Occupied Duplex
New
For Sale
$140,000
770 Brower St, Memphis, TN 38111
Two-unit residential property with current tenant occupancy and one lease extending through May 2027.
Property Size1,278 SF
Price / SF$109.55
Days on Market4
Property Features for 770 Brower St
General Information
Standard status
Active
Size
1,278 SF
Property subtype
Multi-Family
Building Details
Year Built
1935
Listing Agency:
C21 Patterson & Assoc. Real Es
Listed By:
John Quinn · License #3298267
(901) 591-8100
Source:
Johnquinnrealestate
Added: Sep 12
Changed: Sep 14
Last Checked: Sep 14 at 9:34AM
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 C21 Patterson & Assoc. Real Es
Investment Insights
Based on property information with market context.
This duplex contains 1,278 square feet and was built in 1935. Both units are currently occupied, with one tenant expected to move at the end of September. The remaining lease runs through May 2027.
Located at 770 Brower St in Memphis, Tennessee, the property offers an existing two-unit configuration for a buyer seeking a residential income asset. Tenant access is restricted, with property access available after an accepted offer.
Located at 770 Brower St in Memphis, Tennessee, the property offers an existing two-unit configuration for a buyer seeking a residential income asset. Tenant access is restricted, with property access available after an accepted offer.
Key Highlights
- Two‑unit duplex at 770 Brower St, Memphis, TN 38111
- 1,278 square feet of building area
- Built in 1935
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
$10,778
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
7.70%
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%
$215,560
$215.6K
Cap Rate 7%
$153,971
$154.0K
Cap Rate 9%
$119,756
$119.8K
Market Conditions
NOI Build-Up for 1,278 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
$16.4K $12.84/SF
− Vacancy
−$1.0K −$0.79/SF
EGI
$15.4K $12.05/SF
− OpEx
−$4.6K −$3.61/SF
NOI
$10.8K $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 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%
$215,560
Cap Rate 7%
$153,971
Cap Rate 9%
$119,756
Alternative Uses
Best Use
Multifamily LT 5
$154.0K
$134.7K – $179.6K
NOI $10,778 @ 7.0% cap · market cap 7.70%
Second Best
Apartment 5plus
$136.3K
$119.3K – $159.1K
NOI $9,543 @ 7.0% cap · market cap 6.82%
Theoretical Best
Office A
$377.7K
$330.5K – $440.7K
NOI $26,439 @ 7.0% cap · market cap 18.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
617
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with current tenant occupancy and one lease extending through May 2027.
Where is this duplex located?
The property is located at 770 Brower St Memphis, TN.
What is the asking price?
The asking price for this property is $140,000.
What are key features of this property?
This property features: Two‑unit duplex at 770 Brower St, Memphis, TN 38111; 1,278 square feet of building area; Built in 1935
