8-Unit Apartment
4332 MELINDA AVE, Memphis, TN 38108
For Sale
$671,000
Eight residences are configured with two bedrooms, one and a half bathrooms, and household appliances.
Property Size6,460 SF
Price / SF$103.87
Days on Market180
Property Features for 4332 MELINDA AVE
General Information
Standard status
Size
Property subtype
Occupancy
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Additional Details
Tenant in Place
Amenities
stoves
refrigerators
washers
dryers
Building Details
Building Size
Year Built
Listing Agency:
Crye-Leike Commercial
Listed By:
Jeffrey Moore · License #TN 250330
(901) 277-0477
Source:
2riversrealtors
Added: May 12
Changed: Nov 7
Last Checked: Nov 7 at 1:51PM
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.
At 4332 Melinda Ave in Memphis, this 6,460-square-foot apartment property contains eight units. Each apartment has two bedrooms and one and a half bathrooms, with a stove, refrigerator, washer, and dryer. Built in 1969, the building is fully occupied.
An elementary school is directly across from the property. The current monthly rental income is omitted from this summary.
An elementary school is directly across from the property. The current monthly rental income is omitted from this summary.
Key Highlights
- Eight 2‑bedroom, 1.5‑bath apartments
- 6,460 square feet; built in 1969
- Stoves, refrigerators, washers, and dryers in the units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$48,236
Cap Rate
7.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$964,720
$964.7K
Cap Rate 7%
$689,086
$689.1K
Cap Rate 9%
$535,956
$536.0K
Market Conditions
NOI Build-Up for 6,460 SF
Gross rent
$93.8K $14.52/SF
− Vacancy
−$6.1K −$0.94/SF
EGI
$87.7K $13.58/SF
− OpEx
−$39.5K −$6.11/SF
NOI
$48.2K $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 Rate 5%
$964,720
Cap Rate 7%
$689,086
Cap Rate 9%
$535,956
Alternative Uses
Best Use
Apartment 5plus
$689.1K
$603.0K – $803.9K
NOI $48,236 @ 7.0% cap · market cap 7.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.91M
$1.67M – $2.23M
NOI $133,644 @ 7.0% cap · market cap 19.92%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
105
Businesses Nearby
Explore this area
Business Placement
Demographics for 38108, TN
17,051
Population
7,881
Households
2.2
Avg Household Size
34
Median Age
11%
College-Educated
73%
High-School Grad
7.6 sq mi
ZIP Area
2,244
Density / Sq Mi
$35,435
Median Household Income
$32,126
Median Earnings
$921
Median Rent
$62,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Apartment buildings in Memphis, TN
Properties on Market for Apartment buildings in Memphis
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Eight residences are configured with two bedrooms, one and a half bathrooms, and household appliances.
Where is this apartment building located?
The property is located at 4332 MELINDA AVE Memphis, TN.
What is the asking price?
The asking price for this property is $671,000.
What are key features of this property?
This property features: Eight 2‑bedroom, 1.5‑bath apartments; 6,460 square feet; built in 1969; Stoves, refrigerators, washers, and dryers in the units
