Brick Two-Unit
For Sale
$144,900
Pending
3219 Choctaw Ave, Memphis, TN 38111
Tenant-occupied residential property with professional management already in place.
Property Size1,692 SF
Days on Market51
Property Features for 3219 Choctaw Ave
General Information
Standard status
Pending
Size
1,692 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
University Neighborhoods Development Corp.
Additional Details
Multifamily Units
2
Building Details
Year Built
1923
Construction
brick
Listing Agency:
Crye-Leike, Inc., Realtors
Listed By:
Stacia Rosatti
(901) 270-9019
Source:
Staciarosatti
Added: Sep 12
Changed: Oct 31
Last Checked: Oct 30 at 2:27PM
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 Crye-Leike, Inc., Realtors
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Investment Insights
Based on property information with market context.
This tenant-occupied duplex contains two separate one-bedroom, one-bath units within a brick building. The property provides 1,692 square feet of residential space and was built in 1923, offering a compact two-unit configuration for an income-property buyer.
Professional property management is currently in place. The property is located at 3219 Choctaw Ave in Memphis, Tennessee, with both units occupied. Showings require an accepted offer.
Professional property management is currently in place. The property is located at 3219 Choctaw Ave in Memphis, Tennessee, with both units occupied. Showings require an accepted offer.
Key Highlights
- Two‑unit duplex with one bedroom and one bathroom in each unit
- Brick construction with 1,692 square feet of property size
- Built in 1923
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$12,634
Cap Rate
8.72%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$252,680
$252.7K
Cap Rate 7%
$180,486
$180.5K
Cap Rate 9%
$140,378
$140.4K
Market Conditions
NOI Build-Up for 1,692 SF
Gross rent
$24.6K $14.52/SF
− Vacancy
−$1.6K −$0.94/SF
EGI
$23.0K $13.58/SF
− OpEx
−$10.3K −$6.11/SF
NOI
$12.6K $7.47/SF
Area
Memphis, TN
Vacancy
6.50%
Lease Rate
$14.52 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$252,680
Cap Rate 7%
$180,486
Cap Rate 9%
$140,378
Alternative Uses
Best Use
Multifamily LT 5
$203.8K
$178.4K – $237.8K
NOI $14,269 @ 7.0% cap · market cap 9.85%
Second Best
Apartment 5plus
$180.5K
$157.9K – $210.6K
NOI $12,634 @ 7.0% cap · market cap 8.72%
Theoretical Best
Office A
$500.1K
$437.6K – $583.4K
NOI $35,004 @ 7.0% cap · market cap 24.16%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
617
Businesses Nearby
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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
Frequently Asked Questions
What type of property is this?
Duplex - Tenant-occupied residential property with professional management already in place.
Where is this duplex located?
The property is located at 3219 Choctaw Ave Memphis, TN.
What is the asking price?
The asking price for this property is $144,900.
What are key features of this property?
This property features: Two‑unit duplex with one bedroom and one bathroom in each unit; Brick construction with 1,692 square feet of property size; Built in 1923
