Multifamily Property Near
New
For Sale
$350,000
3604 MIDLAND Ave, Memphis, TN 38111
Multi-Family, Memphis, TN
Property Size2,584 SF
Price / SF$135.45
Days on Market5
Property Features for 3604 MIDLAND Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Subdivision
PRESCOTTS NORMAL
Standard status
Active
Size
2,584 SF
Taxes and HOA fees
Tax Annual Amount
2330
Building Details
Year built
1950
Listing Agency:
Crye-Leike, Inc., REALTORS
(901) 756-8900
Listed By:
Tyler Tapley · License #296080
(901) 871-1290
Added: Sep 11
Last Checked: Sep 15 at 4:06AM
MLS# 10230225
Copyright © 2026 Memphis Area Association of Realtors®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,584-square-foot multifamily property was constructed in 1950 and previously served as a fraternity house. The building is being sold as-is and requires substantial repairs, making the existing improvements a significant consideration for the next owner.
Located at 3604 Midland Ave in Memphis, the property sits near the University of Memphis. A circular driveway provides on-site vehicle access and parking area. The property may be renovated or redeveloped, subject to applicable approvals and site-specific requirements.
Located at 3604 Midland Ave in Memphis, the property sits near the University of Memphis. A circular driveway provides on-site vehicle access and parking area. The property may be renovated or redeveloped, subject to applicable approvals and site-specific requirements.
Key Highlights
- 2,584‑square‑foot multifamily property
- Former fraternity house
- Near the University of Memphis
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$19,294
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.51%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$385,880
$385.9K
Cap Rate 7%
$275,629
$275.6K
Cap Rate 9%
$214,378
$214.4K
Market Conditions
NOI Build-Up for 2,584 SF
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.
Gross rent
$37.5K $14.52/SF
− Vacancy
−$2.4K −$0.94/SF
EGI
$35.1K $13.58/SF
− OpEx
−$15.8K −$6.11/SF
NOI
$19.3K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$385,880
Cap Rate 7%
$275,629
Cap Rate 9%
$214,378
Alternative Uses
Best Use
Apartment 5plus
$275.6K
$241.2K – $321.6K
NOI $19,294 @ 7.0% cap · market cap 5.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$763.7K
$668.2K – $891.0K
NOI $53,458 @ 7.0% cap · market cap 15.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
699
Businesses Nearby
Explore this area
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
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
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Frequently Asked Questions
What type of property is this?
Multifamily property - Former fraternity house with a circular driveway near the University of Memphis.
Where is this multifamily property located?
The property is located at 3604 MIDLAND Ave Memphis, TN.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 2,584‑square‑foot multifamily property; Former fraternity house; Near the University of Memphis
