University Highlands Apartment
3417 Spottswood Avenue, Memphis, TN 38111
For Sale
Contact for pricing
Apartment property in Memphis with an established operating history and 1985 construction.
Property Size30,744 SF
Price / SF$162.71
Days on Market104
Property Features for 3417 Spottswood Avenue
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Building Details
Year Built
Year Renovated
Buildings
Stories
Units
Listing Agency:
Woodyard Realty Corporation
Listed By:
Steve Woodyard · License TN #217464
(901) 277-7731
Source:
Crexi
Added: Aug 3
Changed: Nov 8
Last Checked: Nov 12 at 7:17AM
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 Woodyard Realty Corporation
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Investment Insights
Based on property information with market context.
University Highlands is an apartment property at 3417 Spottswood Avenue in Memphis, Tennessee. The building contains 30,744 square feet and was constructed in 1985.
The property is situated in the University of Memphis and East Memphis submarkets. It is offered for sale individually, with the source information also identifying potential availability alongside several other apartment properties. No additional physical details are provided for the building.
The property is situated in the University of Memphis and East Memphis submarkets. It is offered for sale individually, with the source information also identifying potential availability alongside several other apartment properties. No additional physical details are provided for the building.
Key Highlights
- 30,744‑square‑foot apartment property
- Constructed in 1985
- Located at 3417 Spottswood Avenue, Memphis, TN 38111
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$229,563
Cap Rate
4.59%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,591,260
$4.6M
Cap Rate 7%
$3,279,471
$3.3M
Cap Rate 9%
$2,550,700
$2.6M
Market Conditions
NOI Build-Up for 30,744 SF
Gross rent
$446.4K $14.52/SF
− Vacancy
−$29.0K −$0.94/SF
EGI
$417.4K $13.58/SF
− OpEx
−$187.8K −$6.11/SF
NOI
$229.6K $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%
$4,591,260
Cap Rate 7%
$3,279,471
Cap Rate 9%
$2,550,700
Alternative Uses
Best Use
Apartment 5plus
$3.28M
$2.87M – $3.83M
NOI $229,563 @ 7.0% cap · market cap 4.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.09M
$7.95M – $10.60M
NOI $636,032 @ 7.0% cap · market cap 12.71%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Location Intelligence
Trade Area within ½ mile
774
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
$165,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Apartment buildings in Memphis, TN
Properties on Market for Apartment buildings in Memphis
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Apartment property in Memphis with an established operating history and 1985 construction.
Where is this apartment building located?
The property is located at 3417 Spottswood Avenue Memphis, TN.
What is the asking price?
The asking price for this property is $5,002,500.
What are key features of this property?
This property features: 30,744‑square‑foot apartment property; Constructed in 1985; Located at 3417 Spottswood Avenue, Memphis, TN 38111
