Bungalow Duplex With Six
For Sale
$315,000
703 N EVERGREEN St, Memphis, TN 38107
MULTI_FAMILY - Memphis, TN
Property Size3,469 SF
Price / SF$90.80
Days on Market47
Property Features for 703 N EVERGREEN St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bathroom 4, Bedroom 3, Bedroom 4, Bedroom 1, Bedroom 6, Bathroom 2, Bathroom 3, Bedroom 2, Bedroom 5
Subdivision
UNIVERSITY PARK BLK 15
Standard status
Active
Size
3,469 SF
Taxes and HOA fees
Tax Annual Amount
2102
Building Details
Year built
1925
Architectural style
Bungalow
Listing Agency:
Keller Williams · Keller Williams Realty
(901) 261-7900
Listed By:
Regi Stevenson
(901) 297-1614
Added: Jun 26
Changed: Aug 11
Last Checked: Aug 11 at 10:06AM
MLS# 10224879
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 bungalow-style duplex at 703 N Evergreen St was built in 1925 and contains 3,469 square feet. The layout includes six bedrooms and four bathrooms, providing flexible space for both owner-occupancy and rental use. Hardwood floors, generous natural light, and classic character are part of the existing interior appeal.
Located in Midtown Memphis (Shelby County) with proximity described as minutes from Downtown, Crosstown Concourse, Overton Park, Rhodes College, along with dining, shopping, and entertainment. The property is positioned for investors or owner-occupants looking to offset housing costs through rental income.
Arrange a showing to review the duplex configuration and finish details in person.
Located in Midtown Memphis (Shelby County) with proximity described as minutes from Downtown, Crosstown Concourse, Overton Park, Rhodes College, along with dining, shopping, and entertainment. The property is positioned for investors or owner-occupants looking to offset housing costs through rental income.
Arrange a showing to review the duplex configuration and finish details in person.
Key Highlights
- Bungalow‑style duplex built in 1925
- 6 bedrooms and 4 bathrooms
- 3,469 square feet total
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
388
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Bungalow-style duplex built in 1925 offering six bedrooms and four bathrooms across 3,469 square feet.
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: Bungalow‑style duplex built in 1925; 6 bedrooms and 4 bathrooms; 3,469 square feet total
