Brick
New
For Sale
$144,900
3219 CHOCTAW Ave, Memphis, TN 38111
Duplexes, Traditional, Memphis, TN
Property Size1,692 SF
Price / SF$85.64
Days on Market6
Property Features for 3219 CHOCTAW Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1, Bedroom 1, Bedroom 2
Subdivision
MESSICK SCHOOL PLACE
Standard status
Active
Size
1,692 SF
Taxes and HOA fees
Tax Annual Amount
1771
Building Details
Year built
1923
Architectural style
Other
Listing Agency:
Crye-Leike, Inc., REALTORS
(901) 756-8900
Listed By:
Tyler Tapley · License #296080
(901) 871-1290
Added: Sep 10
Changed: Sep 12
Last Checked: Sep 15 at 4:06AM
MLS# 10230187
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 1,692-square-foot duplex contains two residential units, each arranged with one bedroom and one bathroom. The building was constructed in 1923 and has brick exterior construction. Both residences are occupied, and the property is professionally managed.
Located at 3219 CHOCTAW Ave in Memphis, Tennessee, the asset offers an established two-unit configuration for residential income ownership. Current occupancy provides an operating rental history, while the compact unit layout supports straightforward management.
Located at 3219 CHOCTAW Ave in Memphis, Tennessee, the asset offers an established two-unit configuration for residential income ownership. Current occupancy provides an operating rental history, while the compact unit layout supports straightforward management.
Key Highlights
- Two‑unit duplex with 1 bedroom and 1 bathroom per unit
- 1,692 square feet of building area
- Brick construction
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
$12,634
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
8.72%
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%
$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
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
$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 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%
$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.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
617
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Tenant-occupied two-unit property with one bedroom and one bathroom in each residence.
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 1 bedroom and 1 bathroom per unit; 1,692 square feet of building area; Brick construction
