Updated Duplex with Hardwood
New
For Sale
$205,000
823 DICKINSON St, Memphis, TN 38107
Duplexes, Ranch, Traditional, Memphis, TN
Property Size1,607 SF
Price / SF$127.57
Days on Market4
Property Features for 823 DICKINSON St
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 1, Bedroom 2, Bathroom 2, Bedroom 4, Bedroom 3
Subdivision
Belvedre Hgts Blk 1
Standard status
Active
Size
1,607 SF
Taxes and HOA fees
Tax Annual Amount
1262
Amenities
washer/dryer connections
Building Details
Year built
1928
Architectural style
Other, Ranch
Listing Agency:
KAIZEN Realty, LLC
(901) 221-4041
Listed By:
Amanda Rathbone McGill
(901) 308-9436
Added: Sep 12
Changed: Sep 14
Last Checked: Sep 15 at 4:06AM
MLS# 10230331
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.
Investment Insights
Based on property information with market context.
This ranch-style duplex contains 1,607 square feet and was built in 1928. The property has received recent updates, including hardwood flooring, and each side includes kitchen-closet connections for a washer and dryer. One unit is vacant for showings, while the other is being offered for rent.
The property is located at 823 Dickinson St in Memphis, near the Zoo. Its two-unit configuration, existing updates, and separate occupancy status provide a straightforward setup for an owner-occupant or residential income buyer.
The property is located at 823 Dickinson St in Memphis, near the Zoo. Its two-unit configuration, existing updates, and separate occupancy status provide a straightforward setup for an owner-occupant or residential income buyer.
Key Highlights
- Two‑unit duplex with 1,607 square feet
- Built in 1928 with a ranch‑style design
- Recent updates and hardwood flooring
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
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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 - Ranch-style duplex with kitchen-closet washer and dryer connections and one side available for showing.
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: Two‑unit duplex with 1,607 square feet; Built in 1928 with a ranch‑style design; Recent updates and hardwood flooring
