Two-Unit Duplex with
New
For Sale
$494,000
351 Buena Vista Pl, Memphis, TN 38112
Both residences include three bedrooms, hardwood floors, enclosed sunrooms, and separate dining rooms.
Property Size3,274 SF
Price / SF$150.89
Days on Market2
Property Features for 351 Buena Vista Pl
General Information
Standard status
Active
Size
3,274 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Midtown Memphis Development Corp.
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Building Details
Year Built
1922
Listing Agency:
Action Realty
Listed By:
The Eric Crutcher Sales Team
(901) 212-2414
Source:
Doorstep-realty
Added: Oct 30
Changed: Oct 31
Last Checked: Oct 30 at 2:41PM
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 Action Realty
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Investment Insights
Based on property information with market context.
This two-unit duplex contains 3,274 square feet and dates to 1922. Each residence is arranged with three bedrooms and one bathroom, along with an enclosed sunroom, a den, a separate dining room, and a kitchen. Kitchen features include gas cooking, a dishwasher, refrigerator, disposal, pantry, and ample cabinetry. Tall ceilings and hardwood floors are present in both units.
The property is near Overton Park and the corner of Buena Vista and Overton Park. The surrounding area includes the zoo, golf course, trails, Greensward, lake, Shell, and Metal Museum. Restaurants, art galleries, grocery stores, and medical services are described as a short drive away.
The sewer line has been replaced, and the roof is one year old. The backyard has space that may accommodate a garage and a possible additional rental unit.
The property is near Overton Park and the corner of Buena Vista and Overton Park. The surrounding area includes the zoo, golf course, trails, Greensward, lake, Shell, and Metal Museum. Restaurants, art galleries, grocery stores, and medical services are described as a short drive away.
The sewer line has been replaced, and the roof is one year old. The backyard has space that may accommodate a garage and a possible additional rental unit.
Key Highlights
- Two units, each with 3 bedrooms and 1 bathroom
- 3,274‑square‑foot duplex built in 1922
- Both units feature enclosed sunrooms, dens, and separate dining rooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,611
Cap Rate
5.59%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$552,220
$552.2K
Cap Rate 7%
$394,443
$394.4K
Cap Rate 9%
$306,789
$306.8K
Market Conditions
NOI Build-Up for 3,274 SF
Gross rent
$42.0K $12.84/SF
− Vacancy
−$2.6K −$0.79/SF
EGI
$39.4K $12.05/SF
− OpEx
−$11.8K −$3.61/SF
NOI
$27.6K $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%
$552,220
Cap Rate 7%
$394,443
Cap Rate 9%
$306,789
Alternative Uses
Best Use
Multifamily LT 5
$394.4K
$345.1K – $460.2K
NOI $27,611 @ 7.0% cap · market cap 5.59%
Second Best
Apartment 5plus
$349.2K
$305.6K – $407.5K
NOI $24,447 @ 7.0% cap · market cap 4.95%
Theoretical Best
Office A
$967.6K
$846.7K – $1.13M
NOI $67,733 @ 7.0% cap · market cap 13.71%
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
442
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
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Both residences include three bedrooms, hardwood floors, enclosed sunrooms, and separate dining rooms.
Where is this duplex located?
The property is located at 351 Buena Vista Pl Memphis, TN.
What is the asking price?
The asking price for this property is $494,000.
What are key features of this property?
This property features: Two units, each with 3 bedrooms and 1 bathroom; 3,274‑square‑foot duplex built in 1922; Both units feature enclosed sunrooms, dens, and separate dining rooms
