2038 Southern Ave Memphis, TN 38114-2148
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.
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The Wendell Apartments Apartment Complex
Housing Type RU-1 RU-2 RU-3 RU-4 RU-5 Conventional Side Yard House Cottage ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ -- -- -- Semi-Attached Two-Family Townhouse ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ -- -- ■ Large Home Stacked Townhouse Apartment -- ■ ■ -- ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ = Permitted -- = not permitted = permitted by Special Use Permit Building Regulations for Permitted Housing…
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2022Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Property description
Physical attributes from public recordsZoning & alternative use
RU-3 · Memphis, TNHousing Type RU-1 RU-2 RU-3 RU-4 RU-5 Conventional Side Yard House Cottage ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ -- -- -- Semi-Attached Two-Family Townhouse ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ -- -- ■ Large Home Stacked Townhouse Apartment -- ■ ■ -- ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ = Permitted -- = not permitted = permitted by Special Use Permit Building Regulations for Permitted Housing Types A. The following building and subdivision regulations apply to the principal buildings of permitted housing types. Residential compatibility standards may also apply (see Chapter 3.9). For building envelope standards affecting accessory structures see Chapter 2.7. For the purpose of this Section, “% of Housing Types” shall be determined by calculating the number of units devoted to each housing type. The maximum front building setbacks, required building frontages and required percentage of housing types established in this Section shall not apply to buildings in existence prior to January 1, 2011. See Chapters 10.8 and 10.9. B. Housing classified as Group Living under Section 2.5.2 shall follow the appropriate building regulations in this Section for the housing types in which the Group Living is located. C. All single-family detached and attached housing types in Residential Urban Districts shall have at least one primary entrance on the front building façade. All other written standards of Chapter 3.4 and appropriate building regulations in this Section apply. Housing Type Conventional Side Yard Cottage Semi- Attached Two- Family Town- House Large Home Stacked Townhouse
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
