Brick Duplex With Two
New
For Sale
$170,000
3677 HILLBROOK St, Memphis, TN 38109
Duplexes, Traditional, Memphis, TN
Property Size1,940 SF
Price / SF$87.63
Days on Market5
Property Features for 3677 HILLBROOK St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 1, Bedroom 2, Bedroom 3, Bathroom 1, Bathroom 2
Subdivision
VALLEY FORGE
Standard status
Active
Size
1,940 SF
Taxes and HOA fees
Tax Annual Amount
1368
Building Details
Year built
1970
Architectural style
Other
Listing Agency:
Reedy & Company, REALTORS
(901) 842-0805
Listed By:
Bradley Puckett
(901) 604-6338
Added: Aug 27
Changed: Aug 28
Last Checked: Aug 31 at 2:06PM
MLS# 10229244
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.
Constructed in 1970, this four-sided brick duplex contains 1,940 square feet divided between two residential units. Each unit offers two bedrooms and one bathroom, creating four bedrooms and two bathrooms across the property. Both units are currently occupied, and professional local management is in place.
The property is located at 3677 Hillbrook St in Memphis, Tennessee 38109. Its duplex configuration and consistent unit layouts provide a clearly defined residential income property profile.
The property is located at 3677 Hillbrook St in Memphis, Tennessee 38109. Its duplex configuration and consistent unit layouts provide a clearly defined residential income property profile.
Key Highlights
- 1,940‑square‑foot duplex built in 1970
- Four‑sided brick construction
- Two residential units with matching two‑bedroom, one‑bath layouts
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
$14,606
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
8.59%
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%
$292,120
$292.1K
Cap Rate 7%
$208,657
$208.7K
Cap Rate 9%
$162,289
$162.3K
Market Conditions
NOI Build-Up for 1,940 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
$28.4K $14.64/SF
− Vacancy
−$1.8K −$0.95/SF
EGI
$26.6K $13.69/SF
− OpEx
−$11.9K −$6.16/SF
NOI
$14.6K $7.53/SF
Area
ZIP 38109
Vacancy
6.50%
Lease Rate
$14.64 /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%
$292,120
Cap Rate 7%
$208,657
Cap Rate 9%
$162,289
Alternative Uses
Best Use
Multifamily LT 5
$230.4K
$201.6K – $268.8K
NOI $16,129 @ 7.0% cap · market cap 9.49%
Second Best
Apartment 5plus
$208.7K
$182.6K – $243.4K
NOI $14,606 @ 7.0% cap · market cap 8.59%
Theoretical Best
Office A
$475.9K
$416.4K – $555.3K
NOI $33,315 @ 7.0% cap · market cap 19.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
184
Businesses Nearby
Explore this area
Business Placement
Demographics for 38109, TN
42,437
Population
18,881
Households
2.2
Avg Household Size
40
Median Age
14%
College-Educated
87%
High-School Grad
59.7 sq mi
ZIP Area
711
Density / Sq Mi
$36,934
Median Household Income
$30,780
Median Earnings
$1,000
Median Rent
$76,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Occupied residences with matching layouts and established professional local management.
Where is this duplex located?
The property is located at 3677 HILLBROOK St Memphis, TN.
What is the asking price?
The asking price for this property is $170,000.
What are key features of this property?
This property features: 1,940‑square‑foot duplex built in 1970; Four‑sided brick construction; Two residential units with matching two‑bedroom, one‑bath layouts
