
(901) 590-8636
Added: Aug 18
Changed: Oct 7
Last Checked: Oct 8 at 1:06AM
MLS# 10228637
Copyright © 2026 Memphis Area Association of Realtors®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-unit duplex contains 1,350 square feet, with each residence offering 2 bedrooms and 1 bathroom. Originally built in 1950, the property has undergone extensive renovation, including a new roof, replacement windows, luxury vinyl plank flooring, fresh paint, updated light fixtures and ceiling fans, new kitchen cabinetry, granite countertops, and refreshed bathrooms with new vanities and contemporary finishes.
The property is located at 3054 Waynoka Ave in Memphis, TN 38111, near the University of Memphis. Shopping, dining, and campus amenities are also nearby. The two-unit configuration supports the occupancy approach described for the property, including living in one residence while renting the other.
The property is located at 3054 Waynoka Ave in Memphis, TN 38111, near the University of Memphis. Shopping, dining, and campus amenities are also nearby. The two-unit configuration supports the occupancy approach described for the property, including living in one residence while renting the other.
Key Highlights
- Two‑unit duplex totaling 1,350 square feet
- Each unit has 2 bedrooms and 1 bathroom
- Extensive renovation includes new roof, windows, flooring, kitchens, and bathrooms
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
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
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
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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
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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 - Renovated interiors include updated kitchens, bathrooms, flooring, windows, and lighting.
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 totaling 1,350 square feet; Each unit has 2 bedrooms and 1 bathroom; Extensive renovation includes new roof, windows, flooring, kitchens, and bathrooms
