1093- Chicago AveMemphis, TN 38107

Property Details for 1093- Chicago Ave

Year built

1949

Lot size

0.12 AC

Property size (Sq ft)

1,092 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a well-maintained, two-unit apartment building located in Memphis, Tennessee. The property, situated at 1093-1095 Chicago, boasts a total of 1,092 square feet and sits on a 0.121-acre lot. Built in 1949 and extensively renovated in 2020, the single-story building offers a blend of classic charm and modern updates. Currently operating at 100% occupancy with long-term, reliable tenants, the property generates a strong Net Operating Income (NOI) of $11,129, representing an 11.07% capitalization rate. Pro forma projections indicate a potential NOI of $12,579 and a 12.52% cap rate, showcasing significant upside potential. The asking price is $100,500, or $50,250 per unit. The property features a new roof and updated exterior paint, along with upgraded interiors. The property's Class C designation reflects its solid value and potential for future appreciation. The Shelby County location and the property's strong tenant history make this a compelling investment for both seasoned and new investors seeking a stable, cash-flowing asset in a desirable market. The property's APN is 040023 00004. This fee simple ownership provides complete control and flexibility.

Location Insight

City

Memphis

County

Shelby

State

Tennessee

Latitude

35.1654

Longitude

-90.0233

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