51-Unit Apartment
For Sale
Contact for pricing
347 South Front Street, Memphis, TN 38103
Two adjacent Memphis properties operate together within the South Main Arts District’s downtown residential and commercial setting.
Property Size53,208 SF
Price / SF$97.73
Days on Market59
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Property Features for 347 South Front Street
General Information
Standard status
Active
Size
53,208 SF
Property subtype
Multifamily
Occupancy
86%
Financials
Asking Price
$5,200,000
Average Monthly Rent
$1,218
Additional Details
Multifamily Units
51
Building Details
Year Renovated
2015
Buildings
3
Stories
3
Units
51
Listing Agency:
Woodyard Realty Corporation
Listed By:
Lea Heilig · License #TN 291983
(901) 767-1998
Source:
Crexi
Added: Aug 18
Changed: Oct 4
Last Checked: Oct 14 at 10:36PM
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
Investment Insights
Based on property information with market context.
This 51-unit apartment portfolio combines Printer’s Alley and Annex Lofts as a single operating asset. The two adjacent properties contain 53,208 square feet and are currently 86% occupied. A newly executed retail lease contributes commercial income to the property’s operating profile.
The financial model uses current apartment rents and vacancy from the latest rent roll rather than assumed residential rent growth. It also applies a 10% commercial vacancy factor and projects an 8.0% pro forma cap rate. Operating assumptions contemplate a shift from the existing institutional management structure to a non-payroll model, with the expense ratio modeled at approximately 42% compared with approximately 61% historically.
Additional modeled revenue sources include parking income, improved occupancy, future rent growth, and targeted value-add initiatives. The properties are located in Downtown Memphis within the South Main Arts District.
The financial model uses current apartment rents and vacancy from the latest rent roll rather than assumed residential rent growth. It also applies a 10% commercial vacancy factor and projects an 8.0% pro forma cap rate. Operating assumptions contemplate a shift from the existing institutional management structure to a non-payroll model, with the expense ratio modeled at approximately 42% compared with approximately 61% historically.
Additional modeled revenue sources include parking income, improved occupancy, future rent growth, and targeted value-add initiatives. The properties are located in Downtown Memphis within the South Main Arts District.
Key Highlights
- 51‑unit apartment portfolio operated as one asset
- 53,208 square feet across two adjacent properties
- 86% current occupancy
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$397,299
Cap Rate
7.64%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,945,980
$7.9M
Cap Rate 7%
$5,675,700
$5.7M
Cap Rate 9%
$4,414,433
$4.4M
Market Conditions
NOI Build-Up for 53,208 SF
Gross rent
$772.6K $14.52/SF
− Vacancy
−$50.2K −$0.94/SF
EGI
$722.4K $13.58/SF
− OpEx
−$325.1K −$6.11/SF
NOI
$397.3K $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%
$7,945,980
Cap Rate 7%
$5,675,700
Cap Rate 9%
$4,414,433
Alternative Uses
Best Use
Apartment 5plus
$5.68M
$4.97M – $6.62M
NOI $397,299 @ 7.0% cap · market cap 7.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$15.73M
$13.76M – $18.35M
NOI $1,100,767 @ 7.0% cap · market cap 21.17%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Lease Details
51
Residential units
86%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,782
Businesses Nearby
Explore this area
Business Placement
Demographics for 38103, TN
14,739
Population
8,811
Households
1.7
Avg Household Size
35
Median Age
61%
College-Educated
95%
High-School Grad
2.7 sq mi
ZIP Area
5,459
Density / Sq Mi
$75,763
Median Household Income
$60,918
Median Earnings
$1,575
Median Rent
$380,900
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
Frequently Asked Questions
What type of property is this?
Apartment building - Two adjacent Memphis properties operate together within the South Main Arts District’s downtown residential and commercial setting.
Where is this apartment building located?
The property is located at 347 South Front Street Memphis, TN.
What is the asking price?
The asking price for this property is $5,200,000.
What are key features of this property?
This property features: 51‑unit apartment portfolio operated as one asset; 53,208 square feet across two adjacent properties; 86% current occupancy
