1506 Monroe Ave Memphis, TN 38104
- Commercial real estate
- 1,986 SF
- 0.17 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 1506 Monroe Ave
- Year built
- 1911
- Lot size
- 0.17 lot acres
- Property size
- 1,986 SF
- Property type
- Commercial real estate
- APN
- 017030 00023
Description
Exceptional investment opportunity awaits with this three-unit apartment building situated in Memphis' vibrant Midtown neighborhood, just minutes from Downtown and Overton Square. This 1911-built, charming one-story building underwent renovations in 2018, boasting 1,986 square feet on a 0.165-acre lot. The property currently enjoys a 99% occupancy rate, generating a strong NOI of $49,138 (pro-forma NOI of $49,750), translating to a compelling 15.36% cap rate (pro-forma 15.55%). Each of the three units features one bedroom and one bathroom, offering a desirable rental configuration. Ample parking is available with six spaces. The asking price is $250,000, representing $106,667 per unit and $161.13 per square foot. The property is being sold as-is. This is an ideal addition to an existing portfolio or a perfect entry point for new investors seeking a high-return, well-located asset. The property's strong performance and prime location make it a truly compelling investment opportunity. Property details include Shelby County APN 017030 00023 and a Memphis, TN 38104 address.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Memphis
- County
- Shelby
- State
- Tennessee
- Longitude
- -90.0111339
- Latitude
- 35.1375921
