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Property profile & analytics
OFF-MARKET
Estimated value
$7,415,000
High-rise multifamily apartments
141 Manassas St Memphis, TN 38105-4595
Entity Owned
11-yr Hold
Property ID
US80-0995102
Property profile
Verified
Property type
High-rise multifamily apartments
Use group
HIGH-RISE APARTMENTS
Year built
1962
Total area
61,000 SF
Lot
2.52 ac (109,858 SF)
Zoning code
RU-4
APN
023-024- - -00003-C
UPID
US80-0995102
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
-
Wogan Group Apartment Building Apartment Complex
-
Addis Monthly Publishing House
-
750 Adams Place Apartment Complex
-
Addis Design Studio Marketing & Advertising (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$7.01M
Comparable Approach
Comparable
$10.17M
Blend (final)
Blend
$7.42M
Owner & transaction history
Thunderbird Towers LLC · 11 yrs held
Thunderbird Towers LLC
since 2015
2 recorded transactions
Zoning & alternative use
RU-4 · Memphis, TN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$8.7M
+32.7%
Office building
$7.3M
+10.6%
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%
$7,590,000
6.5%
$7,005,000
7%
$6,505,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$6,575,000
Current use
MEDICAL BUILDING
$8,725,000
Change: +33% · Conversion: Moderate
OFFICE BUILDING
$7,275,000
Change: +11% · Conversion: Moderate
AUTO REPAIR, GARAGE
$5,915,000
Change: -10% · Conversion: Difficult
Blend value · Realmo final
$7.42M
Range $6.67M – $8.16M · ±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
$122 / 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
$161,916
Tax year 2022
Assessed value
$2,658,000
Assessed 2023
Previous assessed
$2,658,000
+0.0% YoY
Effective rate
6.09%
On assessed value
Assessed land
$292,320
Assessed improvement
$2,365,680
Land market value
$730,800
Improvement market value
$5,914,200
Total market value
$6,645,000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
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
1962
Heating
FORCED AIR
Cooling
CENTRAL
Buildings
2
Stories
9
Units
70
Bathrooms
2
Total area
61,000 SF
Lot
2.52 ac (109,858 SF)
Zoning code
RU-4
APN
023-024- - -00003-C
UPID
US80-0995102
Jurisdiction
SHELBY
Zoning & alternative use
RU-4 · Memphis, TN
Zoning RU-4 · permitted uses
RU-4 · 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
$6.6M
MEDICAL BUILDING
Est. value
$8.7M
OFFICE BUILDING
Est. value
$7.3M
AUTO REPAIR, GARAGE
Est. value
$5.9M
APARTMENT HOUSE (5+ UNITS) Current
MEDICAL BUILDING
OFFICE BUILDING
AUTO REPAIR, GARAGE
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
1962
Heating
FORCED AIR
Cooling
Yes
Stories
9
Buildings
2
Units
70
Bathrooms
2
Lot
2.52 ac
Current owner
From public records · entity-resolved
Thunderbird Towers LLC
Entity
Mailing address
1387 CENTRAL AVE, MEMPHIS, TN 38104-4889
Ownership since
2015
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 17, 2015
$6,450,000
Thunderbird Towers LLC
750 Adams Place LLC
Warranty Deed
$4,850,000 · Miscellaneous Ins Co
—
—
750 Adams Place LLC
—
Deed Of Trust
related
$3,500,000 · Lasalle National Bank
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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