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Property profile & analytics
OFF-MARKET
Estimated value
$680,000
Garden apartment buildings
219 Tillman St Memphis, TN 38112-4678
Entity Owned
2-yr Hold
Property ID
US80-3089958
Property profile
Verified
Property type
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Year built
1945
Total area
4,056 SF
Lot
1.04 ac (45,477 SF)
Zoning code
CMU-1
APN
037-037- - -00008
UPID
US80-3089958
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$675k
CAP Approach
CAP
$465k
Comparable Approach
Comparable
$647k
Blend (final)
Blend
$680k
Owner & transaction history
Nickson Development Group LLC · 2 yrs held
Nickson Development Group LLC
since 2023
Last sale
$700,000
7 recorded transactions
Zoning & alternative use
CMU-1 · Memphis, TN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$580,000
+26.4%
Office building
$485,000
+5.4%
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
$675,000
ML approach
$675,000
CAP Approach
CAP Return
Estimation
6%
$505,000
6.5%
$465,000
7%
$435,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$460,000
Current use
MEDICAL BUILDING
$580,000
Change: +26% · Conversion: Moderate
OFFICE BUILDING
$485,000
Change: +5% · Conversion: Moderate
Blend value · Realmo final
$680k
Range $612k – $748k · ±10% · vs last sale $700k (Sep 20 2023)
Last sale anchor
$700k
Sep 20 2023
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
$168 / 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
$6,060
Tax year 2022
Assessed value
$99,480
Assessed 2023
Previous assessed
$99,480
+0.0% YoY
Effective rate
6.09%
On assessed value
Assessed land
$28,560
Assessed improvement
$70,920
Land market value
$71,400
Improvement market value
$177,300
Total market value
$248,700
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
1945
Heating
FORCED AIR
Cooling
NONE
Buildings
3
Stories
1
Units
8
Bathrooms
3
Total area
4,056 SF
Lot
1.04 ac (45,477 SF)
Zoning code
CMU-1
APN
037-037- - -00008
UPID
US80-3089958
Jurisdiction
SHELBY
Zoning & alternative use
CMU-1 · Memphis, TN
Zoning CMU-1 · permitted uses
CMU-1 · 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
$460,000
MEDICAL BUILDING
Est. value
$580,000
OFFICE BUILDING
Est. value
$485,000
APARTMENT HOUSE (5+ UNITS) Current
MEDICAL BUILDING
OFFICE BUILDING
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
1945
Heating
FORCED AIR
Cooling
Yes
Stories
1
Buildings
3
Units
8
Bathrooms
3
Lot
1.04 ac
Current owner
From public records · entity-resolved
Nickson Development Group LLC
Entity
Mailing address
3686 SUMMER AVE, MEMPHIS, TN 38122-3743
Ownership since
2023
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 20, 2023
$700,000
Nickson Development Group LLC
Tillman Apartments INC
Special Warranty Deed
—
Nov 8, 2006
$150,000
Tillman Apartments INC
Wofford,peter W
Warranty Deed
—
Jul 21, 2005
$50,000
Peter W Wofford
Scarborough,robert W
Trustees Deed
—
Jul 14, 2003
$129,000
Robert W Scarborough
Wofford,peter W
Grant Deed
$116,100 · Midsouth Properties Exchange
Oct 5, 2001
—
Peter W Wofford
Duvall,william W & Vickie S
Quit Claim Deed
related
—
Jan 3, 2001
$99,000
William W Duvall
Wofford,peter W
Grant Deed
$51,157 · Seller
—
—
William W Duvall
—
Deed Of Trust
related
$5,157 · Individual
—
—
Peter W Wofford
—
Deed Of Trust
related
$26,000 · Community Commercial Bank
—
—
Tillman Apartments INC
—
Deed Of Trust
related
$275,000 · Commercial Bank & Trust
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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