491 Highland Ave Memphis, TN 38122
- Apartment buildings
- 3.11 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 491 Highland Ave
- Year built
- 1965
- Lot size
- 3.11 lot acres
- Property type
- Apartment buildings
Description
Exceptional investment opportunity: High Point Apartments, a 64-unit multifamily property in Memphis, Tennessee, is offered at $16,700,000. This represents a price per unit of $114,384 and a price per square foot of $75.53. Built in 1965, the property consists of eight, two-story buildings situated on a 3.11-acre lot at 491 North Highland Avenue, Memphis, TN 38122. Its prime location offers significant upside potential. The property is adjacent to the Chickasaw Country Club and Golf Course, presenting a unique opportunity to leverage this prestigious address to attract higher-paying tenants. Furthermore, its proximity to the Shelby Farms Greenline, a popular 10.65-mile urban trail, enhances its appeal to a wide range of residents. The surrounding neighborhood is characterized by high-income households, creating a strong demand for quality apartment living. This presents a compelling opportunity for investors seeking to capitalize on the growing demand for upscale rental units in a desirable Memphis location. The property's existing infrastructure provides a solid foundation for future growth and value appreciation. This offering presents a rare chance to acquire a well-positioned multifamily asset with significant potential for increased profitability.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Memphis
- County
- Shelby
- State
- Tennessee
- Longitude
- -89.9462
- Latitude
- 35.1455
