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Property profile & analytics
OFF-MARKET
Estimated value
$3,525,000
High-rise multifamily apartments
23 Pauline St Memphis, TN 38104-3129
Entity Owned
4-yr Hold
Property ID
US80-0144498
Property profile
Verified
Property type
High-rise multifamily apartments
Use group
HIGH-RISE APARTMENTS
Year built
1947
Total area
66,440 SF
Lot
0.04 ac (1,830 SF)
Zoning code
CMU-3
APN
018-055- - -00006
UPID
US80-0144498
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
Current use
Occupant on record · Public records
-
SoMa 23 Apartments Apartment Building
-
Medical Center Tower Apartments Apartment Building
-
Marie's Five🌟Cleaning Services Commercial Cleaning Service
-
Level Up Property Maintenance Hardware & Home Improvement General Contractor
-
Brian An Marie's Crafts General Contractor
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$3.29M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$3.30M
Blend (final)
Blend
$3.53M
Owner & transaction history
Soma 23 LLC · 4 yrs held
Soma 23 LLC
since 2022
Last sale
$3.9M
7 recorded transactions
Zoning & alternative use
CMU-3 · Memphis, TN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
$3,140,000
ML approach
$3,285,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$5,800,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$4,875,000
Change: -16% · Conversion: Difficult
Blend value · Realmo final
$3.53M
Range $3.17M – $3.88M · ±10% · vs last sale $3.95M (Apr 6 2022)
Last sale anchor
$3.95M
Apr 6 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
$53 / 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
$69,615
Tax year 2022
Assessed value
$1,142,800
Assessed 2023
Previous assessed
$1,142,800
+0.0% YoY
Effective rate
6.09%
On assessed value
Assessed land
$59,520
Assessed improvement
$1,083,280
Land market value
$148,800
Improvement market value
$2,708,200
Total market value
$2,857,000
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
High-rise multifamily apartments
Use group
HIGH-RISE APARTMENTS
Status
Off-Market
Year built
1947
Heating
HOT WATER
Cooling
CENTRAL
Stories
6
Units
88
Bathrooms
1
Total area
66,440 SF
Lot
0.04 ac (1,830 SF)
Zoning code
CMU-3
APN
018-055- - -00006
UPID
US80-0144498
Jurisdiction
SHELBY
Zoning & alternative use
CMU-3 · Memphis, TN
Zoning CMU-3 · permitted uses
CMU-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
$5.8M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$4.9M
APARTMENT HOUSE (5+ UNITS) Current
NEIGHBORHOOD: SHOPPING CENTER
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
1947
Heating
HOT WATER
Cooling
Yes
Stories
6
Units
88
Bathrooms
1
Lot
0.04 ac
Current owner
From public records · entity-resolved
Soma 23 LLC
Entity
Mailing address
1 FINANCIAL PLZ FL #12, HARTFORD, CT 06103-2601
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
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 6, 2022
—
Soma 23 LLC
Clymene LLC
Quit Claim Deed
related
—
Apr 6, 2022
$3,946,000
Soma 23 LLC
Clymene LLC
Special Warranty Deed
—
Jan 12, 2017
$2,800,000
Clymene LLC
Medical Center Tower Apartment
Grant Deed
$2,240,000 · Cbre Cap Markets
Feb 5, 2003
$1,002,500
Medical Center Tower LLC
Pauline Partners LP
Grant Deed
$455,000 · Jacques L & Mary E Lefriant
—
—
Medical Center Tower Apartment
—
Deed Of Trust
related
$350,000 · Magna Bk
—
—
Medical Center Tower Apartment
—
Deed Of Trust
related
$800,000 · Magna Bk
—
—
Medical Center Tower LLC
—
Deed Of Trust
related
$661,500 · Abn Amro Mortgage Group INC
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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