Current Use by Public Records
- Apartment buildings
Property Details for 1297 Willie Mitchell Blvd
- Year built
- 1956
- Lot size
- 1.20 lot acres
- Property type
- Apartment buildings
Description
This exceptional 34-unit apartment building presents a compelling investment opportunity in a rapidly developing area of Memphis, Tennessee. Located at 1297 Willie Mitchell Blvd, in Shelby County, zip code 38106, this property boasts a prime location just six minutes from downtown Memphis, fifteen minutes from the airport and FedEx World Hub, and five minutes from the burgeoning Soulsville area. The complex, built in 1956, comprises six single-story buildings situated on a 1.2-acre lot. All 34 units are two-bedroom, one-bathroom apartments that have undergone a complete renovation, including new pitched roofs, central heating and air conditioning, flooring, bathrooms, and updated units. A new security gate enhances resident safety and security. The property's strong performance is evidenced by its annual gross potential rent of $367,000. Its location across the street from the Willie Mitchell World Famous Studio adds to its unique appeal. This value-add opportunity is situated within a Qualified Opportunity Zone, offering significant tax advantages for investors. The property's strong rental income potential, coupled with its strategic location and recent renovations, makes it an ideal investment for discerning buyers seeking substantial returns. This is a rare chance to acquire a well-maintained, high-performing multifamily property in a thriving Memphis neighborhood.
Value Estimations
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AI approach
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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
- -90.0438
- Latitude
- 35.1116
