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Property profile & analytics
OFF-MARKET
Estimated value
$820,000
Garden apartment buildings
219 Willett St Memphis, TN 38112-5130
Individually Owned
4-yr Hold
Free & Clear
Property ID
US80-3235972
Property profile
Verified
Property type
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Year built
1963
Total area
4,420 SF
Lot
0.23 ac (10,019 SF)
Zoning code
RU-3
APN
020-045- - -00021
UPID
US80-3235972
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
$915k
CAP Approach
CAP
$510k
Comparable Approach
Comparable
$628k
Blend (final)
Blend
$820k
Owner & transaction history
Benedict Kwon · 4 yrs held
Benedict Kwon
since 2022
Last sale
$1.0M
6 recorded transactions
Zoning & alternative use
RU-3 · Memphis, TN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$630,000
+26.4%
Office building
$525,000
+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
$815,000
ML approach
$915,000
CAP Approach
CAP Return
Estimation
6%
$550,000
6.5%
$510,000
7%
$470,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$500,000
Current use
MEDICAL BUILDING
$630,000
Change: +26% · Conversion: Moderate
OFFICE BUILDING
$525,000
Change: +5% · Conversion: Moderate
Blend value · Realmo final
$820k
Range $738k – $902k · ±10% · vs last sale $1.03M (May 11 2022)
Last sale anchor
$1.03M
May 11 2022
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
$186 / 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
$5,885
Tax year 2022
Assessed value
$96,600
Assessed 2023
Previous assessed
$96,600
+0.0% YoY
Effective rate
6.09%
On assessed value
Assessed land
$15,080
Assessed improvement
$81,520
Land market value
$37,700
Improvement market value
$203,800
Total market value
$241,500
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
1963
Heating
FORCED AIR
Cooling
CENTRAL
Stories
1
Units
6
Bathrooms
1
Total area
4,420 SF
Lot
0.23 ac (10,019 SF)
Zoning code
RU-3
APN
020-045- - -00021
UPID
US80-3235972
Jurisdiction
SHELBY
Zoning & alternative use
RU-3 · Memphis, TN
Zoning RU-3 · permitted uses
RU-3 · 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
$500,000
MEDICAL BUILDING
Est. value
$630,000
OFFICE BUILDING
Est. value
$525,000
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
1963
Heating
FORCED AIR
Cooling
Yes
Stories
1
Units
6
Bathrooms
1
Lot
0.23 ac
Current owner
From public records · entity-resolved
Benedict Kwon
Individual
Free & Clear · 4 yrs held
Mailing address
60 BELCOURT DR, NEWPORT BEACH, CA 92660-4213
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 11, 2022
$1,025,000
Benedict Kwon
Career Innovators LLC
Warranty Deed
—
Apr 19, 2021
$475,000
Career Innovators LLC
William F Napier
Warranty Deed
—
Oct 7, 2008
—
William F Napier
—
Trustees Deed
related
$317,000 · Community Bank NA
Sep 3, 2008
$235,500
William F Napier
Campbell,charles W
Warranty Deed
—
—
—
Charles W Campbell
—
Deed Of Trust
related
$85,000 · Peoples Bank & Trust
—
—
William F Napier
—
Deed Of Trust
related
$317,000 · Community Bank NA
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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