Duplex with Hardwood
For Sale
$315,000
703 N Evergreen St, Memphis, TN 38107
Two residential units offer spacious bedrooms, large living areas, hardwood flooring, and abundant natural light.
Property Size3,469 SF
Price / SF$90.80
Days on Market69
Property Features for 703 N Evergreen St
General Information
Standard status
Active
Size
3,469 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Building Details
Buildings
1
Listing Agency:
Keller Williams
Listed By:
Regi Stevenson
(901) 297-1614
Source:
Exprealty
Added: Jun 26
Changed: Sep 2
Last Checked: Sep 1 at 11:10PM
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 Keller Williams
Investment Insights
Based on property information with market context.
This duplex at 703 N Evergreen St includes two residential units with spacious bedrooms, generous living areas, hardwood flooring, and abundant natural light. Classic architectural character adds to the property’s established residential appeal, while the 3,469 property size provides substantial space across the improvements.
The property is in Memphis, TN, minutes from Downtown, Crosstown Concourse, Overton Park, Rhodes College, dining, shopping, and entertainment. Its central setting places residents near a broad range of established destinations and services.
The property is in Memphis, TN, minutes from Downtown, Crosstown Concourse, Overton Park, Rhodes College, dining, shopping, and entertainment. Its central setting places residents near a broad range of established destinations and services.
Key Highlights
- Two‑unit duplex at 703 N Evergreen St, Memphis, TN
- 3,469 property size
- Spacious bedrooms and large living areas
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
$25,903
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
8.22%
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%
$518,060
$518.1K
Cap Rate 7%
$370,043
$370.0K
Cap Rate 9%
$287,811
$287.8K
Market Conditions
NOI Build-Up for 3,469 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
$50.4K $14.52/SF
− Vacancy
−$3.3K −$0.94/SF
EGI
$47.1K $13.58/SF
− OpEx
−$21.2K −$6.11/SF
NOI
$25.9K $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%
$518,060
Cap Rate 7%
$370,043
Cap Rate 9%
$287,811
Alternative Uses
Best Use
Multifamily LT 5
$417.9K
$365.7K – $487.6K
NOI $29,256 @ 7.0% cap · market cap 9.29%
Second Best
Apartment 5plus
$370.0K
$323.8K – $431.7K
NOI $25,903 @ 7.0% cap · market cap 8.22%
Theoretical Best
Office A
$1.03M
$897.1K – $1.20M
NOI $71,767 @ 7.0% cap · market cap 22.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
382
Businesses Nearby
Explore this area
Business Placement
Demographics for 38107, TN
15,655
Population
8,093
Households
1.9
Avg Household Size
37
Median Age
24%
College-Educated
87%
High-School Grad
5.4 sq mi
ZIP Area
2,899
Density / Sq Mi
$36,393
Median Household Income
$34,958
Median Earnings
$999
Median Rent
$128,600
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?
Duplex - Two residential units offer spacious bedrooms, large living areas, hardwood flooring, and abundant natural light.
Where is this duplex located?
The property is located at 703 N Evergreen St Memphis, TN.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Two‑unit duplex at 703 N Evergreen St, Memphis, TN; 3,469 property size; Spacious bedrooms and large living areas
