Four-Unit Residential Income
3468 Bowen Avenue Memphis, TN 38122
For Sale
$199,900
Duplex with two rear ADUs, with three units currently rented and one unit recently rehabbed for lease.
Property Size1,296 SF
Price / SF$154.24
Days on Market77
Property Features for 3468 Bowen Avenue
General Information
- Standard status
- Active
- Size
- 1,296 SF
- Property subtype
- Multi-Family / Other (See REMARKS)
Building Details
- Year Built
- 1925
Listing Agency:
Memphis Metro Realty
(731) 487-5843
Listed By:
Randall Weatherall · License #348070
(731) 487-5843
Source:
Compass
Added: May 8
Changed: Jul 23
Last Checked: Jul 23 at 3:46AM
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 Memphis Metro Realty
Investment Insights
Based on property information with market context.
This four-unit residential income property consists of a duplex in the front (Units 1 and 2) and two ADUs in the rear (Units 3 and 4). According to the owner, Unit 4 was just rehabbed and is ready for leasing now, while Unit 3 was rehabbed when the prior tenant moved out last year. Units 1 and 2 were completed in 2023 and 2024, supporting a stabilized ownership approach.
Three of the four units are currently rented. The current rent is $650 per month for all units, and each tenant pays $150 per month toward utilities.
The property is located just off Summer Ave and Sam Cooper Blvd, east of Midtown, and is positioned as a small multifamily investment within a limited-supply area for this property type.
Three of the four units are currently rented. The current rent is $650 per month for all units, and each tenant pays $150 per month toward utilities.
The property is located just off Summer Ave and Sam Cooper Blvd, east of Midtown, and is positioned as a small multifamily investment within a limited-supply area for this property type.
Key Highlights
- 4‑unit property: duplex up front (Units 1 & 2) plus two rear ADUs (Units 3 & 4)
- 3 of 4 units rented; Units 1–3 rented at $650/month each (tenants also pay $150/month toward utilities)
- Unit 4 recently rehabbed and ready for leasing now
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 | $16.6k | $12.84 |
| − Vacancy | −$1.0k | −$0.79 |
| EGI | $15.6k | $12.05 |
| − OpEx | −$4.7k | −$3.61 |
| NOI | $10.9k | $8.43 |
1,296 SF · lease $12.84/SF/yr · vacancy 6.17% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$156.1K
$136.6K – $182.2K
NOI $10,930 @ 7.0% cap · market cap 5.47%
Second Best
Apartment 5plus
$138.2K
$121.0K – $161.3K
NOI $9,677 @ 7.0% cap · market cap 4.84%
Theoretical Best
Office A
$383.0K
$335.2K – $446.9K
NOI $26,812 @ 7.0% cap · market cap 13.41%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
FAQs
What type of property is this?
Quadplex - Duplex with two rear ADUs, with three units currently rented and one unit recently rehabbed for lease.
Where is this quadplex located?
The property is located at 3468 Bowen Avenue Memphis, TN.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: 4‑unit property: duplex up front (Units 1 & 2) plus two rear ADUs (Units 3 & 4); 3 of 4 units rented; Units 1–3 rented at $650/month each (tenants also pay $150/month toward utilities); Unit 4 recently rehabbed and ready for leasing now
