2502 St Elmo AveMemphis, TN 38127

Beacon Manor, a 72-unit apartment building located at 2502 St Elmo Ave, Memphis, TN 38127, presents a compelling value-add investment opportunity. This Class C property, built in 1973 and extensively renovated in 2023, boasts 47,088 square feet of net rentable space spread across nine, two-story buildings. Currently operating at 32% occupancy, the property offers significant upside potential. The asking price is $2,200,000, translating to $30,555.56 per unit. A pro-forma cap rate of 10.85% and a pro-forma NOI of $238,729 are projected. The property benefits from a PILOT program opportunity, offering potential property tax abatement. Situated near major employers such as FedEx, Nike's North America Logistics Campus, and an Amazon Fulfillment Center, Beacon Manor enjoys a prime location within a high rental demand submarket, ensuring consistent tenant demand. This presents a unique chance to acquire a multifamily asset with substantial room for growth and value creation. The property's recent renovation minimizes immediate capital expenditure needs, allowing for a quicker path to stabilization and increased profitability. Seller financing is available.