Renovated Two-Unit
For Sale
$150,000
893 Pearce St, Memphis, TN 38107
All-brick property with matched one-bedroom, one-bath layouts and central heating and air.
Property Size1,072 SF
Price / SF$139.93
Days on Market65
Property Features for 893 Pearce St
General Information
Standard status
Active
Size
1,072 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Building Details
Year Built
1950
Year Renovated
2023
Construction
all-brick
Listing Agency:
Adaro Realty, Inc
Listed By:
Stacia Rosatti
(901) 270-9019
Source:
Staciarosatti
Added: Aug 16
Changed: Oct 16
Last Checked: Oct 16 at 8:32AM
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 Adaro Realty, Inc
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Investment Insights
Based on property information with market context.
This two-unit duplex contains 1,072 square feet and was built in 1950. The all-brick property underwent a major renovation in 2023, with each residence configured as a one-bedroom, one-bath unit with central heat and air. The mirrored layouts provide a consistent setup across both sides.
Located in central Memphis, the property is a short drive from downtown and midtown. One unit is leased, while the other is being marketed for occupancy. Professional management is in place, supporting streamlined ownership operations.
Located in central Memphis, the property is a short drive from downtown and midtown. One unit is leased, while the other is being marketed for occupancy. Professional management is in place, supporting streamlined ownership operations.
Key Highlights
- Two‑unit duplex with 1,072 SF
- Major renovation completed in 2023
- Each unit offers 1 bedroom and 1 bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$9,041
Cap Rate
6.03%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$180,820
$180.8K
Cap Rate 7%
$129,157
$129.2K
Cap Rate 9%
$100,456
$100.5K
Market Conditions
NOI Build-Up for 1,072 SF
Gross rent
$13.8K $12.84/SF
− Vacancy
−$849 −$0.79/SF
EGI
$12.9K $12.05/SF
− OpEx
−$3.9K −$3.61/SF
NOI
$9.0K $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 Rate 5%
$180,820
Cap Rate 7%
$129,157
Cap Rate 9%
$100,456
Alternative Uses
Best Use
Multifamily LT 5
$129.2K
$113.0K – $150.7K
NOI $9,041 @ 7.0% cap · market cap 6.03%
Second Best
Apartment 5plus
$114.4K
$100.1K – $133.4K
NOI $8,005 @ 7.0% cap · market cap 5.34%
Theoretical Best
Office A
$316.8K
$277.2K – $369.6K
NOI $22,178 @ 7.0% cap · market cap 14.79%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
435
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
Frequently Asked Questions
What type of property is this?
Duplex - All-brick property with matched one-bedroom, one-bath layouts and central heating and air.
Where is this duplex located?
The property is located at 893 Pearce St Memphis, TN.
What is the asking price?
The asking price for this property is $150,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,072 SF; Major renovation completed in 2023; Each unit offers 1 bedroom and 1 bathroom
