Renovated 6-Unit Apartment
For Sale
$589,000
957 S Wellington St, Memphis, TN 38126
Renovated multifamily property with six two-bedroom units and updated building systems.
Property Size4,212 SF
Price / SF$139.84
Days on Market134
Property Features for 957 S Wellington St
General Information
Standard status
Active
Size
4,212 SF
Property subtype
Residential Income
Units
Unit Mix
6 x 2BR
Multifamily Units
6
Listing Agency:
Crye-Leike Commercial
(901) 277-0477
Listed By:
Jeffrey Moore · License #250330
(901) 277-0477
Source:
Exprealty
Added: Apr 20
Changed: Aug 31
Last Checked: Aug 7 at 6:44AM
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 Crye-Leike Commercial
Investment Insights
Based on property information with market context.
This 5,000-square-foot apartment building contains six two-bedroom units and was originally constructed in 1965. The property has undergone comprehensive renovations, including replacement of the roof, electrical and plumbing systems, windows, and flooring.
Located at 957 S Wellington St in Memphis, Tennessee, the property sits south of Downtown Memphis. The unit configuration provides consistent residential rental space within a compact multifamily asset.
Located at 957 S Wellington St in Memphis, Tennessee, the property sits south of Downtown Memphis. The unit configuration provides consistent residential rental space within a compact multifamily asset.
Key Highlights
- Six 2‑bedroom apartment units
- 5,000 SF multifamily building
- Renovated roof, electrical, plumbing, windows, and flooring
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
$31,451
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
5.34%
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%
$629,020
$629.0K
Cap Rate 7%
$449,300
$449.3K
Cap Rate 9%
$349,456
$349.5K
Market Conditions
NOI Build-Up for 4,212 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
$61.2K $14.52/SF
− Vacancy
−$4.0K −$0.94/SF
EGI
$57.2K $13.58/SF
− OpEx
−$25.7K −$6.11/SF
NOI
$31.5K $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%
$629,020
Cap Rate 7%
$449,300
Cap Rate 9%
$349,456
Alternative Uses
Best Use
Apartment 5plus
$449.3K
$393.1K – $524.2K
NOI $31,451 @ 7.0% cap · market cap 5.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.24M
$1.09M – $1.45M
NOI $87,138 @ 7.0% cap · market cap 14.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
520
Businesses Nearby
Explore this area
Business Placement
Demographics for 38126, TN
5,717
Population
3,260
Households
1.8
Avg Household Size
32
Median Age
14%
College-Educated
82%
High-School Grad
1.9 sq mi
ZIP Area
3,009
Density / Sq Mi
$30,825
Median Household Income
$32,396
Median Earnings
$794
Median Rent
$59,000
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?
Apartment building - Renovated multifamily property with six two-bedroom units and updated building systems.
Where is this apartment building located?
The property is located at 957 S Wellington St Memphis, TN.
What is the asking price?
The asking price for this property is $589,000.
What are key features of this property?
This property features: Six 2‑bedroom apartment units; 5,000 SF multifamily building; Renovated roof, electrical, plumbing, windows, and flooring
