3130 S Mendenhall Rd Memphis, TN 38115

This exceptional 171-unit apartment building in Memphis, Tennessee presents a compelling value-add investment opportunity. Located at 3130 S Mendenhall Rd, this Class C property boasts 135,320 square feet situated on a 5.52-acre lot. Built in 1973, the complex comprises seventeen 3-story buildings offering a mix of townhouse and flat-style apartments, currently operating at 85% occupancy. The property features 350 parking spaces and is zoned CMU-1. With a current NOI of $676,165 and a 5.63% cap rate, significant upside potential exists, as indicated by a pro-forma NOI of $1,237,612 and a pro-forma cap rate of 10.31%. The asking price is $12,000,000, translating to $70,175 per unit and $88.68 per square foot. Last renovated in 2006/2007, this Section 42 LIHTC complex offers substantial room for improvement and increased profitability through operational enhancements and stabilization. The property's size, location, and inherent potential make it an attractive investment for discerning buyers seeking strong returns in the Memphis multifamily market. The APN is 074074-00028.