491 Highland St Memphis, TN 38122
- Apartment buildings
- 76,000 SF
- 9.85 lot acres
Current Use by Public Records
- High Point Apartments / Apartment Complex / Apartment Building
Property Details for 491 Highland St
- Lot size
- 9.85 lot acres
- Property size
- 76,000 SF
- Property type
- Apartment buildings
Description
This exceptional multifamily investment opportunity comprises two apartment buildings totaling 146 units, strategically located in high-income areas of Memphis, Tennessee. The portfolio includes High Point Apartments at 491 N Highland St, Memphis, TN 38122 and Mendenhall Gardens Apartments at 543 N Mendenhall Rd, Memphis, TN 38117. Built in 1962 and 1965 respectively, these two-story buildings sit on a combined 9.85 acres. The combined square footage ranges from 76,000 to 145,000 square feet. The asking price for the entire portfolio is $16,700,000, representing a price per unit of $114,383.56. High Point enjoys a prime location adjacent to the Chickasaw Country Club and Golf Course, presenting a unique opportunity to leverage this prestigious address for rental increases. Mendenhall Gardens is situated in an affluent East Memphis neighborhood, attracting both downsizing older residents and younger renters. Both properties benefit from proximity to the Shelby Farms Greenline, a popular 10.65-mile paved trail. This portfolio offers a compelling investment opportunity in a thriving Memphis market, combining strong rental demand with significant upside potential. The properties are being sold as a portfolio only.
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
