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Property profile & analytics
OFF-MARKET
Estimated value
$8,890,000
High-rise multifamily apartments
57 Somerville St Memphis, TN 38104-2133
Entity Owned
9-yr Hold
Property ID
US80-0477338
Property profile
Verified
Property type
High-rise multifamily apartments
Use group
HIGH-RISE APARTMENTS
Year built
1957
Total area
95,727 SF
Lot
1.67 ac (72,745 SF)
Zoning code
RU-4
APN
018-062- - -00008-C
UPID
US80-0477338
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
-
The Pulse Apartments Apartment Complex
-
Management That Cares LLC Property Management Company
-
Adrianna Madison Ophthalmologist (Bike/Boat/Book/etc) Store
-
CV GLAM Concierge & Cosmetologist Services Hair Salon Nail Salon
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$11.00M
Comparable Approach
Comparable
$9.77M
Blend (final)
Blend
$8.89M
Owner & transaction history
Axon LLC · 9 yrs held
Axon LLC
since 2017
7 recorded transactions
Zoning & alternative use
RU-4 · Memphis, TN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$13.7M
+63.9%
Retail stores
$11.5M
+38.0%
Office building
$10.8M
+29.6%
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$11,915,000
6.5%
$10,995,000
7%
$10,210,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$8,355,000
Current use
MEDICAL BUILDING
$13,695,000
Change: +64% · Conversion: Moderate
RETAIL STORES
$11,525,000
Change: +38% · Conversion: Difficult
OFFICE BUILDING
$10,830,000
Change: +30% · Conversion: Moderate
AUTO REPAIR, GARAGE
$9,280,000
Change: +11% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$7,025,000
Change: -16% · Conversion: Difficult
Blend value · Realmo final
$8.89M
Range $8.00M – $9.78M · ±10%
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
$93 / 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
$124,265
Tax year 2022
Assessed value
$2,039,920
Assessed 2023
Previous assessed
$2,039,920
+0.0% YoY
Effective rate
6.09%
On assessed value
Assessed land
$70,320
Assessed improvement
$1,969,600
Land market value
$175,800
Improvement market value
$4,924,000
Total market value
$5,099,800
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
1957
Heating
FORCED AIR
Cooling
CENTRAL
Stories
7
Units
128
Bathrooms
1
Total area
95,727 SF
Lot
1.67 ac (72,745 SF)
Zoning code
RU-4
APN
018-062- - -00008-C
UPID
US80-0477338
Jurisdiction
SHELBY
Zoning & alternative use
RU-4 · Memphis, TN
Zoning RU-4 · permitted uses
RU-4 · 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
$8.4M
MEDICAL BUILDING
Est. value
$13.7M
RETAIL STORES
Est. value
$11.5M
OFFICE BUILDING
Est. value
$10.8M
AUTO REPAIR, GARAGE
Est. value
$9.3M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$7.0M
APARTMENT HOUSE (5+ UNITS) Current
MEDICAL BUILDING
RETAIL STORES
OFFICE BUILDING
AUTO REPAIR, GARAGE
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
1957
Heating
FORCED AIR
Cooling
Yes
Stories
7
Units
128
Bathrooms
1
Lot
1.67 ac
Current owner
From public records · entity-resolved
Axon LLC
Entity
Mailing address
1387 CENTRAL AVE, MEMPHIS, TN 38104-4889
Ownership since
2017
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 26, 2017
$5,250,000
Axon LLC
Memphis Medical Redev Group Ll
Grant Deed
$4,500,000 · Bancorp Bk
Sep 15, 2009
$1,685,797
Memphis Medical Redev Group Ll
Park Tower LLC
Warranty Deed
$1,000,000 · Leader Investment LLC
Aug 2, 2005
—
Park Tower LLC
Park Tower Land Trust
Quit Claim Deed
related
$1,500,000 · Leader Investment LLC
—
—
Memphis Medical Redev Group Ll
—
Deed Of Trust
related
$100,000 · Cunningham Jane C Trust (pt)
—
—
Memphis Medical Redev Group Ll
—
Deed Of Trust
related
$3,000,000 · American Equity Inv Life Ins
—
—
Memphis Medical Redev Group Ll
—
Deed Of Trust
related
$12,750 · Miscellaneous Govt Agcy
—
—
Memphis Medical Redev Group Ll
—
Deed Of Trust
related
$12,800 · Miscellaneous Govt Agcy
—
—
Memphis Medical Redev Group Ll
—
Deed Of Trust
related
$5,627 · Miscellaneous Govt Agcy
—
—
Memphis Medical Redev Group Ll
—
Deed Of Trust
related
$10,650 · Miscellaneous Govt Agcy
—
—
Memphis Medical Redev Group Ll
—
Deed Of Trust
related
$10,590 · Miscellaneous Govt Agcy
—
—
Memphis Medical Redev Group Ll
—
Deed Of Trust
related
$10,400 · Miscellaneous Govt Agcy
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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