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Property profile & analytics
OFF-MARKET
Estimated value
$15,480,000
High-rise multifamily apartments
810 Washington Ave Memphis, TN 38105-4571
Entity Owned
5-yr Hold
~
Est. High Equity
Property ID
US80-0137892
Property profile
Verified
Property type
High-rise multifamily apartments
Use group
HIGH-RISE APARTMENTS
Year built
1964
Total area
219,179 SF
Lot
1.34 ac (58,588 SF)
Zoning code
RU-4
APN
023-026- -A-00001-C
UPID
US80-0137892
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
-
Johnson Controls Inc Building Supply Industrial Manufacturer
-
Iris Luxury Apartments Apartment Complex Apartment Building
-
FairyKing Entertainment Marketing & Advertising Advertising Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$17.62M
Blend (final)
Blend
$15.48M
Owner & transaction history
Iris Equity Fund LLC · 5 yrs held
Iris Equity Fund LLC
since 2021
Last sale
$15.8M
5 recorded transactions
Zoning & alternative use
RU-4 · Memphis, TN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
$12,690,000
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)
$23,630,000
Current use
AUTO REPAIR, GARAGE
$21,245,000
Change: -10% · Conversion: Difficult
Blend value · Realmo final
$15.48M
Range $13.93M – $17.03M · ±10% · vs last sale $15.80M (Feb 22 2021)
Last sale anchor
$15.80M
Feb 22 2021
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
$71 / 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
$309,655
Tax year 2022
Assessed value
$5,083,280
Assessed 2023
Previous assessed
$5,083,280
+0.0% YoY
Effective rate
6.09%
On assessed value
Assessed land
$69,080
Assessed improvement
$5,014,200
Land market value
$172,700
Improvement market value
$12,535,500
Total market value
$12,708,200
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
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
1964
Heating
NONE
Cooling
NONE
Stories
10
Units
208
Bathrooms
1
Total area
219,179 SF
Lot
1.34 ac (58,588 SF)
Zoning code
RU-4
APN
023-026- -A-00001-C
UPID
US80-0137892
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
$23.6M
AUTO REPAIR, GARAGE
Est. value
$21.2M
APARTMENT HOUSE (5+ UNITS) Current
AUTO REPAIR, GARAGE
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
1964
Heating
NONE
Cooling
Yes
Stories
10
Units
208
Bathrooms
1
Lot
1.34 ac
Current owner
From public records · entity-resolved
Iris Equity Fund LLC
Entity
Mailing address
PO BOX 1651, RANCHO SANTA FE, CA 92067-1651
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 22, 2021
$15,800,000
Iris Equity Fund LLC
Blair Tower LLC
Special Warranty Deed
—
Jan 3, 2019
$2,570
City Of Memphis
Blair Tower LLC
Warranty Deed
—
Feb 2, 2016
$9,750,000
Blair Tower LLC
Blair Mcap LLC
Grant Deed
related
—
Nov 10, 2004
$7,575,000
Blair Mcap LLC
Tvo Blair Tower LLC
Grant Deed
related
—
—
—
Blair Tower
—
Deed Of Trust
related
$8,500,000 · Arbor Realty SR
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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