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3130 Mendenhall Rd Memphis, TN 38115

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171-Unit Apartment Complex, High Potential

Property size:
135,320 SF

Property Features for 3130 Mendenhall Rd

General Information

Property type
Multifamily properties
Square Feet
135,320 SF
Class
C
Lot Size
240,451 SF

Building Details

Year Built
1973
Buildings
17
Stories
3
Units
171

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Listing Contact
Curtis Braden
Curtis Braden

Listing Agency: Braden, Braden & Braden CRE Listing Agent: Curtis Braden

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

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Property Insight Report

Overview

This exceptional 171-unit apartment building in Memphis, Tennessee presents a compelling value-add investment opportunity. Located at 3130 S Mendenhall Rd, this Class C property boasts 135,320 square feet situated on a 5.52-acre lot. Built in 1973, the complex comprises seventeen 3-story buildings offering a mix of townhouse and flat-style apartments, currently operating at 85% occupancy. The property features 350 parking spaces and is zoned CMU-1. With a current NOI of $676,165 and a 5.63% cap rate, significant upside potential exists, as indicated by a pro-forma NOI of $1,237,612 and a pro-forma cap rate of 10.31%. The asking price is $12,000,000, translating to $70,175 per unit and $88.68 per square foot. Last renovated in 2006/2007, this Section 42 LIHTC complex offers substantial room for improvement and increased profitability through operational enhancements and stabilization. The property's size, location, and inherent potential make it an attractive investment for discerning buyers seeking strong returns in the Memphis multifamily market. The APN is 074074-00028.
Property Profile Insight Report Location Intelligence

Current Use by Public Records

Ivy Chase Apartments Apartment Complex

Suggested Use

Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

  • Map
  • Local Demand
City
Memphis
County
Shelby
State
Tennessee
Longitude
-89.8854099
Latitude
35.0629546

FAQs

What type of property is this?
Multifamily property - 171-Unit Apartment Complex, High Potential
Where is this multifamily property located?
The property is located at 3130 Mendenhall Rd Memphis, TN.
What is the asking price?
The asking price for this property is $12,000,000.
What are key features of this property?
This property features: $12,000,000 asking price for a 171-unit apartment building.; 5.63% current cap rate, 10.31% pro-forma cap rate.; 85% occupancy with a Net Operating Income (NOI) of $676,165, and a pro-forma NOI of $1,237,612.
(901) 881-2070 Call to check price and availability
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