Renovated 10-Unit Apartment
For Sale
Contact for pricing
3917 Dunn Avenue, Memphis, TN 38111
Updated multifamily asset with modernized systems, in-unit laundry, and refreshed kitchen finishes.
Property Size8,380 SF
Price / SF$100.99
Days on Market18
Property Features for 3917 Dunn Avenue
General Information
Standard status
Active
Size
8,380 SF
Class
D
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$79,475
Units
Unit Mix
10 x 2BR/1BA
Multifamily Units
10
Building Details
Year Built
1960
Units
10
Listing Agency:
Crye-Leike Commercial Memphis
(901) 277-0477
Listed By:
Jeffrey Moore · License #TN 250330
Source:
Crexi
Added: Jul 21
Changed: Aug 4
Last Checked: Aug 5 at 2:24PM
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 Crye-Leike Commercial Memphis
Investment Insights
Based on property information with market context.
This 8,380-square-foot apartment property contains 10 units, each configured with 2 bedrooms and 1 bathroom. Built in 1960, the asset has undergone a full renovation that includes updated electrical service, central HVAC, kitchen cabinetry, and granite countertops. Every residence includes a washer and dryer, stove, and refrigerator, providing a consistent appliance package across the property.
The property is located at 3917 Dunn Avenue in Memphis, Tennessee. The combination of unit-level amenities and substantial building-system improvements creates a clearly defined multifamily offering with updated interior and infrastructure components.
The property is located at 3917 Dunn Avenue in Memphis, Tennessee. The combination of unit-level amenities and substantial building-system improvements creates a clearly defined multifamily offering with updated interior and infrastructure components.
Key Highlights
- 10‑unit apartment property with 10 two‑bedroom, one‑bath units
- 8,380 SF multifamily building at 3917 Dunn Avenue, Memphis, TN 38111
- Full renovation includes new electrical, central HVAC, cabinets, and granite countertops
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
$62,573
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
7.39%
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%
$1,251,460
$1.3M
Cap Rate 7%
$893,900
$893.9K
Cap Rate 9%
$695,256
$695.3K
Market Conditions
NOI Build-Up for 8,380 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
$121.7K $14.52/SF
− Vacancy
−$7.9K −$0.94/SF
EGI
$113.8K $13.58/SF
− OpEx
−$51.2K −$6.11/SF
NOI
$62.6K $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%
$1,251,460
Cap Rate 7%
$893,900
Cap Rate 9%
$695,256
Alternative Uses
Best Use
Apartment 5plus
$893.9K
$782.2K – $1.04M
NOI $62,573 @ 7.0% cap · market cap 7.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.48M
$2.17M – $2.89M
NOI $173,365 @ 7.0% cap · market cap 20.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
412
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Updated multifamily asset with modernized systems, in-unit laundry, and refreshed kitchen finishes.
Where is this apartment building located?
The property is located at 3917 Dunn Avenue Memphis, TN.
What is the asking price?
The asking price for this property is $846,284.
What are key features of this property?
This property features: 10‑unit apartment property with 10 two‑bedroom, one‑bath units; 8,380 SF multifamily building at 3917 Dunn Avenue, Memphis, TN 38111; Full renovation includes new electrical, central HVAC, cabinets, and granite countertops
