Two-Unit Duplex with Large
For Sale
$155,000
925 N WILLETT St, Memphis, TN 38107
Duplexes, Traditional, Memphis, TN
Property Size1,692 SF
Price / SF$91.61
Days on Market115
Property Features for 925 N WILLETT St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bathroom 2, Bathroom 1
Subdivision
JACKSON
Standard status
Active
Size
1,692 SF
Taxes and HOA fees
Tax Annual Amount
1695
Amenities
washer dryer hookups
Building Details
Year built
1930
Architectural style
Other
Listing Agency:
Fast Track Realty, LLC
(901) 767-8770
Listed By:
Verna Littleton
(901) 490-9449
Added: May 13
Changed: Sep 4
Last Checked: Sep 4 at 2:06PM
MLS# 10221462
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.
Built in 1930, this 1,692-square-foot duplex contains two one-bedroom, one-bath units. Each side includes a large kitchen, washer and dryer hookups, and neutral colors. The property requires minor cosmetic work before the units are rented.
The duplex is near Rhodes College, Crosstown Concourse, Memphis Zoo, and Midtown. Both units may be leased, or an owner may occupy one side while renting the other, subject to applicable requirements.
The duplex is near Rhodes College, Crosstown Concourse, Memphis Zoo, and Midtown. Both units may be leased, or an owner may occupy one side while renting the other, subject to applicable requirements.
Key Highlights
- Two one‑bedroom, one‑bath units within a 1,692‑square‑foot duplex
- Built in 1930
- Large kitchens and washer and dryer hookups in both units
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$12,634
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.15%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$252,680
$252.7K
Cap Rate 7%
$180,486
$180.5K
Cap Rate 9%
$140,378
$140.4K
Market Conditions
NOI Build-Up for 1,692 SF
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.
Gross rent
$24.6K $14.52/SF
− Vacancy
−$1.6K −$0.94/SF
EGI
$23.0K $13.58/SF
− OpEx
−$10.3K −$6.11/SF
NOI
$12.6K $7.47/SF
Area
Memphis, TN
Vacancy
6.50%
Lease Rate
$14.52 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$252,680
Cap Rate 7%
$180,486
Cap Rate 9%
$140,378
Alternative Uses
Best Use
Multifamily LT 5
$203.8K
$178.4K – $237.8K
NOI $14,269 @ 7.0% cap · market cap 9.21%
Second Best
Apartment 5plus
$180.5K
$157.9K – $210.6K
NOI $12,634 @ 7.0% cap · market cap 8.15%
Theoretical Best
Office A
$500.1K
$437.6K – $583.4K
NOI $35,004 @ 7.0% cap · market cap 22.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
271
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two one-bedroom units offer washer and dryer hookups, neutral finishes, and a manageable cosmetic refresh.
Where is this duplex located?
The property is located at 925 N WILLETT St Memphis, TN.
What is the asking price?
The asking price for this property is $155,000.
What are key features of this property?
This property features: Two one‑bedroom, one‑bath units within a 1,692‑square‑foot duplex; Built in 1930; Large kitchens and washer and dryer hookups in both units
