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    50 S Morrison St Memphis, TN 38104
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    50 S Morrison St Memphis, TN 38104

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    • Garden apartment buildings
    • 15,120 SF
    • 0.56 lot acres
    For Sale
    $2,400,000
    View Listing →
    Memphis Midtown Apartment Portfolio For Sale
    $2,400,000

    Memphis Midtown Apartment Portfolio

    Apartment portfolio in Memphis' Midtown near medical construction.

    50 S Morrison St, Memphis, TN 38104
    View Listing
    Property ID
    US80-1839784
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Urban Peddler / Apartment Building

    Property Details for 50 S Morrison St

    Year built
    1962
    Lot size
    0.56 lot acres
    Property size
    15,120 SF
    Zone code
    RU-3
    Property type
    Garden apartment buildings
    APN
    017-064- - -00016
    APU
    1706400016

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,880,000
      6.5%
      $1,735,000
      7%
      $1,615,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,874,000
      Market price range: $832k - $1.87M
      AI Estimate
      $1,156,000
      Market price range: $510k - $1.16M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $1,320,000
      Current use
      RESTAURANT
      $2,425,000
      Change: +84% Conversion: Difficult
      MEDICAL BUILDING
      $2,165,000
      Change: +64% Conversion: Moderate
      RETAIL STORES
      $1,820,000
      Change: +38% Conversion: Difficult
      OFFICE BUILDING
      $1,710,000
      Change: +30% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $1,465,000
      Change: +11% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $1,110,000
      Change: -16% Conversion: Difficult

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -89.994
    Latitude
    35.1352
    CBSA code
    32820
    CBSA name
    MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $24,566
    $13,880
    $389,400
    $403,280
    -
    $34,700
    $973,500
    $1,008,200

    Comparable in this City

    • Value Estimation
      $660,000
      9,438 SF

      1400 Ct Ave

      GARDEN APT, COURT APT (5+ UNITS) • 9,438 SF
      1400 Ct Ave, Memphis, TN 38104-2344
      View Details
    • Value Estimation by Request
      6,864 SF

      925 Vance Ave

      GARDEN APT, COURT APT (5+ UNITS) • 6,864 SF
      925 Vance Ave, Memphis, TN 38104-3229
      View Details
    • Value Estimation by Request
      4,234 SF

      180 Clark Pl

      GARDEN APT, COURT APT (5+ UNITS) • 4,234 SF
      180 Clark Pl, Memphis, TN 38104-2484
      View Details
    • Value Estimation
      $2,405,000
      78,498 SF

      306 Cleveland St

      GARDEN APT, COURT APT (5+ UNITS) • 78,498 SF
      306 Cleveland St, Memphis, TN 38104-3582
      View Details
    • Value Estimation by Request
      3,692 SF

      337 Garland St

      GARDEN APT, COURT APT (5+ UNITS) • 3,692 SF
      337 Garland St, Memphis, TN 38104
      View Details
    • Value Estimation by Request
      6,744 SF

      63 Auburndale St

      GARDEN APT, COURT APT (5+ UNITS) • 6,744 SF
      63 Auburndale St, Memphis, TN 38104-6438
      View Details

    Similar Nearby for Sale

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      5,100 SF

      Multifamily Package Deal Opportunity

      Two multifamily properties with 15 units for sale.
      347 Pauline St, Memphis, TN 38104
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      7,200 SF

      Multifamily Investment Opportunity

      Two multifamily properties with 15 units in Memphis, Tennessee.
      986 Peabody Ave, Memphis, TN 38104
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      Memphis Midtown Apartment Portfolio

      Apartment portfolio in Memphis' Midtown near medical construction.
      50 S Morrison St, Memphis, TN 38104
      View Details
    • Contact for pricing

      Luxury Midtown Apartment Property

      Renovated 10-story apartment building in trendy Midtown Memphis.
      45 S Idlewild St, Memphis, TN 38104
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    • $435,000

      Memphis Multifamily Investment Opportunity

      Five-unit complex near Midtown and Downtown Memphis with gated parking.
      1515 Madison Ave, Memphis, TN 38104
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    • Contact for pricing
      9,365 SF

      Midtown Memphis Multifamily Investment Property

      Six-unit multifamily property in the heart of Midtown Memphis.
      1905 Jefferson Ave, Memphis, TN 38104
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Mixed-Use Development in Midtown Memphis

      Retail, dining, office, and residential spaces in Midtown Memphis.
      Central Ave, Memphis, TN 38104
      View Details
    • Contact for pricing

      Retail Space in Midtown Memphis

      Retail space in new mixed-use development, Midtown Memphis.
      220 S Claybrook St, Memphis, TN 38104
      View Details
    • Contact for pricing

      Union Avenue Retail End Cap

      Retail space with high visibility on Union Avenue corridor.
      1993 Union Ave, Memphis, TN 38104
      View Details
    • Contact for pricing

      Retail Space on Union Avenue

      Divisible 4,100 SF suite available facing Union Avenue.
      1556 Union Ave, Memphis, TN 38104
      View Details
    • Contact for pricing
      14,983 SF

      Union Avenue Landmark Office Space

      Office spaces in landmark building, ideal for medical users.
      1331 Union Ave, Memphis, TN 38104
      View Details
    • Contact for pricing

      TN, Memphis - Union Avenue

      Discover many ways to work your way in Cornerstone Corporate
      1331 And, Memphis, TN 38104
      View Details
    View Listing
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    50 S Morrison St
    Memphis, TN 38104
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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