Renovated 2-Unit
For Sale
$150,000
893 PEARCE St, Memphis, TN 38107
Duplexes, Traditional, Memphis, TN
Property Size1,072 SF
Price / SF$139.93
Days on Market55
Property Features for 893 PEARCE St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 1, Bedroom 2, Bathroom 2
Subdivision
Churchwood Terrace S/D
Standard status
Active
Size
1,072 SF
Taxes and HOA fees
Tax Annual Amount
518
Building Details
Year built
1950
Architectural style
Other
Listing Agency:
Renshaw Company, REALTORS
(901) 820-4367
Listed By:
Caleb Parr · License #340494
(901) 484-0478
Added: Aug 14
Changed: Sep 29
Last Checked: Oct 7 at 11:06AM
MLS# 10228410
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 1,072-square-foot duplex includes two similarly configured one-bedroom, one-bathroom units within an all-brick building. A major renovation was completed in 2023, and both residences have central heat and air. One unit is leased, while the other is being marketed for occupancy.
The property is located in Memphis, Tennessee, near downtown and midtown. Professional management is already in place, supporting an ownership structure with management handled by an established third party. The two-unit layout provides a straightforward residential income configuration in a compact building.
The property is located in Memphis, Tennessee, near downtown and midtown. Professional management is already in place, supporting an ownership structure with management handled by an established third party. The two-unit layout provides a straightforward residential income configuration in a compact building.
Key Highlights
- 1,072‑square‑foot duplex with two one‑bedroom, one‑bathroom units
- Major renovation completed in 2023
- All‑brick construction with central heat and air
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.
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
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Frequently Asked Questions
What type of property is this?
Duplex - Brick income property renovated in 2023 with central heat 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: 1,072‑square‑foot duplex with two one‑bedroom, one‑bathroom units; Major renovation completed in 2023; All‑brick construction with central heat and air
