Duplex With Updated
For Sale
$226,900
44 N Holmes St, Memphis, TN 38111
Both residences received new flooring during 2025.
Property Size1,952 SF
Price / SF$116.24
Days on Market154
Property Features for 44 N Holmes St
General Information
Standard status
Active
Size
1,952 SF
Property subtype
Residential Income
Additional Details
Highway Access
Yes
Multifamily Units
2
Listing Agency:
Foundation Property Management
(901) 459-2996
Listed By:
James Wachob
(901) 459-2996
Source:
Exprealty
Added: Mar 11
Changed: Aug 5
Last Checked: Aug 10 at 7:54AM
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 Foundation Property Management
Investment Insights
Based on property information with market context.
This duplex contains 1,952 square feet and offers a functional layout across both residences. Interior improvements include updated finishes and flooring installed in both units in 2025. A 2024 HVAC system and other recent upgrades support ongoing property maintenance.
The property is near Treadwell schools, Save A Lot, Raleigh Springs Mall, Douglass Park, I-40, and major employers including FedEx. Baptist Memorial Hospital-Memphis is also accessible from the property, placing shopping, education, healthcare, employment, and commuter routes within the surrounding area.
The property is near Treadwell schools, Save A Lot, Raleigh Springs Mall, Douglass Park, I-40, and major employers including FedEx. Baptist Memorial Hospital-Memphis is also accessible from the property, placing shopping, education, healthcare, employment, and commuter routes within the surrounding area.
Key Highlights
- 1,952‑square‑foot duplex
- 2024 HVAC system
- 2025 flooring installed in both units
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
$16,462
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
7.26%
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%
$329,240
$329.2K
Cap Rate 7%
$235,171
$235.2K
Cap Rate 9%
$182,911
$182.9K
Market Conditions
NOI Build-Up for 1,952 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
$25.1K $12.84/SF
− Vacancy
−$1.5K −$0.79/SF
EGI
$23.5K $12.05/SF
− OpEx
−$7.1K −$3.61/SF
NOI
$16.5K $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 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%
$329,240
Cap Rate 7%
$235,171
Cap Rate 9%
$182,911
Alternative Uses
Best Use
Multifamily LT 5
$235.2K
$205.8K – $274.4K
NOI $16,462 @ 7.0% cap · market cap 7.26%
Second Best
Apartment 5plus
$208.2K
$182.2K – $242.9K
NOI $14,575 @ 7.0% cap · market cap 6.42%
Theoretical Best
Office A
$576.9K
$504.8K – $673.1K
NOI $40,383 @ 7.0% cap · market cap 17.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,149
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?
Duplex - Both residences received new flooring during 2025.
Where is this duplex located?
The property is located at 44 N Holmes St Memphis, TN.
What is the asking price?
The asking price for this property is $226,900.
What are key features of this property?
This property features: 1,952‑square‑foot duplex; 2024 HVAC system; 2025 flooring installed in both units
