3637 Park Ave Memphis, TN 38111

University Park Apartments, a 38-unit multifamily property located at 3637 Park Ave, Memphis, TN 38111, presents a compelling investment opportunity. This three-story building, constructed in 1960 and completely renovated in 2024, boasts 28,100 square feet on a 1.73-acre lot. The property features a mix of studio, one-bedroom, and two-bedroom units, ranging from 478 to 942 square feet, all with updated kitchens and bathrooms, including granite countertops, and in-unit washers and dryers. Many units offer balconies or patios, and all benefit from central heating and air conditioning, large walk-in closets, and vaulted ceilings. Amenities include ample parking (tenant, guest, and handicap accessible), a gated entrance, 24-hour access, a security system with cameras, and a pet play area. An elevator is also available. Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $465,493, resulting in a 6.47% cap rate. A 10-year PILOT program, granted in 2023, provides reduced taxes. The asking price is $7,200,000, or $189,473.68 per unit. Situated in East Memphis, near several universities and offering easy access to downtown, upscale shopping, and dining, this property benefits from a highly desirable location and strong rental demand. The CMU-3 zoning provides flexibility for future development.