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Property profile & analytics
OFF-MARKET
Estimated value
$950,000
Apartment buildings
4651 Royal Rdg Dr, Memphis, TN 38128-1274
Individually Owned
2-yr Hold
Property ID
US80-1028599
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1975
Construction
FRAME
Total area
9,632 SF
Lot
1.61 ac (69,957 SF)
Zoning code
RU-3
APN
090-002- - -00104
UPID
US80-1028599
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
-
4651 Royal Ridge Dr Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$950k
CAP Approach
CAP
$1.06M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$950k
Owner & transaction history
40by40 Patrnership · 2 yrs held
40by40 Patrnership
since 2024
Last sale
$950,000
7 recorded transactions
Zoning & alternative use
RU-3 · Memphis, TN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$1.4M
+60.8%
Office building
$1.2M
+34.1%
Auto repair, garage
$935,000
+9.0%
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
$950,000
ML approach
$950,000
CAP Approach
CAP Return
Estimation
6%
$1,150,000
6.5%
$1,060,000
7%
$985,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$855,000
Current use
MEDICAL BUILDING
$1,380,000
Change: +61% · Conversion: Moderate
OFFICE BUILDING
$1,150,000
Change: +34% · Conversion: Moderate
AUTO REPAIR, GARAGE
$935,000
Change: +9% · Conversion: Difficult
RETAIL STORES
$800,000
Change: -7% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$705,000
Change: -17% · Conversion: Difficult
Blend value · Realmo final
$950k
Range $855k – $1.05M · ±10% · vs last sale $950k (Apr 9 2024)
Last sale anchor
$950k
Apr 9 2024
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
$99 / 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
$6,053
Tax year 2022
Assessed value
$99,360
Assessed 2023
Previous assessed
$99,360
+0.0% YoY
Effective rate
6.09%
On assessed value
Assessed land
$25,480
Assessed improvement
$73,880
Land market value
$63,700
Improvement market value
$184,700
Total market value
$248,400
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
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Year built
1975
Construction
FRAME
Heating
FORCED AIR
Cooling
CENTRAL
Stories
1
Units
20
Bathrooms
2
Total area
9,632 SF
Lot
1.61 ac (69,957 SF)
Zoning code
RU-3
APN
090-002- - -00104
UPID
US80-1028599
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
$855,000
MEDICAL BUILDING
Est. value
$1.4M
OFFICE BUILDING
Est. value
$1.2M
AUTO REPAIR, GARAGE
Est. value
$935,000
RETAIL STORES
Est. value
$800,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$705,000
APARTMENT HOUSE (5+ UNITS) Current
MEDICAL BUILDING
OFFICE BUILDING
AUTO REPAIR, GARAGE
RETAIL STORES
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
1975
Construction
FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
1
Units
20
Bathrooms
2
Lot
1.61 ac
Current owner
From public records · entity-resolved
40by40 Patrnership
Individual
Mailing address
2711 N SEPULVEDA BLVD, MANHATTAN BEACH, CA 90266-2725
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
11 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 9, 2024
$950,000
40by40 Patrnership
Murph Properties Tn LLC
Warranty Deed
$665,000 · Bay Commercial Bank
Oct 21, 2022
$920,000
Murph Properties Tn LLC
Bp2 LLC
Warranty Deed
$670,000 · Us Bank NA
Oct 19, 2022
—
Bp2 LLC
Butler Properties LLC
Quit Claim Deed
related
—
Aug 11, 2005
—
Butler Properties LLC
D & B Management LLC
Quit Claim Deed
related
—
Oct 18, 2001
$275,000
D & B Management LLC
M & B Management LLC
Grant Deed
$280,000 · Firstar Bank
May 6, 1999
—
Regions Bank
Huggins,clive T
Quit Claim Deed
related
—
May 6, 1999
$220,005
M & B Management LLC
Regions Bank
Trustees Deed
$260,000 · Peoples Bank & Trust
—
—
Butler Properties LLC
—
Deed Of Trust
related
$288,750 · Guaranty Bk
—
—
Butler Properties LLC
—
Deed Of Trust
related
$42,138 · Suntrust Bank NA
—
—
Butler Properties LLC
—
Deed Of Trust
related
$199,485 · Triumph Bank
—
—
Butler Properties LLC
—
Deed Of Trust
related
$199,680 · Triumph Bank
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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