1471 Brooks Rd Memphis, TN 38116

Property Details for 1471 Brooks Rd

Lot size

5.50 lot acres

Property size

5,000 SF

Property type

Retirement homes

Property subtype

Mixed-use properties

Description

This exceptional 177-unit multifamily conversion opportunity in Memphis, TN, presents a compelling value-add investment. The existing 4-story, 5,000 sq ft Travelodge hotel, situated on a 5.5-acre lot with 330 parking spaces, is fully approved for conversion to multifamily or senior housing. No demolition is required for this straightforward conversion, which will yield 214 apartment units (177 studios and 37 one-bedroom units), each with a kitchenette. The property boasts existing amenities including a large outdoor pool with a seasonal bar and music stage, a fitness center, 5,000 square feet of conference space, two food and beverage locations, and a lobby bar, all offering potential for additional revenue streams. Mixed-use zoning is already approved, and the property includes an additional undeveloped 0.76-acre corner lot. Three elevators and interior corridors further enhance the property's functionality. Located at 1471 E Brooks Rd, Memphis, TN 38116, this property offers a strategic location to capitalize on the growing housing demand in the Memphis market. The asking price is $8,000,000, representing a price per square foot of $1,600 and a price per key of $37,383.18. This is a Class B property with significant upside potential.

Location Insight

City

Memphis

County

Shelby

State

Tennessee

Longitude

-90.0148

Latitude

35.06