14-Unit Apartment
For Sale
$925,000
478 E Georgia Ave, Memphis, TN 38126
Fourteen two-bedroom apartments have undergone substantial interior rehabilitation, including replacement electrical and plumbing systems.
Property Size8,750 SF
Price / SF$105.71
Days on Market15
Property Features for 478 E Georgia Ave
General Information
Standard status
Active
Size
8,750 SF
Property subtype
Residential Income
Site & Location
Neighborhood
Score (South City) Cdc
Units
Unit Mix
14 x 2BR
Multifamily Units
14
Additional Details
Average Monthly Rent
$695
Tenant in Place
Yes
Listing Agency:
Crye-Leike Commercial
Listed By:
Jeffrey Moore · License #250330
(901) 277-0477
Source:
Exprealty
Added: Oct 15
Changed: Oct 26
Last Checked: Oct 28 at 11:54AM
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 Crye-Leike Commercial
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Investment Insights
Based on property information with market context.
This 14-unit apartment property contains all two-bedroom residences across 8,750 square feet. Rehabilitation work extended from the framing outward and included new electrical and plumbing systems, with most of the work completed.
The property is near the downtown area in Memphis. The stated average rent is $695 per month, while minimum market rent is reported at $895. The current rent figures are provided as context; no financing terms are included.
The property is near the downtown area in Memphis. The stated average rent is $695 per month, while minimum market rent is reported at $895. The current rent figures are provided as context; no financing terms are included.
Key Highlights
- 14 apartments, each with 2 bedrooms
- 8,750 square feet of building area
- Rehabilitation included new electrical and plumbing
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$65,335
Cap Rate
7.06%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,306,700
$1.3M
Cap Rate 7%
$933,357
$933.4K
Cap Rate 9%
$725,944
$725.9K
Market Conditions
NOI Build-Up for 8,750 SF
Gross rent
$127.1K $14.52/SF
− Vacancy
−$8.3K −$0.94/SF
EGI
$118.8K $13.58/SF
− OpEx
−$53.5K −$6.11/SF
NOI
$65.3K $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%
$1,306,700
Cap Rate 7%
$933,357
Cap Rate 9%
$725,944
Alternative Uses
Best Use
Apartment 5plus
$933.4K
$816.7K – $1.09M
NOI $65,335 @ 7.0% cap · market cap 7.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.59M
$2.26M – $3.02M
NOI $181,020 @ 7.0% cap · market cap 19.57%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
14
Residential units
Location Intelligence
Trade Area within ½ mile
909
Businesses Nearby
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Business Placement
Demographics for 38126, TN
5,717
Population
3,260
Households
1.8
Avg Household Size
32
Median Age
14%
College-Educated
82%
High-School Grad
1.9 sq mi
ZIP Area
3,009
Density / Sq Mi
$30,825
Median Household Income
$32,396
Median Earnings
$794
Median Rent
$59,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Fourteen two-bedroom apartments have undergone substantial interior rehabilitation, including replacement electrical and plumbing systems.
Where is this apartment building located?
The property is located at 478 E Georgia Ave Memphis, TN.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: 14 apartments, each with 2 bedrooms; 8,750 square feet of building area; Rehabilitation included new electrical and plumbing
