Renovated 6-Unit Apartment
For Sale
$369,000
487 WILLIAMS Ave, Memphis, TN 38126
Multi-Family, Memphis, TN
Property Size4,200 SF
Price / SF$87.86
Days on Market511
Property Features for 487 WILLIAMS Ave
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Subdivision
WILSON
Standard status
Active
Size
4,200 SF
Taxes and HOA fees
Tax Annual Amount
687
Building Details
Year built
1964
Listing Agency:
KAIZEN Realty, LLC
(901) 221-4041
Listed By:
Jeremy Veldman
(662) 418-7511
Added: May 22, 2025
Changed: Aug 19
Last Checked: Oct 14 at 3:06PM
MLS# 10197300
Copyright © 2026 Memphis Area Association of Realtors®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 4,200-square-foot apartment building was constructed in 1964 and contains 6 units. All residences have been refurbished, while the sewer system was replaced in March 2025. The current unit mix includes 2 rented apartments, 2 expected to become vacant soon, and 2 vacant units that are ready for occupancy.
The property is being offered in its existing condition. Wall heaters require repair or replacement. Leases, rent rolls, and maintenance records are available for review upon request, providing documentation for evaluating the building’s operating history and unit status.
The property is being offered in its existing condition. Wall heaters require repair or replacement. Leases, rent rolls, and maintenance records are available for review upon request, providing documentation for evaluating the building’s operating history and unit status.
Key Highlights
- 6‑unit apartment building totaling 4,200 square feet
- All 6 units refurbished
- Sewer 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.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
573
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Apartment property with refurbished units, a replaced sewer line, and a mix of occupied, available, and soon-to-be-vacant residences.
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: 6‑unit apartment building totaling 4,200 square feet; All 6 units refurbished; Sewer replaced in March 2025
