Quadplex with Central
For Sale
$325,000
3062 Park Ave, Memphis, TN 38111
All four residences have central HVAC, with the owner covering water service.
Property Size3,178 SF
Price / SF$102.27
Days on Market9
Property Features for 3062 Park Ave
General Information
Standard status
Active
Size
3,178 SF
Property subtype
Residential Income
Occupancy
100%
Additional Details
Multifamily Units
4
Listing Agency:
CrestCore Realty MphsBrokerage
Listed By:
Alissa Fowler
(901) 371-1758
Source:
Exprealty
Added: Oct 6
Changed: Oct 11
Last Checked: Oct 13 at 12:38AM
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 CrestCore Realty MphsBrokerage
Investment Insights
Based on property information with market context.
This 3,178-square-foot quadplex contains four residential units, each served by central HVAC. The available unit details identify one two-bedroom, one-bath unit on the lower level and two one-bedroom, one-bath units upstairs.
The property is fully occupied. Recent capital work includes replacement of the sewer line, water line, and two of the four water heaters within the past two years. The owner pays for water service.
The property is fully occupied. Recent capital work includes replacement of the sewer line, water line, and two of the four water heaters within the past two years. The owner pays for water service.
Key Highlights
- 3,178‑square‑foot quadplex with 100% occupancy
- Central HVAC in all units
- Sewer and water lines replaced in the last two years
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,801
Cap Rate
8.25%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$536,020
$536.0K
Cap Rate 7%
$382,871
$382.9K
Cap Rate 9%
$297,789
$297.8K
Market Conditions
NOI Build-Up for 3,178 SF
Gross rent
$40.8K $12.84/SF
− Vacancy
−$2.5K −$0.79/SF
EGI
$38.3K $12.05/SF
− OpEx
−$11.5K −$3.61/SF
NOI
$26.8K $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%
$536,020
Cap Rate 7%
$382,871
Cap Rate 9%
$297,789
Alternative Uses
Best Use
Multifamily LT 5
$382.9K
$335.0K – $446.7K
NOI $26,801 @ 7.0% cap · market cap 8.25%
Second Best
Apartment 5plus
$339.0K
$296.6K – $395.5K
NOI $23,730 @ 7.0% cap · market cap 7.30%
Theoretical Best
Office A
$939.2K
$821.8K – $1.10M
NOI $65,746 @ 7.0% cap · market cap 20.23%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
318
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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Cap Rate, Value Estimation, Potential NOI and more
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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?
Quadplex - All four residences have central HVAC, with the owner covering water service.
Where is this quadplex located?
The property is located at 3062 Park Ave Memphis, TN.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: 3,178‑square‑foot quadplex with 100% occupancy; Central HVAC in all units; Sewer and water lines replaced in the last two years
