Renovated Two-Unit
New
For Sale
$209,900
3054 WAYNOKA Ave, Memphis, TN 38111
Duplexes, Memphis, TN
Property Size1,350 SF
Price / SF$155.48
Days on Market6
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 4, Bathroom 2, Bedroom 2, Bedroom 1, Bathroom 1, Bedroom 3
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: Aug 23
Last Checked: Aug 23 at 11:06AM
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 = 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 - 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
