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    2502 St Elmo Ave Memphis, TN 38127

    • Apartment buildings
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Apartment buildings

    Property Details for 2502 St Elmo Ave

    Year built
    1973
    Property type
    Apartment buildings

    Description

    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -89.9806
    Latitude
    35.2337

    Comparable in this City

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    • Value Estimation
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      10,016 SF

      2881 Range Line Rd

      APARTMENT HOUSE (5+ UNITS) • 10,016 SF
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    • Value Estimation
      $1,240,000
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      3431 Trezevant St

      APARTMENT HOUSE (5+ UNITS) • 12,800 SF
      3431 Trezevant St, Memphis, TN 38127-6822
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    • Value Estimation
      $500,000
      20,100 SF

      3992 Cornell St

      APARTMENT HOUSE (5+ UNITS) • 20,100 SF
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    • Value Estimation
      $1,035,000
      15,636 SF

      2150 Whitney Ave

      APARTMENT HOUSE (5+ UNITS) • 15,636 SF
      2150 Whitney Ave, Memphis, TN 38127-6662
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    • Value Estimation
      $1,265,000
      19,104 SF

      2830 Watkins St

      APARTMENT HOUSE (5+ UNITS) • 19,104 SF
      2830 Watkins St, Memphis, TN 38127
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      0.33 Acres

      Residential Land Package in Memphis

      Three residential parcels sold together in Memphis, Tennessee.
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      21.00 Acres

      Hollywood & I-240 Commercial Land

      21 Acres Prime Commercial Land in Memphis, TN
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    • $450,000
      1 SF

      1.6 AC Commercial Land Available

      1.6 AC of land for sale, CMU-2 Zoning.
      Frayser Blvd, Memphis, TN 38127
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      5.00 Acres

      Prime Hunting Land Hwy 51

      Exceptional Hunting Tract near Memphis
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    • $550,000

      Frayser Boulevard Commercial Property

      Expansive 52,180 sq. ft. commercial property in Memphis, TN.
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      0.16 Acres

      Vacant Lot in Frayser Neighborhood

      0.16 acre vacant lot in up-and-coming Frayser neighborhood.
      2492 Smith Ridge Rd, Memphis, TN 38127
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    Similar Nearby for Lease

    • Contact for pricing

      Frayser Blvd Office Space Available

      Office space available for rent at Frayser Blvd corner.
      2094 Frayser Blvd, Memphis, TN 38127
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    • Contact for pricing
      800 SF

      Retail Spaces on Watkins Street

      Retail spaces available, excellent visibility, minutes from I-40/I-69.
      3257-3263 N Watkins St, Memphis, TN 38127
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    • Contact for pricing
      69,696 SF

      North Memphis Commercial Land - 1.6 Acres

      Highway 51 Corner Lot, Ground Lease Available
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    • Contact for pricing
      2,913 SF

      Frayser Blvd Office Space Available

      Office space for rent at Frayser Blvd and Overton.
      2094 Frayser Blvd, Memphis, TN 38127
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      Frayser Boulevard Retail Space Available

      Retail space for lease in Memphis neighborhood center.
      2200 Frayser Blvd, Memphis, TN 38127
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    • Contact for pricing
      7,456 SF

      Retail Spaces in High-Traffic Area

      Retail spaces available near Nike and Amazon distribution centers.
      2570-2590 Frayser Blvd, Memphis, TN 38127
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    2502 St Elmo Ave
    Memphis, TN 38127
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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