774 Melrose StMemphis, TN 38104
- Residential income properties
- 11,016 SF
For Sale
$1,400,000
View listing
Property Details for 774 Melrose St
- Year built
- 1956
- Lot size
- 0.57 AC
- Property size (Sq ft)
- 11,016 SF
- Zone code
- RU-4
- Property type
- Residential income properties
- Property subtype
- Garden apartment buildings
- APN
- 015-029- - -00024
- APU
- 1502900024
Description
This exceptional investment opportunity presents a 23-unit apartment building located at 774 Melrose St, Memphis, TN 38104, in the desirable Central Gardens District. The property, built in 1956 and extensively renovated in 2022, boasts 12,052 square feet on a 0.57-acre lot. The two-story building currently operates at 96% occupancy, generating a pro-forma NOI of $95,504 and a pro-forma cap rate of 6.82%. The asking price is $1,400,000, translating to $60,869.57 per unit and $116.16 per square foot. Recent renovations, completed in the last few years, encompass units 4, 5, 10, 13, 16, 18, 20, 21, 23, and 24, and include repairs, fresh paint, new flooring, countertops, appliances, and light fixtures
Valuation
by Realmo methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $1,968,166
- 6.5%
- $1,816,769
- 7%
- $1,687,000
-
Comparable approach
- Method
- Valuation
- Relative Method
- $1,331,151
- Geo Method
- $1,331,151
-
Alternative Use
- Use
- Valuation
- Residential
- $1,816,769
- Hospitality
- $1,664,151
- Educational
- $1,384,554
- Medical
- $1,432,171
- Retail
- $2,153,750
774 Melrose St, Memphis, Tennessee
Leaflet | © OpenStreetMap contributors
Location Insight
- City
- Memphis
- County
- Shelby
- State
- Tennessee
- Latitude
- 35.1252
- Longitude
- -90.0132
- CBSA code
- 32820
- CBSA name
- MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2022
$24,968
$12,520
$397,360
$409,880
-
$31,300
$993,400
$1,024,700
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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