1528 Ragan St Memphis, TN 38106-6103
- Apartment buildings
- 5,440 SF
- 9.79 lot acres
Mar 24, 2023
Current Use by Public Records
- Cane Creek Apartments / Apartment Building / Apartment Complex
Property Details for 1528 Ragan St
- Year built
- 2005
- Lot size
- 9.79 lot acres
- Property size
- 5,440 SF
- Zone code
- IH
- Property type
- Apartment buildings
- APN
- 048-037- - -00013
- APU
- 4803700013
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 Estimation
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CAP approach
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Comparable approach
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Alternative Use
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
