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    Property profile & analytics

    2038 Southern Ave Memphis, TN 38114-2148

    • Apartment buildings
    • 2,262 SF
    • 0.84 lot acres
    OFF-MARKET
    Value Estimation
    $2,480,000
    Last Sale
    May 13, 2022
    $2,970,000
    Location Intelligence
    Property ID
    US80-1384636
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • The Wendell Apartments / Apartment Complex

    Property Details for 2038 Southern Ave

    Year built
    1960
    Lot size
    0.84 lot acres
    Property size
    2,262 SF
    Zone code
    RU-3
    Property type
    Apartment buildings
    APN
    031-117- - -00014
    APU
    3111700014

    Description

    This exceptional 24-unit apartment building presents a compelling investment opportunity in Memphis, Tennessee's vibrant Cooper Young district. Located at 2038 Southern Ave, zip code 38114, this property boasts a total of 15,822 square feet across four, two-story buildings situated on a 0.84-acre lot. Originally constructed in 1960, the property underwent a complete renovation in 2022, resulting in a turnkey, stabilized asset. Upgrades include new flooring, updated kitchens and bathrooms, exterior enhancements, and attractive landscaping. Each of the 24 units is equipped with a stacked washer/dryer. The asking price is $3,120,000, translating to $130,000 per unit and $197.19 per square foot. The property's location within the thriving Cooper Young district provides immediate access to a diverse range of restaurants, bars, and arts venues, ensuring strong rental demand and potential for future appreciation. This is a rare opportunity to acquire a well-maintained, high-performing multifamily property in a highly desirable Memphis neighborhood. The property is ready for immediate income generation.

    Value Estimation

    by Realmo proprietary methodology Last update: July 3, 2025

    • AI approach

      CAP return
      Estimation
      Estimation
      $2,360,000

    • CAP approach

      CAP return
      Estimation
      6%
      $2,940,000
      6.5%
      $3,125,000
      7%
      $3,005,000

    • Comparable approach

      Method
      Estimation
      Relative Method
      $2,600,000
      Geo Method
      $2,630,000

    • Alternative Use

      Use
      Estimation
      Distribution
      $3,010,000
      Retail
      $2,890,000
      Mixed-Use
      $2,780,000
      Hospitality
      $2,945,000
      Educational
      $3,480,000
      Residential Income
      $3,430,000
      Energy
      $3,385,000
      Income-Based Land
      $3,120,000
      Food Service
      $3,350,000

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -89.9942
    Latitude
    35.1166
    CBSA code
    32820
    CBSA name
    MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $15,229
    $36,720
    $213,280
    $250,000
    -
    $91,800
    $533,200
    $625,000

    Comparable in this City

    • Value Estimation
      $630,000
      4,452 SF

      2227 Airways Blvd

      APARTMENT HOUSE (5+ UNITS) • 4,452 SF
      2227 Airways Blvd, Memphis, TN 38114-6166
      View Details
    • Value Estimation
      $2,670,000
      53,328 SF

      2281 Ketchum Rd

      APARTMENT HOUSE (5+ UNITS) • 53,328 SF
      2281 Ketchum Rd, Memphis, TN 38114-6045
      View Details
    • Value Estimation
      $75,000
      5,003 SF

      1030 Hamilton St

      APARTMENT HOUSE (5+ UNITS) • 5,003 SF
      1030 Hamilton St, Memphis, TN 38114-3131
      View Details
    • Value Estimation by Request
      29,624 SF

      1766 Carver Ave

      APARTMENT HOUSE (5+ UNITS) • 29,624 SF
      1766 Carver Ave, Memphis, TN 38114
      View Details
    • Value Estimation by Request
      33,264 SF

      1764 Pendleton St

      APARTMENT HOUSE (5+ UNITS) • 33,264 SF
      1764 Pendleton St, Memphis, TN 38114-3853
      View Details
    • Value Estimation
      $60,000
      4,758 SF

      2444 Ketchum Cv

      APARTMENT HOUSE (5+ UNITS) • 4,758 SF
      2444 Ketchum Cv, Memphis, TN 38114-6023
      View Details

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    Similar Nearby for Lease

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    2038 Southern Ave
    Memphis, TN 38114-2148
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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