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Property profile & analytics
OFF-MARKET
Estimated value
$3,200,000
Apartment buildings
669 3rd St Memphis, TN 38107-3664
Individually Owned
20-yr Hold
Free & Clear
Property ID
US80-1380497
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
2007
Construction
FRAME
Total area
58,952 SF
Lot
0.96 ac (41,861 SF)
Zoning code
MU
APN
001-056- - -00002-C
UPID
US80-1380497
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
-
Magnolia Terrace Retirement Community Nursing Home
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.81M
Blend (final)
Blend
$3.20M
Owner & transaction history
Health Educational · 20 yrs held
Health Educational
since 2006
2 recorded transactions
Zoning & alternative use
MU · Memphis, TN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$4.9M
+73.8%
Neighborhood: shopping center
$4.3M
+53.7%
Commercial (general)
$3.6M
+26.5%
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%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$2,815,000
Current use
RETAIL STORES
$4,890,000
Change: +74% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$4,330,000
Change: +54% · Conversion: Difficult
COMMERCIAL (GENERAL)
$3,560,000
Change: +27% · Conversion: Moderate
Blend value · Realmo final
$3.20M
Range $2.88M – $3.52M · ±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
$54 / 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 2021Property tax & assessments
Tax year 2021
Tax billed
$870
Tax year 2021
Land market value
$104,700
Improvement market value
$2,944,500
Total market value
$3,049,200
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
2007
Construction
FRAME
Heating
FORCED AIR
Cooling
CENTRAL
Stories
2
Units
69
Bathrooms
1
Total area
58,952 SF
Lot
0.96 ac (41,861 SF)
Zoning code
MU
APN
001-056- - -00002-C
UPID
US80-1380497
Jurisdiction
SHELBY
Zoning & alternative use
MU · Memphis, TN
Zoning MU · permitted uses
MU · 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
$2.8M
RETAIL STORES
Est. value
$4.9M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$4.3M
COMMERCIAL (GENERAL)
Est. value
$3.6M
APARTMENT HOUSE (5+ UNITS) Current
RETAIL STORES
NEIGHBORHOOD: SHOPPING CENTER
COMMERCIAL (GENERAL)
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
2007
Construction
FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
2
Units
69
Bathrooms
1
Lot
0.96 ac
Current owner
From public records · entity-resolved
Health Educational
Individual
Free & Clear · 20 yrs held
Mailing address
1615 APPLING RD, CORDOVA, TN 38016-4907
Ownership since
2006
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 20, 2006
—
Health Educational
Uptown Senior Housing Dev
Quit Claim Deed
related
—
Apr 20, 2006
$60,600
Senior Housing Dev Uptown
Mlb-uptown LLC
Grant Deed
related
$4,943,000 · Memphis Housing Authority
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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