Turnkey Multifamily Property in
963 New York St, Memphis, TN 38104
Fully renovated multifamily property operating as successful Airbnb rentals.
Type:Multifamily
Property size:
5,750 SFPrice / SF:
$111/SF- Added:
- Jan 28, 2026
- Days on Market:
- 115
- Last Refresh:
- Mar 17 at 1:14 pm
Property Features for 963 New York St
General Information
- Standard status
- Active
- Size
- 5,750 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1933
Listing agent Jeffrey Moore License #TN 250330
Listing office Crye-Leike Commercial Memphis
Listing date Jan 28, 2026
Source Crexi
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 Memphis
HighLights
- Fully renovated, turnkey condition for immediate income generation.
- Located in the highly desirable Cooper‑Young neighborhood of Midtown Memphis.
- Currently operating as successful Airbnb rentals.
- Includes all furniture and appliances.
- Each unit features central HVAC and in‑unit washer and dryer.
- Modern finishes throughout the property.
Overview
The property at 963 New York Street is a fully renovated multifamily property situated in the Cooper-Young neighborhood. The property contains one-bedroom units featuring central HVAC, in-unit washers and dryers, and modern finishes. Currently operating as successful Airbnb rentals, the property includes all furniture and appliances. The property offers investors immediate income in one of Midtown Memphis' most desirable neighborhoods. The property size is 5750 square feet.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$477.1K
NOI $42,935 @ 9.00% cap · cautious / downside scenario
Moderate
$613.4K
NOI $42,935 @ 7.00% cap · market / base-case scenario
Aggressive
$858.7K
NOI $42,935 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Apartment 5plus
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $83.5k | $14.52 |
| − Vacancy | −$5.4k | −$0.94 |
| EGI | $78.1k | $13.58 |
| − OpEx | −$35.1k | −$6.11 |
| NOI | $42.9k | $7.47 |
5,750 SF · lease $14.52/SF/yr · vacancy 6.50% · expense 45.00%
Alternative Use Scenarios
Best Use
Apartment 5plus
$613.4K
$536.7K – $715.6K
NOI $42,935 @ 7.0% cap · market cap 6.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.70M
$1.49M – $1.98M
NOI $118,956 @ 7.0% cap · market cap 18.63%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Short term rental ...
Location Insight
- Map
- Local Demand
- City
- Memphis
- County
- Shelby
- State
- Tennessee
- Longitude
- -89.9875752
- Latitude
- 35.1192706
Nearby Similar for Sale
FAQs
What type of property is this?
Short term rental property - Fully renovated multifamily property operating as successful Airbnb rentals.
Where is this short term rental property located?
The property is located at 963 New York St Memphis, TN.
What is the asking price?
The asking price for this property is $638,400.
What are key features of this property?
This property features: Fully renovated, turnkey condition for immediate income generation.; Located in the highly desirable Cooper‑Young neighborhood of Midtown Memphis.; Currently operating as successful Airbnb rentals.
