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Property profile & analytics
OFF-MARKET
Estimated value
$12,365,000
High-rise multifamily apartments
1387 Central Ave Memphis, TN 38104-4889
Entity Owned
6-yr Hold
Free & Clear
Property ID
US80-3009145
Property profile
Verified
Property type
High-rise multifamily apartments
Use group
HIGH-RISE APARTMENTS
Year built
1959
Total area
122,482 SF
Lot
2.06 ac (89,734 SF)
Zoning code
CMU-3
APN
015-008- -A-00001-C
UPID
US80-3009145
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
The Venue Real Estate Agency
-
KER Junk Removal Memphis Waste Management Facility
-
University Tower Condominiums Apartment Building
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$14.07M
Comparable Approach
Comparable
$14.36M
Blend (final)
Blend
$12.37M
Owner & transaction history
VENUE APARTMENTS LLC
VENUE APARTMENTS LLC
Zoning & alternative use
CMU-3 · Memphis, TN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$19.7M
+83.9%
Medical building
$17.5M
+63.9%
Retail stores
$14.8M
+38.0%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Memphis submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Memphis submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$15,245,000
6.5%
$14,070,000
7%
$13,065,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$10,690,000
Current use
RESTAURANT
$19,660,000
Change: +84% · Conversion: Difficult
MEDICAL BUILDING
$17,520,000
Change: +64% · Conversion: Moderate
RETAIL STORES
$14,750,000
Change: +38% · Conversion: Difficult
OFFICE BUILDING
$13,860,000
Change: +30% · Conversion: Moderate
AUTO REPAIR, GARAGE
$11,875,000
Change: +11% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$8,990,000
Change: -16% · Conversion: Difficult
Blend value · Realmo final
$12.37M
Range $11.13M – $13.60M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$101 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$182,598
Tax year 2022
Assessed value
$2,997,520
Assessed 2023
Previous assessed
$2,997,520
+0.0% YoY
Effective rate
6.09%
On assessed value
Assessed land
$44,880
Assessed improvement
$2,952,640
Land market value
$112,200
Improvement market value
$7,381,600
Total market value
$7,493,800
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
High-rise multifamily apartments
Use group
HIGH-RISE APARTMENTS
Status
Off-Market
Year built
1959
Heating
NONE
Cooling
NONE
Stories
9
Units
159
Bathrooms
1
Total area
122,482 SF
Lot
2.06 ac (89,734 SF)
Zoning code
CMU-3
APN
015-008- -A-00001-C
UPID
US80-3009145
Jurisdiction
SHELBY
Zoning & alternative use
CMU-3 · Memphis, TN
Zoning CMU-3 · permitted uses
CMU-3 · Memphis, TN
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Memphis. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$10.7M
RESTAURANT
Est. value
$19.7M
MEDICAL BUILDING
Est. value
$17.5M
RETAIL STORES
Est. value
$14.8M
OFFICE BUILDING
Est. value
$13.9M
AUTO REPAIR, GARAGE
Est. value
$11.9M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$9.0M
APARTMENT HOUSE (5+ UNITS) Current
RESTAURANT
MEDICAL BUILDING
RETAIL STORES
OFFICE BUILDING
AUTO REPAIR, GARAGE
NEIGHBORHOOD: SHOPPING CENTER
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1959
Heating
NONE
Cooling
Yes
Stories
9
Units
159
Bathrooms
1
Lot
2.06 ac
Current owner
From public records · entity-resolved
VENUE APARTMENTS LLC
Entity
Free & Clear · 0 yrs held
Mailing address
1387 CENTRAL AVE, MEMPHIS, TN 38104-4889
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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