For Sale
$1,400,000
774 Melrose StMemphis, TN 38104
23-unit apartment building, strong cash flow.
Overview
- Added:
- Dec 11, 2024
- Days on market:
- 109
Highlights
- 23-unit apartment building in Memphis, TN's desirable Central Gardens District.
- 12,052 square feet on a 0.57-acre lot, built in 1956, extensively renovated in 2022.
- 96% occupancy, generating a pro-forma NOI of $95,504 and a 6.82% pro-forma cap rate.
- Asking price: $1,400,000 ($60,870 per unit, $116.16 per square foot).
- Recent renovations include 10 units with updated finishes (repairs, paint, flooring, countertops, appliances, and fixtures).
Property Details for 774 Melrose St
- Property type
- Apartment buildings
- Square Feet
- 12,052 SF
- Class
- B
- Year Built/Renovated
- 1956/2022
- Buildings
- 1
- Stories
- 2
- Lot Size (sq. ft)
- 24,829 SF
- Units
- 23
Location Insight
- City
- Memphis
- County
- Shelby
- State
- Tennessee
- Latitude
- 35.1251528
- Longitude
- -90.0131937
774 Melrose St, Memphis, Tennessee
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