Updated 2-Unit
For Sale
$429,000
431 N Evergreen St, Memphis, TN 38112
Two three-bedroom residences include central HVAC, in-unit laundry, and kitchen appliances.
Property Size3,928 SF
Lot Size0.25 Acres
Price / SF$109.22
Days on Market23
Property Features for 431 N Evergreen St
General Information
Standard status
Active
Size
3,928 SF
Lot size
0.25 Acres
Property subtype
Residential Income
Site & Location
Neighborhood
Midtown Memphis Development Corp.
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Amenities
central HVAC
washers and dryers
kitchen appliances
Building Details
Year Built
1929
Buildings
1
Listing Agency:
Crye-Leike Commercial
Listed By:
Jeffrey Moore · License #250330
(901) 277-0477
Source:
Exprealty
Added: Oct 8
Changed: Oct 28
Last Checked: Oct 28 at 4:05PM
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
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Investment Insights
Based on property information with market context.
This 1929 duplex contains two residences, each configured with three bedrooms and two bathrooms. Both units have central HVAC, a washer and dryer, and kitchen appliances. The building totals 3,928 square feet.
The property occupies a quarter-acre corner lot with a large rear yard in Midtown’s Evergreen District. The lower residence is available to show by appointment.
The property occupies a quarter-acre corner lot with a large rear yard in Midtown’s Evergreen District. The lower residence is available to show by appointment.
Key Highlights
- Two residences, each with 3 bedrooms and 2 bathrooms
- 3,928‑square‑foot duplex built in 1929
- Quarter‑acre corner lot with an expansive rear yard
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,127
Cap Rate
7.72%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$662,540
$662.5K
Cap Rate 7%
$473,243
$473.2K
Cap Rate 9%
$368,078
$368.1K
Market Conditions
NOI Build-Up for 3,928 SF
Gross rent
$50.4K $12.84/SF
− Vacancy
−$3.1K −$0.79/SF
EGI
$47.3K $12.05/SF
− OpEx
−$14.2K −$3.61/SF
NOI
$33.1K $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%
$662,540
Cap Rate 7%
$473,243
Cap Rate 9%
$368,078
Alternative Uses
Best Use
Multifamily LT 5
$473.2K
$414.1K – $552.1K
NOI $33,127 @ 7.0% cap · market cap 7.72%
Second Best
Apartment 5plus
$419.0K
$366.6K – $488.8K
NOI $29,330 @ 7.0% cap · market cap 6.84%
Theoretical Best
Office A
$1.16M
$1.02M – $1.35M
NOI $81,262 @ 7.0% cap · market cap 18.94%
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
513
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 - Two three-bedroom residences include central HVAC, in-unit laundry, and kitchen appliances.
Where is this duplex located?
The property is located at 431 N Evergreen St Memphis, TN.
What is the asking price?
The asking price for this property is $429,000.
What are key features of this property?
This property features: Two residences, each with 3 bedrooms and 2 bathrooms; 3,928‑square‑foot duplex built in 1929; Quarter‑acre corner lot with an expansive rear yard
