Value-Add Apartment Complex
3130 S Mendenhall Rd Memphis, TN 38115
3130 S Mendenhall Rd, Memphis, TN, 38115
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For Sale
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Fully occupied apartment complex with value-add potential through stabilization.
Property Size135,320 SF
Price / SF$88.68
Days on Market851
Property Features for 3130 S Mendenhall Rd
General Information
- Standard status
- Active
- Size
- 135,320 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1973
Listing Agency
Braden, Braden & Braden CRE
(901) 881-2070
Listed by
Curtis Braden · License #TN-284224
Source
Crexi
Added: Mar 22, 2024 Updated: Jul 6 at 8:22 am Checked: Jul 20 at 6:18 am
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 Braden, Braden & Braden CRE
Investment Insights
Based on property information with market context.
The Ivy Chase Apartments presents a value-added opportunity for investors through improved operations and stabilization. This property is a Section 42 LIHTC complex, featuring townhouse and flat-styled apartments. The property is fully occupied. With the last renovations completed in 2006/2007, there is potential for further improvements. The property size is 135,320 square feet.
Key Highlights
- Fully occupied apartments offer immediate rental income.
- Section 42 LIHTC complex provides potential tax benefits and stable tenant base.
- Value‑added opportunity through improved operations and stabilization.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $1.96M | $14.52 |
| − Vacancy | −$127.7k | −$0.94 |
| EGI | $1.84M | $13.58 |
| − OpEx | −$826.7k | −$6.11 |
| NOI | $1.01M | $7.47 |
135,320 SF · lease $14.52/SF/yr · vacancy 6.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$14.43M
$12.63M – $16.84M
NOI $1,010,422 @ 7.0% cap · market cap 8.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$39.99M
$34.99M – $46.66M
NOI $2,799,500 @ 7.0% cap · market cap 23.33%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Ivy Chase Apartments
Apartment Complex
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Fully occupied apartment complex with value-add potential through stabilization.
Where is this apartment building located?
The property is located at 3130 S 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: Fully occupied apartments offer immediate rental income.; Section 42 LIHTC complex provides potential tax benefits and stable tenant base.; Value‑added opportunity through improved operations and stabilization.
