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    Property profile & analytics

    3130 Mendenhall Rd Memphis, TN 38115

    • Apartment buildings
    • 19,008 SF
    • 5.52 lot acres
    For Sale
    View listing
    $12,000,000
    Value Estimation
    Last Sale
    Aug 10, 2020
    $550,000
    Location Intelligence
    Property ID
    US80-0064843
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Ivy Chase Apartments / Apartment Complex / Apartment Building

    Property Details for 3130 Mendenhall Rd

    Year built
    1973
    Construction
    FRAME
    Lot size
    5.52 lot acres
    Property size
    19,008 SF
    Zone code
    CMU-1
    Property type
    Apartment buildings
    APN
    074-074- - -00028
    APU
    7407400028

    Description

    This exceptional 171-unit apartment building in Memphis, Tennessee presents a compelling value-add investment opportunity. Located at 3130 S Mendenhall Rd, this Class C property boasts 135,320 square feet situated on a 5.52-acre lot. Built in 1973, the complex comprises seventeen 3-story buildings offering a mix of townhouse and flat-style apartments, currently operating at 85% occupancy. The property features 350 parking spaces and is zoned CMU-1. With a current NOI of $676,165 and a 5.63% cap rate, significant upside potential exists, as indicated by a pro-forma NOI of $1,237,612 and a pro-forma cap rate of 10.31%. The asking price is $12,000,000, translating to $70,175 per unit and $88.68 per square foot. Last renovated in 2006/2007, this Section 42 LIHTC complex offers substantial room for improvement and increased profitability through operational enhancements and stabilization. The property's size, location, and inherent potential make it an attractive investment for discerning buyers seeking strong returns in the Memphis multifamily market. The APN is 074074-00028.

    Value Estimation

    by Realmo proprietary methodology Last update: July 3, 2025

    • AI approach

      CAP return
      Estimation
      Estimation
      $455,000

    • CAP approach

      CAP return
      Estimation
      6%
      $625,000
      6.5%
      $560,000
      7%
      $570,000

    • Comparable approach

      Method
      Estimation
      Relative Method
      $580,000
      Geo Method
      $680,000

    • Alternative Use

      Use
      Estimation
      Distribution
      $670,000
      Retail
      $520,000
      Mixed-Use
      $580,000
      Hospitality
      $555,000
      Educational
      $720,000
      Residential Income
      $685,000
      Energy
      $635,000
      Income-Based Land
      $655,000
      Food Service
      $625,000

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -89.8845
    Latitude
    35.0632
    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
    $52,556
    $199,080
    $663,680
    $862,760
    -
    $497,700
    $1,659,200
    $2,156,900

    Comparable in this City

    • Value Estimation by Request
      8,296 SF

      3505 Mendenhall Rd

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      3505 Mendenhall Rd, Memphis, TN 38115-4508
      View Details
    • Value Estimation by Request
      9,408 SF

      4025 Riverdale Rd

      APARTMENT HOUSE (5+ UNITS) • 9,408 SF
      4025 Riverdale Rd, Memphis, TN 38115
      View Details
    • Value Estimation
      $25,080,000
      22,512 SF

      3119 Kirby Pkwy

      APARTMENT HOUSE (5+ UNITS) • 22,512 SF
      3119 Kirby Pkwy, Memphis, TN 38115
      View Details
    • Value Estimation by Request
      11,392 SF

      3169 Kirby Pkwy

      APARTMENT HOUSE (5+ UNITS) • 11,392 SF
      3169 Kirby Pkwy, Memphis, TN 38115-3704
      View Details
    • Value Estimation
      $5,155,000
      37,680 SF

      3315 Hickory Hl Rd

      APARTMENT HOUSE (5+ UNITS) • 37,680 SF
      3315 Hickory Hl Rd, Memphis, TN 38115-3146
      View Details
    • Value Estimation by Request
      59,520 SF

      5861 Mt Moriah Rd

      APARTMENT HOUSE (100+ UNITS) • 59,520 SF
      5861 Mt Moriah Rd, Memphis, TN 38115
      View Details

    Similar Nearby for Sale

    • $12,000,000
      135,320 SF

      Memphis Multifamily Investment Opportunity

      171-Unit Apartment Complex, High Potential
      3130 Mendenhall Rd, Memphis, TN 38115
      View Details
    • $250,000

      Modern Memphis Office Space

      Move-in Ready Office with 15 Parking Spaces
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      0.589 Acre Improved Lot

      0.589 acre lot with utilities and convenient access.
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      Retail Property on Mount Moriah

      Retail property available for sale in Memphis, Tennessee.
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    • $68,000

      Land For Sale

      Land available for sale in Memphis, Tennessee.
      6040 Winchester Rd, Memphis, TN 38115
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      Two Contiguous Commercial Land Parcels

      Two adjacent parcels totaling 0.863 acres available for purchase.
      5276 Mendenhall Park Pl, Memphis, TN 38115
      View Details

    Similar Nearby for Lease

    • Contact for pricing
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      Theaters & concert halls • 243,588 SF
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    • $13 SF/Yr
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      Prime East Memphis Commercial Property

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    • Contact for pricing
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      Class A Office Space Available

      Class A office space for lease in Memphis, TN.
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      View Details
    • $347,800

      Commercial Lots on Kirby Road

      Commercial lots available, ranging from 0.92 to 1.22 acres.
      6520 Mount Moriah Road Ext, Memphis, TN 38115
      View Details
    • $15 SF/Yr
      5,733 SF

      Office Space Available For Rent

      Office space available for lease.
      2734 S Mendenhall Rd, Memphis, TN 38115
      View Details
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    Memphis, TN 38115
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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