Casa del Rey Apartment
For Sale
Contact for pricing
634 Brister Street, Memphis, TN 38111
Apartment property at 634 Brister Street, built in 1965.
Property Size9,750 SF
Price / SF$110
Days on Market15
Property Features for 634 Brister Street
General Information
Standard status
Active
Size
9,750 SF
Property subtype
Multifamily
Building Details
Year Built
1965
Year Renovated
2026
Buildings
1
Stories
2
Units
13
Listing Agency:
Woodyard Realty Corporation
(901) 767-1998
Listed By:
Steve Woodyard · License #TN 217464
Source:
Crexi
Added: Jul 28
Changed: Aug 8
Last Checked: Aug 10 at 6:27AM
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 Woodyard Realty Corporation
Investment Insights
Based on property information with market context.
Casa del Rey is an apartment property comprising 9,750 square feet at 634 Brister Street in Memphis, Tennessee. The building was constructed in 1965 and is being offered for sale as an individual property.
The asset may also be acquired as part of a five-property apartment portfolio that includes Brister Place, University Highlands, Carnes Manor, and Southern Place. This structure allows the property to be considered either independently or alongside the other named apartment assets.
The asset may also be acquired as part of a five-property apartment portfolio that includes Brister Place, University Highlands, Carnes Manor, and Southern Place. This structure allows the property to be considered either independently or alongside the other named apartment assets.
Key Highlights
- 9,750‑square‑foot apartment property
- Built in 1965
- Located at 634 Brister Street, Memphis, TN 38111
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
$72,802
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
6.79%
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%
$1,456,040
$1.5M
Cap Rate 7%
$1,040,029
$1.0M
Cap Rate 9%
$808,911
$808.9K
Market Conditions
NOI Build-Up for 9,750 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
$141.6K $14.52/SF
− Vacancy
−$9.2K −$0.94/SF
EGI
$132.4K $13.58/SF
− OpEx
−$59.6K −$6.11/SF
NOI
$72.8K $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 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%
$1,456,040
Cap Rate 7%
$1,040,029
Cap Rate 9%
$808,911
Alternative Uses
Best Use
Apartment 5plus
$1.04M
$910.0K – $1.21M
NOI $72,802 @ 7.0% cap · market cap 6.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.88M
$2.52M – $3.36M
NOI $201,708 @ 7.0% cap · market cap 18.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
689
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?
Apartment building - Apartment property at 634 Brister Street, built in 1965.
Where is this apartment building located?
The property is located at 634 Brister Street Memphis, TN.
What is the asking price?
The asking price for this property is $1,072,500.
What are key features of this property?
This property features: 9,750‑square‑foot apartment property; Built in 1965; Located at 634 Brister Street, Memphis, TN 38111
