1528 Ragan St, Memphis, TN 38106-6103
- Apartment buildings
- 5,440 SF
- 9.79 lot acres
Current Use by Public Records
- Cane Creek Apartments / Apartment Complex / Apartment Building
Property Details for 1528 Ragan St
- Year built
- 2005
- Lot size
- 9.79 lot acres
- Zone code
- IH
- Property type
- Apartment buildings
- APN
- 048-037- - -00013
- APU
- 4803700013
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Mar 24, 2023 | — | Cane Creek Apartments LLC | Cane Creek Project LLC | Quit Claim Deed · related | $7M · Walker & Dunlop LLC |
| Dec 8, 2020 | — | Cane Creek Project LLC | Cane Creek Apts LLC | Quit Claim Deed · related | — |
| Jul 17, 2020 | $3,600,000 | Cane Creek Apts LLC | Cane Creek Crossing LP | Grant Deed · related | $4.5M · Asya Capital LLC |
| Apr 7, 2015 | — | Cane Creek Crossing LP | Health Educational & Hsng Faci | Quit Claim Deed · related | — |
| Mar 28, 2005 | — | Health Educational | Cane Creek Crossing | Quit Claim Deed · related | — |
Description
This exceptional 125-unit apartment building, located at 1528 Ragan St, Memphis, TN 38106, presents a compelling value-add investment opportunity. Currently operating at 83% occupancy (as of September 30, 2024), this Class C multifamily property offers significant upside potential. The asking price is $8,000,000, translating to $64,000 per unit. The property boasts a projected net operating income (NOI) of $400,000, yielding an attractive 20% capitalization rate. All 125 units are comprised of three and four-bedroom townhomes. This is a fee-simple sale, not subject to a ground lease. The property is being offered for sale by owner. The substantial number of units and the current occupancy rate, combined with the projected NOI and cap rate, make this a strong contender for investors seeking immediate returns and long-term growth. This is a rare opportunity to acquire a significant multifamily asset in a growing Memphis market. Detailed financial information is available upon request. The property is situated in Shelby County.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $435,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $675,000
- 6.5%
- $625,000
- 7%
- $580,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $533,000
- AI Estimate
- $456,000
Market price range: $190k - $534kMarket price range: $183k - $457k -
Alternative Use
- Use
- Estimation
- APARTMENT HOUSE (5+ UNITS)
- $375,000 Current use
- MEDICAL BUILDING
- $780,000 Change: +108% Conversion: Moderate
- OFFICE BUILDING
- $650,000 Change: +74% Conversion: Moderate
- AUTO REPAIR, GARAGE
- $525,000 Change: +41% Conversion: Difficult
- RETAIL STORES
- $450,000 Change: +21% Conversion: Difficult
- NEIGHBORHOOD: SHOPPING CENTER
- $400,000 Change: +7% Conversion: Difficult
- COMMERCIAL (GENERAL)
- $330,000 Change: -12% Conversion: Moderate
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Location Insight
- Map
- Local Demand
- City
- Memphis
- County
- Shelby
- State
- Tennessee
- Longitude
- -90.0089
- Latitude
- 35.1045
- CBSA code
- 32820
- CBSA name
- MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA
