15-Unit Apartment
945 Peabody Ave, Memphis, TN 38104
For Sale
Contact for pricing
The two-level complex is situated in Memphis’s Medical District.
Property Size14,994 SF
Lot Size0.52 Acres
Price / SF$86.70
Days on Market11
Property Features for 945 Peabody Ave
General Information
Standard status
Size
Lot size
Property subtype
Financials
Asking Price
Cap Rate
Site & Location
Neighborhood
Additional Details
Multifamily Units
Building Details
Year Built
Stories
Construction
Listing Agency:
Braden, Braden & Braden CRE
Listed By:
Curtis Braden · License TN #284224
(901) 301-3691
Source:
Crexi
Added: Nov 4
Changed: Nov 10
Last Checked: Nov 12 at 7:42AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 15-unit apartment property occupies 0.52 acres in Memphis. Its garden-style layout spans two stories, and the building contains 14,994 square feet. Construction dates to 1966.
The property is located on Peabody Avenue in the Medical District. Its current cap rate is 9.44%, with a pro forma cap rate of 11.43%.
The property is located on Peabody Avenue in the Medical District. Its current cap rate is 9.44%, with a pro forma cap rate of 11.43%.
Key Highlights
- 15 apartment units in a two‑story garden‑style layout
- 14,994 SF of building area on 0.52 acres
- Built in 1966
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$111,959
Cap Rate
8.61%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,239,180
$2.2M
Cap Rate 7%
$1,599,414
$1.6M
Cap Rate 9%
$1,243,989
$1.2M
Market Conditions
NOI Build-Up for 14,994 SF
Gross rent
$217.7K $14.52/SF
− Vacancy
−$14.2K −$0.94/SF
EGI
$203.6K $13.58/SF
− OpEx
−$91.6K −$6.11/SF
NOI
$112.0K $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 Rate 5%
$2,239,180
Cap Rate 7%
$1,599,414
Cap Rate 9%
$1,243,989
Alternative Uses
Best Use
Apartment 5plus
$1.60M
$1.40M – $1.87M
NOI $111,959 @ 7.0% cap · market cap 8.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.43M
$3.88M – $5.17M
NOI $310,196 @ 7.0% cap · market cap 23.86%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
15
Residential units
Location Intelligence
Trade Area within ½ mile
1,773
Businesses Nearby
Explore this area
Business Placement
Demographics for 38104, TN
22,584
Population
14,315
Households
1.6
Avg Household Size
38
Median Age
52%
College-Educated
93%
High-School Grad
5.0 sq mi
ZIP Area
4,517
Density / Sq Mi
$56,452
Median Household Income
$48,300
Median Earnings
$1,073
Median Rent
$301,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/SF for Apartment buildings in Memphis, TN
Properties on Market for Apartment buildings in Memphis
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - The two-level complex is situated in Memphis’s Medical District.
Where is this apartment building located?
The property is located at 945 Peabody Ave Memphis, TN.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: 15 apartment units in a two‑story garden‑style layout; 14,994 SF of building area on 0.52 acres; Built in 1966
