Renovated Duplex with Two
For Sale
$194,500
788 Brower St, Memphis, TN 38111
Fully occupied duplex with updated interiors, refreshed exterior components, and matching one-bedroom, one-bath layouts.
Property Size1,318 SF
Price / SF$147.57
Days on Market29
Property Features for 788 Brower St
General Information
Standard status
Active
Size
1,318 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Additional Details
Average Monthly Rent
$760
Building Details
Year Renovated
2022
Listing Agency:
CB Properties of Memphis, LLC
(901) 277-6567
Listed By:
Andrew Akins
(901) 277-6567
Source:
Exprealty
Added: Jul 14
Changed: Aug 10
Last Checked: Aug 10 at 9:57AM
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 CB Properties of Memphis, LLC
Investment Insights
Based on property information with market context.
This fully occupied duplex contains two residential units, each configured with one bedroom and one bathroom. The property underwent a complete renovation in 2022, including new windows, exterior wood, roofing, HWT, flooring, lighting, and electrical work. Both kitchens and bathrooms have also been updated, giving the building a consistent finish across the two sides.
The duplex is located at 788 Brower St in Memphis, within the Orange Mound area near the U of M. It sits in an East Memphis residential neighborhood and presents a refreshed exterior along with updated interior spaces.
The duplex is located at 788 Brower St in Memphis, within the Orange Mound area near the U of M. It sits in an East Memphis residential neighborhood and presents a refreshed exterior along with updated interior spaces.
Key Highlights
- Two‑unit duplex with one bedroom and one bathroom on each side
- Complete renovation completed in 2022
- New windows, exterior wood, roof, HWT, flooring, lighting, and electrical
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
$11,115
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
5.71%
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%
$222,300
$222.3K
Cap Rate 7%
$158,786
$158.8K
Cap Rate 9%
$123,500
$123.5K
Market Conditions
NOI Build-Up for 1,318 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
$16.9K $12.84/SF
− Vacancy
−$1.0K −$0.79/SF
EGI
$15.9K $12.05/SF
− OpEx
−$4.8K −$3.61/SF
NOI
$11.1K $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%
$222,300
Cap Rate 7%
$158,786
Cap Rate 9%
$123,500
Alternative Uses
Best Use
Multifamily LT 5
$158.8K
$138.9K – $185.3K
NOI $11,115 @ 7.0% cap · market cap 5.71%
Second Best
Apartment 5plus
$140.6K
$123.0K – $164.0K
NOI $9,841 @ 7.0% cap · market cap 5.06%
Theoretical Best
Office A
$389.5K
$340.8K – $454.5K
NOI $27,267 @ 7.0% cap · market cap 14.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
142
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Fully occupied duplex with updated interiors, refreshed exterior components, and matching one-bedroom, one-bath layouts.
Where is this duplex located?
The property is located at 788 Brower St Memphis, TN.
What is the asking price?
The asking price for this property is $194,500.
What are key features of this property?
This property features: Two‑unit duplex with one bedroom and one bathroom on each side; Complete renovation completed in 2022; New windows, exterior wood, roof, HWT, flooring, lighting, and electrical
