Renovated
New
For Sale
$264,900
743 SHOTWELL St, Memphis, TN 38111
Multi-Family, Memphis, TN
Property Size1,848 SF
Price / SF$143.34
Days on Market3
Property Features for 743 SHOTWELL St
General Information
Property type
Residential Multi Family
Property subtype
Other
Subdivision
ELM COVE
Standard status
Active
Size
1,848 SF
Taxes and HOA fees
Tax Annual Amount
3240
Amenities
washer/dryer hookups
mature trees
fenced yard
Building Details
Year built
1945
Listing Agency:
Reed & Associates of Tenn, LLC
(901) 758-1133
Listed By:
Michelle Amen
(901) 337-3191
Added: Oct 20
Last Checked: Oct 22 at 8:06AM
MLS# 10232825
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.
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Investment Insights
Based on property information with market context.
Built in 1945, this 1,848-square-foot triplex contains one 3BR/1BA apartment and two efficiency units. Improvements completed in 2024 include remodeled kitchens with granite countertops and updated cabinetry, renovated bathrooms, new plumbing and water lines to the meter, PVC sewer lines, tankless water heaters, and updated electrical panels, outlets, switches, and lighting. The three-bedroom unit has hardwood floors and central HVAC; the efficiencies have mini-split systems and updated flooring. Each unit has washer and dryer hookups, and the property includes a fenced yard with mature trees.
Two units are leased, while the three-bedroom apartment is vacant. The property is in Memphis near the University of Memphis, shopping, and dining.
Two units are leased, while the three-bedroom apartment is vacant. The property is in Memphis near the University of Memphis, shopping, and dining.
Key Highlights
- 1,848 square feet across one 3BR/1BA unit and two efficiency apartments
- Renovation work completed in 2024, including kitchen, bath, plumbing, sewer, water‑heater, and electrical updates
- Two units are leased; the 3BR/1BA apartment is vacant
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,585
Cap Rate
5.88%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$311,700
$311.7K
Cap Rate 7%
$222,643
$222.6K
Cap Rate 9%
$173,167
$173.2K
Market Conditions
NOI Build-Up for 1,848 SF
Gross rent
$23.7K $12.84/SF
− Vacancy
−$1.5K −$0.79/SF
EGI
$22.3K $12.05/SF
− OpEx
−$6.7K −$3.61/SF
NOI
$15.6K $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 Rate 5%
$311,700
Cap Rate 7%
$222,643
Cap Rate 9%
$173,167
Alternative Uses
Best Use
Multifamily LT 5
$222.6K
$194.8K – $259.8K
NOI $15,585 @ 7.0% cap · market cap 5.88%
Second Best
Apartment 5plus
$197.1K
$172.5K – $230.0K
NOI $13,799 @ 7.0% cap · market cap 5.21%
Theoretical Best
Office A
$546.2K
$477.9K – $637.2K
NOI $38,231 @ 7.0% cap · market cap 14.43%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
488
Businesses Nearby
Explore this area
Business Placement
Demographics for 38111, TN
40,533
Population
20,084
Households
2
Avg Household Size
34
Median Age
38%
College-Educated
89%
High-School Grad
9.8 sq mi
ZIP Area
4,136
Density / Sq Mi
$52,806
Median Household Income
$33,449
Median Earnings
$1,077
Median Rent
$165,200
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - The property pairs a three-bedroom apartment with two efficiency units, with two apartments currently leased.
Where is this triplex located?
The property is located at 743 SHOTWELL St Memphis, TN.
What is the asking price?
The asking price for this property is $264,900.
What are key features of this property?
This property features: 1,848 square feet across one 3BR/1BA unit and two efficiency apartments; Renovation work completed in 2024, including kitchen, bath, plumbing, sewer, water‑heater, and electrical updates; Two units are leased; the 3BR/1BA apartment is vacant
