23 Morrison St Memphis, TN 38104
- Commercial real estate
- 5,678 SF
Current Use by Public Records
- Commercial real estate
Property Details for 23 Morrison St
- Year built
- 2021
- Property size
- 5,678 SF
- Property type
- Commercial real estate
Description
This exceptional three-unit apartment building, constructed in 2021, presents a compelling value-add investment opportunity in Memphis' vibrant Midtown neighborhood, specifically the Overton Square area. The property boasts a total of 5,678 square feet across three stories, situated on an 8,640 square foot lot. Each of the three spacious units features two bedrooms and two bathrooms, complete with modern kitchens, stainless steel appliances, in-unit washers and dryers, and private balconies. The open floor plans offer comfortable and stylish living spaces. Currently operating at 100% occupancy, generating a Net Operating Income (NOI) of $53,795, and a 6.01% capitalization rate, this property offers a strong return on investment. The asking price is $895,000, translating to $157.63 per square foot and $298,333.33 per unit. Gated parking is provided for residents. The property is classified as a Class B multifamily investment. Please note that this is a drive-by only showing; do not disturb the residents. This is a rare opportunity to acquire a well-maintained, high-performing property in a desirable location. The contemporary design and desirable amenities make this a highly attractive rental property.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Memphis
- County
- Shelby
- State
- Tennessee
- Longitude
- -89.9945146
- Latitude
- 35.1362834
