Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Memphis Duplex with Leased Units Title is generated by Realmo AI

    3151 HIGHLAND PARK Pl, Memphis, TN 38111

    View on Map
    Claim this Listing
    For Sale
    $189,900

    MULTI_FAMILY - Memphis, TN

    Property size:
    1,606 SF
    Price / SF:
    $118/SF
    Added:
    May 5, 2026
    Days on Market:
    30
    Last Refresh:
    Jun 3 at 5:06 am

    Property Features for 3151 HIGHLAND PARK Pl

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    4
    Bathrooms
    2
    Rooms
    Bedroom 4, Bathroom 1, Bedroom 2, Bedroom 1, Bathroom 2, Bedroom 3
    Standard status
    Active
    Size
    1,606 SF

    Taxes and HOA fees

    Tax Annual Amount
    1291

    Building Details

    Year built
    1948
    Architectural style
    Other

    We can help!

    Listing Contact
    Jeremy Veldman

    Listing agent Jeremy Veldman

    Listing office KAIZEN Realty, LLC 7540 North Street, Germantown, TN

    Listing date May 5, 2026

    MLS# 10220865 Listing URL

    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.

    HighLights

    • Turnkey duplex generating $1,845/month with reliable tenants
    • Leases in place through June 30, 2026 and September 30, 2026 respectively
    • Renovated in 2021 with new roof, HVAC, and water heater
    • Tenants have excellent payment history
    • Professionally managed with maintenance report and tenant ledgers available
    • Leases automatically renew unless 30‑day notice is given

    Overview

    This is an investment opportunity featuring a cash-flowing duplex. The property consists of two units. Unit 3151 is leased for $895 per month, with the tenant having occupied the space since July 1, 2021, and the lease extending through June 30, 2026. Unit 3153 is leased for $950 per month, with the tenant having occupied the space since September 1, 2024, and the lease extending through September 30, 2026. Leases automatically renew unless either party provides a 30-day notice. Both tenants maintain a current status with a history of payments. The property was renovated in 2021, including a new roof, HVAC system, water heater, and cosmetic updates. The property is professionally managed. The property is located in Memphis, TN, within Shelby County. The property size is 1606 square feet.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $20.6k $12.84
    − Vacancy −$1.3k −$0.79
    EGI $19.3k $12.05
    − OpEx −$5.8k −$3.61
    NOI $13.5k $8.43
    1,606 SF · lease $12.84/SF/yr · vacancy 6.17% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $193.5K
    $169.3K – $225.7K (±1% cap)
    NOI $13,544 @ 7.0% cap · market cap 7.13%
    Second Best
    Apartment 5plus
    $171.3K
    $149.9K – $199.9K (±1% cap)
    NOI $11,992 @ 7.0% cap · market cap 6.31%
    Theoretical Best
    Office A
    $474.6K
    $415.3K – $553.8K (±1% cap)
    NOI $33,225 @ 7.0% cap · market cap 17.50%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -89.956349
    Latitude
    35.136811

    Nearby Similar for Sale

    • $1,550,000
      13,455 SF

      Memphis Commercial/Industrial Opportunity For Sale

      13,455 SF flex/warehouse/office building on 0.712 acres.
      6735 WHITTEN Pl, Memphis, TN 38133
      View Details
    • $699,000
      7,868 SF

      High-Traffic Commercial Space in Memphis

      Versatile 7,868 SF commercial space in high-growth Memphis area.
      2802 LAMAR Ave, Memphis, TN 38114
      View Details
    • $765,000

      Memphis Commercial Property For Sale

      Commercial property with potential for medical or office space.
      804 S HIGHLAND St, Memphis, TN 38111
      View Details
    • $310,000
      2,584 SF

      Memphis Commercial Property for Sale

      Commercial property in Memphis, TN, featuring 2584 square feet.
      333 S Bellevue Boulevard, Memphis, TN 38104
      View Details
    • $914,900
      7,232 SF

      East Memphis Multifamily Investment Opportunity

      Renovated 10-unit property near Walnut Grove Road.
      160 HAYDEN Pl, Memphis, TN 38111
      View Details
    • $160,000

      Versatile Commercial Property in Memphis

      Adaptable commercial space suitable for various business types or investment.
      3402 PARK Ave, Memphis, TN 38111
      View Details
    • $740,000

      Mixed-Use Commercial Building in Memphis

      Versatile property with retail, office, and warehouse potential.
      413 DECATUR St, Memphis, TN 38105
      View Details
    • $1,650,000
      1,116 SF

      Gated Townhome Community in Memphis

      Fully occupied, renovated townhomes near Overton Square. Perfect for investors.
      1961-1970 REMBERT Pl, Memphis, TN 38104
      View Details
    • $1,568,000
      946 SF

      Midtown Memphis Multifamily Investment

      Nineteen units in Midtown Memphis, generating $17,410 monthly.
      32 N BELVEDERE Blvd, Memphis, TN 38104
      View Details
    • $2,500,000

      Office Building in Medical District

      Free-standing office building in the heart of the medical district.
      225 S CLEVELAND St, Memphis, TN 38104
      View Details
    • $139,000

      Commercial Property in High-Visibility Location

      Income-producing commercial property suitable for various business types or residence.
      3191 JACKSON Ave, Memphis, TN 38112
      View Details
    • $339,000
      2,532 SF

      Central Gardens Duplex For Sale

      Rare duplex in Central Gardens, perfect for owner-occupant or investor.
      1983 HARBERT Ave, Memphis, TN 38104
      View Details

    FAQs

    What type of property is this?
    Duplex - Turnkey duplex generating income with long-term tenants in place.
    Where is this duplex located?
    The property is located at 3151 HIGHLAND PARK Pl Memphis, TN.
    What is the asking price?
    The asking price for this property is $189,900.
    What are key features of this property?
    This property features: Turnkey duplex generating $1,845/month with reliable tenants; Leases in place through June 30, 2026 and September 30, 2026 respectively; Renovated in 2021 with new roof, HVAC, and water heater
    (662) 418-7511
    We can help!
    Listing Contact
    Jeremy Veldman
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    3151 HIGHLAND PARK Pl, Memphis, TN 38111
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!