Renovated 5-Unit Multifamily
706 North 5th Street Memphis, TN 38107
For Sale
$464,500
Pending
Renovated 5-unit multifamily property with updated electrical, new windows, and in-unit washers and dryers.
Property Size3,280 SF
Days on Market81
Property Features for 706 North 5th Street
General Information
- Standard status
- Pending
- Size
- 3,280 SF
- Property subtype
- Multi-Family / Apartment Building
Building Details
- Year Built
- 1966
Listing Agency:
Oasis Apartment Properties, LL
(901) 277-0477
Listed By:
Jeffrey Moore · License #250330
(901) 277-0477
Source:
Compass
Added: May 5
Changed: Jul 23
Last Checked: Jul 23 at 12:30PM
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 Oasis Apartment Properties, LL
Investment Insights
Based on property information with market context.
706 N. Fifth Street is a renovated 5-unit multifamily property offered for sale. Recent improvements include a new roof, updated electrical, new windows, water heaters, and refreshed interior finishes with new kitchen cabinets and granite countertops throughout the property.
Each unit is equipped with a washer and dryer, along with stoves and refrigerators. Drive by only; please do not disturb residents.
The property is located just north of the St. Jude Children’s Research Hospital campus, which is currently undergoing a stated $500 million expansion.
Each unit is equipped with a washer and dryer, along with stoves and refrigerators. Drive by only; please do not disturb residents.
The property is located just north of the St. Jude Children’s Research Hospital campus, which is currently undergoing a stated $500 million expansion.
Key Highlights
- Renovated 5‑unit multifamily property at 706 N. Fifth Street
- Recent improvements include a new roof, updated electrical, and new windows
- Water heaters, kitchen cabinets, and granite countertops updated throughout the property
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $47.6k | $14.52 |
| − Vacancy | −$3.1k | −$0.94 |
| EGI | $44.5k | $13.58 |
| − OpEx | −$20.0k | −$6.11 |
| NOI | $24.5k | $7.47 |
3,280 SF · lease $14.52/SF/yr · vacancy 6.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$349.9K
$306.1K – $408.2K
NOI $24,491 @ 7.0% cap · market cap 5.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$969.4K
$848.2K – $1.13M
NOI $67,857 @ 7.0% cap · market cap 14.61%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Renovated 5-unit multifamily property with updated electrical, new windows, and in-unit washers and dryers.
Where is this apartment building located?
The property is located at 706 North 5th Street Memphis, TN.
What is the asking price?
The asking price for this property is $464,500.
What are key features of this property?
This property features: Renovated 5‑unit multifamily property at 706 N. Fifth Street; Recent improvements include a new roof, updated electrical, and new windows; Water heaters, kitchen cabinets, and granite countertops updated throughout the property
