Six-Unit Apartment
For Sale
$369,000
487 Williams Ave, Memphis, TN 38126
Multifamily property with refurbished units, updated sewer infrastructure, and a mix of occupied, transitioning, and vacant units.
Property Size4,200 SF
Price / SF$87.86
Days on Market505
Property Features for 487 Williams Ave
General Information
Standard status
Active
Size
4,200 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
6
Listing Agency:
KAIZEN Realty, LLC
Listed By:
Jeremy Veldman
(662) 418-7511
Source:
Exprealty
Added: May 22, 2025
Changed: Sep 17
Last Checked: Oct 7 at 4:24PM
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 KAIZEN Realty, LLC
Investment Insights
Based on property information with market context.
This 4,200-square-foot apartment building contains six units, with all units refurbished during the current ownership period. The sewer system was replaced in March 2025. Two units are occupied, two are expected to become available soon, and two are vacant and ready for move-in. Wall heaters require repair or replacement, and the property is being offered in its current condition.
Located at 487 Williams Ave in Memphis, Tennessee, the property is available with leases, rent rolls, and maintenance records upon request. Showings are available by appointment, with instructions to avoid disturbing current residents.
Located at 487 Williams Ave in Memphis, Tennessee, the property is available with leases, rent rolls, and maintenance records upon request. Showings are available by appointment, with instructions to avoid disturbing current residents.
Key Highlights
- Six‑unit apartment building totaling 4,200 square feet
- All 6 units refurbished during current ownership
- Sewer system replaced in March 2025
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,361
Cap Rate
8.50%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$627,220
$627.2K
Cap Rate 7%
$448,014
$448.0K
Cap Rate 9%
$348,456
$348.5K
Market Conditions
NOI Build-Up for 4,200 SF
Gross rent
$61.0K $14.52/SF
− Vacancy
−$4.0K −$0.94/SF
EGI
$57.0K $13.58/SF
− OpEx
−$25.7K −$6.11/SF
NOI
$31.4K $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%
$627,220
Cap Rate 7%
$448,014
Cap Rate 9%
$348,456
Alternative Uses
Best Use
Apartment 5plus
$448.0K
$392.0K – $522.7K
NOI $31,361 @ 7.0% cap · market cap 8.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.24M
$1.09M – $1.45M
NOI $86,890 @ 7.0% cap · market cap 23.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
665
Businesses Nearby
Explore this area
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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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with refurbished units, updated sewer infrastructure, and a mix of occupied, transitioning, and vacant units.
Where is this apartment building located?
The property is located at 487 Williams Ave Memphis, TN.
What is the asking price?
The asking price for this property is $369,000.
What are key features of this property?
This property features: Six‑unit apartment building totaling 4,200 square feet; All 6 units refurbished during current ownership; Sewer system replaced in March 2025
