Two-Unit Duplex with Covered
328 N McLean, Memphis, TN 38112
For Sale
$429,900
Separate kitchens and laundry areas serve both residences, with bedrooms on the upper floors.
Property Size3,876 SF
Price / SF$110.91
Days on Market25
Property Features for 328 N McLean
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Amenities
hardwood floors
laundry area
covered patio
Building Details
Building Size
Year Built
Stories
Listing Agency:
Enterprise, Realtors
(901) 867-1000
Listed By:
Suzanne Smith
(901) 201-0752
Source:
Assuredrealestate
Added: Oct 14
Changed: Nov 2
Last Checked: Nov 7 at 3:50AM
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 Enterprise, Realtors
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Investment Insights
Based on property information with market context.
Built in 1926, this duplex contains 3,876 square feet across two residences. Each side has three bedrooms, 2.5 bathrooms, a kitchen, and a laundry area. Hardwood flooring is present downstairs, and both units have living and dining rooms. A covered patio and rear parking serve the property.
The property is near Overton Park, Memphis Zoo, and Rhodes College. Recent work includes a roof replacement and exterior painting, each completed one year ago. The building also has two tankless water heaters; the HVAC systems are four and nine years old.
The property is near Overton Park, Memphis Zoo, and Rhodes College. Recent work includes a roof replacement and exterior painting, each completed one year ago. The building also has two tankless water heaters; the HVAC systems are four and nine years old.
Key Highlights
- Two residences, each with 3 bedrooms and 2.5 bathrooms
- 3,876 square feet; built in 1926
- New roof and exterior paint, each completed 1 year ago
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$32,688
Cap Rate
7.60%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$653,760
$653.8K
Cap Rate 7%
$466,971
$467.0K
Cap Rate 9%
$363,200
$363.2K
Market Conditions
NOI Build-Up for 3,876 SF
Gross rent
$49.8K $12.84/SF
− Vacancy
−$3.1K −$0.79/SF
EGI
$46.7K $12.05/SF
− OpEx
−$14.0K −$3.61/SF
NOI
$32.7K $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%
$653,760
Cap Rate 7%
$466,971
Cap Rate 9%
$363,200
Alternative Uses
Best Use
Multifamily LT 5
$467.0K
$408.6K – $544.8K
NOI $32,688 @ 7.0% cap · market cap 7.60%
Second Best
Apartment 5plus
$413.5K
$361.8K – $482.4K
NOI $28,942 @ 7.0% cap · market cap 6.73%
Theoretical Best
Office A
$1.15M
$1.00M – $1.34M
NOI $80,187 @ 7.0% cap · market cap 18.65%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
490
Businesses Nearby
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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
$206,900
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Memphis, TN
Properties on Market for Duplexes in Memphis
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Separate kitchens and laundry areas serve both residences, with bedrooms on the upper floors.
Where is this duplex located?
The property is located at 328 N McLean Memphis, TN.
What is the asking price?
The asking price for this property is $429,900.
What are key features of this property?
This property features: Two residences, each with 3 bedrooms and 2.5 bathrooms; 3,876 square feet; built in 1926; New roof and exterior paint, each completed 1 year ago
