Fully Occupied
New
For Sale
$170,000
3133 Nathan Ave, Memphis, TN 38112
Two leased units provide an established rental configuration with major capital items recently addressed.
Property Size1,676 SF
Price / SF$101.43
Days on Market4
Property Features for 3133 Nathan Ave
General Information
Standard status
Active
Size
1,676 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Gross Income
$21,300
Multifamily Units
2
Building Details
Year Built
1963
Listing Agency:
Renshaw Company, Realtors
(901) 591-8100
Listed By:
John Quinn · License #3298267
(901) 591-8100
Source:
Johnquinnrealestate
Added: Aug 30
Changed: Aug 31
Last Checked: Sep 1 at 6:39PM
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 Renshaw Company, Realtors
Investment Insights
Based on property information with market context.
This 1,676-square-foot duplex was built in 1963 and is configured with two residential units. Both units are currently leased, and the property is being sold subject to the existing leases, providing an established occupancy profile for a residential income buyer.
Recent property updates include a roof replacement approximately 2 years ago and a water heater approximately 2 years old. The asset is located in Memphis, TN 38112 and is available for individual acquisition or as part of a package of investment properties offered by the same seller.
Recent property updates include a roof replacement approximately 2 years ago and a water heater approximately 2 years old. The asset is located in Memphis, TN 38112 and is available for individual acquisition or as part of a package of investment properties offered by the same seller.
Key Highlights
- Two‑unit duplex with both residences leased
- 1,676 square feet of building area
- Built in 1963
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
$14,134
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
8.31%
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%
$282,680
$282.7K
Cap Rate 7%
$201,914
$201.9K
Cap Rate 9%
$157,044
$157.0K
Market Conditions
NOI Build-Up for 1,676 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
$21.5K $12.84/SF
− Vacancy
−$1.3K −$0.79/SF
EGI
$20.2K $12.05/SF
− OpEx
−$6.1K −$3.61/SF
NOI
$14.1K $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%
$282,680
Cap Rate 7%
$201,914
Cap Rate 9%
$157,044
Alternative Uses
Best Use
Multifamily LT 5
$201.9K
$176.7K – $235.6K
NOI $14,134 @ 7.0% cap · market cap 8.31%
Second Best
Apartment 5plus
$178.8K
$156.4K – $208.6K
NOI $12,515 @ 7.0% cap · market cap 7.36%
Theoretical Best
Office A
$495.3K
$433.4K – $577.9K
NOI $34,673 @ 7.0% cap · market cap 20.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
716
Businesses Nearby
Explore this area
Business Placement
Demographics for 38112, TN
16,970
Population
7,425
Households
2.3
Avg Household Size
32
Median Age
38%
College-Educated
85%
High-School Grad
4.8 sq mi
ZIP Area
3,535
Density / Sq Mi
$52,639
Median Household Income
$29,576
Median Earnings
$969
Median Rent
$206,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two leased units provide an established rental configuration with major capital items recently addressed.
Where is this duplex located?
The property is located at 3133 Nathan Ave Memphis, TN.
What is the asking price?
The asking price for this property is $170,000.
What are key features of this property?
This property features: Two‑unit duplex with both residences leased; 1,676 square feet of building area; Built in 1963
