Two-Unit Duplex with
For Sale
$219,800
Pending
789 Dillworth St, Memphis, TN 38122
Income property with two separate residences and shared outdoor space in Memphis.
Property Size2,236 SF
Days on Market13
Property Features for 789 Dillworth St
General Information
Standard status
Pending
Size
2,236 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Listing Agency:
KAIZEN Realty, LLC
(662) 418-7511
Listed By:
Jeremy Veldman
(662) 418-7511
Source:
Exprealty
Added: Aug 11
Changed: Aug 21
Last Checked: Aug 23 at 2:57AM
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 KAIZEN Realty, LLC
Investment Insights
Based on property information with market context.
This Memphis duplex contains 2,236 square feet and is configured as two independent residences. Each unit includes two bedrooms and one bathroom, along with its own living areas and functional residential layout. The property also offers a large backyard that expands the usable outdoor area.
Located at 789 Dillworth St in Memphis, the asset combines a two-unit configuration with established residential improvements and outdoor space. The separate floor plans provide a straightforward setup for a multifamily investment property.
Located at 789 Dillworth St in Memphis, the asset combines a two-unit configuration with established residential improvements and outdoor space. The separate floor plans provide a straightforward setup for a multifamily investment property.
Key Highlights
- Two separate residential units
- Each unit offers 2 bedrooms and 1 bathroom
- 2,236 square feet of property size
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
$18,857
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
8.58%
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%
$377,140
$377.1K
Cap Rate 7%
$269,386
$269.4K
Cap Rate 9%
$209,522
$209.5K
Market Conditions
NOI Build-Up for 2,236 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
$28.7K $12.84/SF
− Vacancy
−$1.8K −$0.79/SF
EGI
$26.9K $12.05/SF
− OpEx
−$8.1K −$3.61/SF
NOI
$18.9K $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%
$377,140
Cap Rate 7%
$269,386
Cap Rate 9%
$209,522
Alternative Uses
Best Use
Multifamily LT 5
$269.4K
$235.7K – $314.3K
NOI $18,857 @ 7.0% cap · market cap 8.58%
Second Best
Apartment 5plus
$238.5K
$208.7K – $278.3K
NOI $16,696 @ 7.0% cap · market cap 7.60%
Theoretical Best
Office A
$660.8K
$578.2K – $771.0K
NOI $46,258 @ 7.0% cap · market cap 21.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
496
Businesses Nearby
Explore this area
Business Placement
Demographics for 38122, TN
26,432
Population
10,201
Households
2.6
Avg Household Size
33
Median Age
22%
College-Educated
74%
High-School Grad
6.8 sq mi
ZIP Area
3,887
Density / Sq Mi
$45,456
Median Household Income
$32,760
Median Earnings
$1,127
Median Rent
$108,200
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 - Income property with two separate residences and shared outdoor space in Memphis.
Where is this duplex located?
The property is located at 789 Dillworth St Memphis, TN.
What is the asking price?
The asking price for this property is $219,800.
What are key features of this property?
This property features: Two separate residential units; Each unit offers 2 bedrooms and 1 bathroom; 2,236 square feet of property size
