Current Use by Public Records
- Travelodge by Wyndham Memphis Airport/Graceland / Hotel & Motel
- Levitt Shell / Theater & Performing Art Venue / Music Venue
- 1471 East Brooks Road Parking / Parking Lot & Garage
- tiger45edie / Restaurant
- Bounce Luggage Storage - 24/7 Memphis Airport / Storage Facility
Property Details for 1471 Brooks Rd
- Lot size
- 5.50 lot acres
- 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.
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
- -90.0148
- Latitude
- 35.06
