Updated Duplex with Hardwood
For Sale
$205,000
823 Dickinson St, Memphis, TN 38107
Two-unit residential property with refreshed interiors and laundry hookups in each kitchen closet.
Property Size1,607 SF
Price / SF$127.57
Days on Market11
Property Features for 823 Dickinson St
General Information
Standard status
Active
Size
1,607 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Amenities
hardwood floors
washer/dryer connections
Building Details
Buildings
1
Listing Agency:
KAIZEN Realty, LLC
Listed By:
Amanda Rathbone McGill
(901) 308-9436
Source:
Exprealty
Added: Sep 12
Changed: Sep 18
Last Checked: Sep 21 at 1:11PM
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 1,607-square-foot duplex at 823 Dickinson St features recently updated interiors, hardwood flooring, and washer/dryer connections located in the kitchen closet of each unit. One side is vacant and available for showings, while the other side is currently being offered for rent.
The property is located in Memphis, Tennessee, minutes from the Zoo, providing a recognizable nearby destination. Its two-unit configuration and existing laundry hookups provide a straightforward residential income property format.
The property is located in Memphis, Tennessee, minutes from the Zoo, providing a recognizable nearby destination. Its two-unit configuration and existing laundry hookups provide a straightforward residential income property format.
Key Highlights
- 1,607‑square‑foot duplex at 823 Dickinson St, Memphis, TN
- Recently updated interiors with hardwood floors
- Washer/dryer connections in kitchen closets
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
$13,553
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
6.61%
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%
$271,060
$271.1K
Cap Rate 7%
$193,614
$193.6K
Cap Rate 9%
$150,589
$150.6K
Market Conditions
NOI Build-Up for 1,607 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
$20.6K $12.84/SF
− Vacancy
−$1.3K −$0.79/SF
EGI
$19.4K $12.05/SF
− OpEx
−$5.8K −$3.61/SF
NOI
$13.6K $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 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%
$271,060
Cap Rate 7%
$193,614
Cap Rate 9%
$150,589
Alternative Uses
Best Use
Multifamily LT 5
$193.6K
$169.4K – $225.9K
NOI $13,553 @ 7.0% cap · market cap 6.61%
Second Best
Apartment 5plus
$171.4K
$150.0K – $200.0K
NOI $11,999 @ 7.0% cap · market cap 5.85%
Theoretical Best
Office A
$474.9K
$415.6K – $554.1K
NOI $33,246 @ 7.0% cap · market cap 16.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
256
Businesses Nearby
Explore this area
Business Placement
Demographics for 38107, TN
15,655
Population
8,093
Households
1.9
Avg Household Size
37
Median Age
24%
College-Educated
87%
High-School Grad
5.4 sq mi
ZIP Area
2,899
Density / Sq Mi
$36,393
Median Household Income
$34,958
Median Earnings
$999
Median Rent
$128,600
Median Home Value
Check the figures for this property
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 refreshed interiors and laundry hookups in each kitchen closet.
Where is this duplex located?
The property is located at 823 Dickinson St Memphis, TN.
What is the asking price?
The asking price for this property is $205,000.
What are key features of this property?
This property features: 1,607‑square‑foot duplex at 823 Dickinson St, Memphis, TN; Recently updated interiors with hardwood floors; Washer/dryer connections in kitchen closets
