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Property profile & analytics
OFF-MARKET
Estimated value
$1,995,000
Garden apartment buildings
1508 Madison Ave Memphis, TN 38104-8404
Entity Owned
Property ID
US80-3527736
Property profile
Verified
Property type
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Year built
1950
Total area
19,223 SF
Lot
0.58 ac (25,265 SF)
Zoning code
CMU-3
APN
017-031- - -00046
UPID
US80-3527736
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
-
Cherokee Arms Apartment Building
-
Gabrion Properties LLC Property Management Company
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$2.21M
Comparable Approach
Comparable
$1.77M
Blend (final)
Blend
$2.00M
Owner & transaction history
Midtown Investment Tream LLC
Midtown Investment Tream LLC
since 2025
Last sale
$2.0M
7 recorded transactions
Zoning & alternative use
CMU-3 · Memphis, TN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$3.1M
+83.9%
Medical building
$2.8M
+63.9%
Retail stores
$2.3M
+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%
$2,390,000
6.5%
$2,210,000
7%
$2,050,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$1,680,000
Current use
RESTAURANT
$3,085,000
Change: +84% · Conversion: Difficult
MEDICAL BUILDING
$2,750,000
Change: +64% · Conversion: Moderate
RETAIL STORES
$2,315,000
Change: +38% · Conversion: Difficult
OFFICE BUILDING
$2,175,000
Change: +30% · Conversion: Moderate
AUTO REPAIR, GARAGE
$1,865,000
Change: +11% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$1,410,000
Change: -16% · Conversion: Difficult
Blend value · Realmo final
$2.00M
Range $1.80M – $2.19M · ±10% · vs last sale $2.00M (Jun 22 2025)
Last sale anchor
$2.00M
Jun 22 2025
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
$104 / 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
$22,466
Tax year 2022
Assessed value
$368,800
Assessed 2023
Previous assessed
$451,800
-18.4% YoY
Effective rate
6.09%
On assessed value
Assessed land
$36,720
Assessed improvement
$332,080
Land market value
$91,800
Improvement market value
$830,200
Total market value
$922,000
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
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Status
Off-Market
Year built
1950
Heating
FORCED AIR
Cooling
NONE
Stories
2
Units
30
Bathrooms
1
Total area
19,223 SF
Lot
0.58 ac (25,265 SF)
Zoning code
CMU-3
APN
017-031- - -00046
UPID
US80-3527736
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
$1.7M
RESTAURANT
Est. value
$3.1M
MEDICAL BUILDING
Est. value
$2.8M
RETAIL STORES
Est. value
$2.3M
OFFICE BUILDING
Est. value
$2.2M
AUTO REPAIR, GARAGE
Est. value
$1.9M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$1.4M
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
1950
Heating
FORCED AIR
Cooling
Yes
Stories
2
Units
30
Bathrooms
1
Lot
0.58 ac
Current owner
From public records · entity-resolved
Midtown Investment Tream LLC
Entity
Mailing address
2133 N GLENCOE AVE STE #100, VENICE, CA 90291-4008
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 22, 2025
$2,000,000
Midtown Investment Tream LLC
Shalom Holdings 6 LLC
Warranty Deed
$1,610,888 · Planters Bank & Trust Co
Aug 30, 2024
$1,575,000
Shalom Holdings 6 LLC
Gabrion Properties LLC
Warranty Deed
—
Aug 30, 2024
—
Shalom Holdings 6 LLC
Gabrion Properties LLC
Quit Claim Deed
related
—
Aug 1, 2024
—
Shalon Holdings LLC
Gabrion Properties LLC
Agreement Of Sale
—
Aug 10, 2020
—
Gabrion Properties LLC
—
Deed
related
$703,000 · Bank Of Bartlett
Nov 5, 2010
$455,000
Gabrion Properties LLC
Austin,katherine A
Warranty Deed
$800,000 · Paragon Nat'l Bk
Jan 27, 2004
$600,000
Kym Milburn
Zambelis,sam C
Grant Deed
$420,000 · Union Planters National Bank
—
—
Gabrion Properties LLC
—
Loan Modification
related
$900,000 · Paragon Bk
—
—
Gabrion Properties LLC
—
Deed Of Trust
related
$703,000 · Bank Of Bartlett
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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