Six-Unit Multifamily
For Sale
$320,000
736 Richmond Avenue, Memphis, TN 38106
Six 2-bedroom, 1-bath units feature individual utilities, with four units currently rented and two vacant.
Property Size3,888 SF
Price / SF$82.30
Days on Market136
Property Features for 736 Richmond Avenue
General Information
Standard status
Active
Size
3,888 SF
Property subtype
Multi-Family / Apartment Complex
Additional Details
Multifamily Units
6
Building Details
Year Built
1965
Tenancy
Multi
Listing Agency:
Fast Track Realty, LLC
(901) 453-8455
Listed By:
Jonathan Nunez · License #349008
(901) 453-8455
Source:
Compass
Added: Mar 18
Changed: Jul 23
Last Checked: Jul 31 at 11:43AM
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 Fast Track Realty, LLC
Investment Insights
Based on property information with market context.
This six-unit multifamily property offers six 2-bedroom, 1-bath apartments totaling approximately 3,888 square feet. Each unit has individual utilities, which can help reduce owner expenses. Of the six units, four are currently rented and two are vacant, with Unit 5 described as rent ready. Unit 4 was renovated about two years ago and remains in good condition. Unit 6 is occupied by a long-term tenant. Unit 2 was recently vacated and freshly painted, but it needs a few finishing updates, including unspecified items noted in the remarks.
The current rent roll provided includes Unit 1 at $650, Unit 2 vacant, Unit 3 at $992 (Section 8), Unit 4 at $600, Unit 5 rent ready, and Unit 6 at $525. Heating includes gas wall heaters in four units and newer hardwired electric heaters in two units.
The current rent roll provided includes Unit 1 at $650, Unit 2 vacant, Unit 3 at $992 (Section 8), Unit 4 at $600, Unit 5 rent ready, and Unit 6 at $525. Heating includes gas wall heaters in four units and newer hardwired electric heaters in two units.
Key Highlights
- Six 2‑bed/1‑bath multifamily units totaling approx. 3,888 SF
- Each unit has individual utilities, which may help reduce owner expenses
- Currently 4 units rented and 2 units vacant; Unit #5 is rent ready
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 | $56.5k | $14.52 |
| − Vacancy | −$3.7k | −$0.94 |
| EGI | $52.8k | $13.58 |
| − OpEx | −$23.8k | −$6.11 |
| NOI | $29.0k | $7.47 |
3,888 SF · lease $14.52/SF/yr · vacancy 6.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$414.7K
$362.9K – $483.9K
NOI $29,031 @ 7.0% cap · market cap 9.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.15M
$1.01M – $1.34M
NOI $80,435 @ 7.0% cap · market cap 25.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
363
Businesses Nearby
Explore this area
Business Placement
Demographics for 38106, TN
22,394
Population
11,630
Households
1.9
Avg Household Size
41
Median Age
12%
College-Educated
83%
High-School Grad
10.4 sq mi
ZIP Area
2,153
Density / Sq Mi
$29,818
Median Household Income
$30,101
Median Earnings
$915
Median Rent
$66,400
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 - Six 2-bedroom, 1-bath units feature individual utilities, with four units currently rented and two vacant.
Where is this apartment building located?
The property is located at 736 Richmond Avenue Memphis, TN.
What is the asking price?
The asking price for this property is $320,000.
What are key features of this property?
This property features: Six 2‑bed/1‑bath multifamily units totaling approx. 3,888 SF; Each unit has individual utilities, which may help reduce owner expenses; Currently 4 units rented and 2 units vacant; Unit #5 is rent ready
