Renovated Duplex With Detached
New
For Sale
$199,900
658 HILLCREST St, Memphis, TN 38112
Duplexes, Traditional, Memphis, TN
Property Size1,164 SF
Price / SF$171.74
Days on Market5
Property Features for 658 HILLCREST St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 4
Subdivision
HILLCREST
Standard status
Active
Size
1,164 SF
Taxes and HOA fees
Tax Annual Amount
469
Amenities
fence
Building Details
Year built
1947
Architectural style
Other
Listing Agency:
Fast Track Realty, LLC
(901) 767-8770
Listed By:
Jonathan Nunez · License #349008
(901) 453-8455
Added: Sep 11
Changed: Sep 12
Last Checked: Sep 15 at 4:06AM
MLS# 10230272
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 duplex includes two separate residences: the front home at 658 Hillcrest has 3 bedrooms and 1 bathroom, while the detached rear home at 660 Hillcrest has 2 bedrooms and 1 bathroom. The property measures 1,164 square feet and was built in 1947. Both residences were renovated approximately two years ago with updated finishes, and the rear home has a separate electrical meter.
A roof installed less than one year ago and a recently added fence are additional property improvements. The configuration supports separate household living within one duplex property, with rental history for both residences. The front home was previously rented for approximately $1,250/month and the rear home for approximately $980/month; those figures are omitted from the listing copy.
A roof installed less than one year ago and a recently added fence are additional property improvements. The configuration supports separate household living within one duplex property, with rental history for both residences. The front home was previously rented for approximately $1,250/month and the rear home for approximately $980/month; those figures are omitted from the listing copy.
Key Highlights
- Two‑residence duplex with a 3‑bedroom front home and 2‑bedroom detached rear home
- Front residence at 658 Hillcrest and detached rear residence at 660 Hillcrest
- 1,164 square feet on a property built in 1947
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
$9,817
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
4.91%
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%
$196,340
$196.3K
Cap Rate 7%
$140,243
$140.2K
Cap Rate 9%
$109,078
$109.1K
Market Conditions
NOI Build-Up for 1,164 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
$14.9K $12.84/SF
− Vacancy
−$922 −$0.79/SF
EGI
$14.0K $12.05/SF
− OpEx
−$4.2K −$3.61/SF
NOI
$9.8K $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%
$196,340
Cap Rate 7%
$140,243
Cap Rate 9%
$109,078
Alternative Uses
Best Use
Multifamily LT 5
$140.2K
$122.7K – $163.6K
NOI $9,817 @ 7.0% cap · market cap 4.91%
Second Best
Apartment 5plus
$124.2K
$108.6K – $144.9K
NOI $8,691 @ 7.0% cap · market cap 4.35%
Theoretical Best
Office A
$344.0K
$301.0K – $401.4K
NOI $24,081 @ 7.0% cap · market cap 12.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
587
Businesses Nearby
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Business Placement
Demographics for 38112, TN
16,970
Population
7,425
Households
2.3
Avg Household Size
32
Median Age
38%
College-Educated
85%
High-School Grad
4.8 sq mi
ZIP Area
3,535
Density / Sq Mi
$52,639
Median Household Income
$29,576
Median Earnings
$969
Median Rent
$206,900
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?
Duplex - Two updated residences offer separate living spaces, including a detached rear home with its own electrical meter.
Where is this duplex located?
The property is located at 658 HILLCREST St Memphis, TN.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Two‑residence duplex with a 3‑bedroom front home and 2‑bedroom detached rear home; Front residence at 658 Hillcrest and detached rear residence at 660 Hillcrest; 1,164 square feet on a property built in 1947
