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Property profile & analytics
OFF-MARKET
Estimated value
$4,945,000
Apartment buildings
Spruce Lk Ln Memphis, TN 38119
Entity Owned
8-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US80-2866882
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
2016
Total area
41,228 SF
Lot
9.48 ac (412,949 SF)
Zoning code
R-15
APN
081-080- - -00096
UPID
US80-2866882
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$4.74M
Comparable Approach
Comparable
$6.62M
Blend (final)
Blend
$4.95M
Owner & transaction history
Fieldstone Apartments III LLC · 8 yrs held
Fieldstone Apartments III LLC
since 2018
1 recorded transaction
Zoning & alternative use
R-15 · Memphis, TN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$5.9M
+60.8%
Office building
$5.7M
+54.0%
Auto repair, garage
$4.0M
+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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$5,130,000
6.5%
$4,735,000
7%
$4,400,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$3,670,000
Current use
MEDICAL BUILDING
$5,895,000
Change: +61% · Conversion: Moderate
OFFICE BUILDING
$5,650,000
Change: +54% · Conversion: Moderate
AUTO REPAIR, GARAGE
$3,995,000
Change: +9% · Conversion: Difficult
RETAIL STORES
$3,420,000
Change: -7% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$3,025,000
Change: -17% · Conversion: Difficult
Blend value · Realmo final
$4.95M
Range $4.45M – $5.44M · ±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
$120 / 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
$294,226
Tax year 2022
Assessed value
$4,830,000
Assessed 2023
Previous assessed
$4,830,000
+0.0% YoY
Effective rate
6.09%
On assessed value
Assessed land
$321,760
Assessed improvement
$4,508,240
Land market value
$804,400
Improvement market value
$11,270,600
Total market value
$12,075,000
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
2016
Heating
FORCED AIR
Cooling
CENTRAL
Buildings
3
Stories
3
Units
32
Bathrooms
4
Total area
41,228 SF
Lot
9.48 ac (412,949 SF)
Zoning code
R-15
APN
081-080- - -00096
UPID
US80-2866882
Jurisdiction
SHELBY
Zoning & alternative use
R-15 · Memphis, TN
Zoning R-15 · permitted uses
R-15 · 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
$3.7M
MEDICAL BUILDING
Est. value
$5.9M
OFFICE BUILDING
Est. value
$5.7M
AUTO REPAIR, GARAGE
Est. value
$4.0M
RETAIL STORES
Est. value
$3.4M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$3.0M
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
2016
Heating
FORCED AIR
Cooling
Yes
Stories
3
Buildings
3
Units
32
Bathrooms
4
Lot
9.48 ac
Current owner
From public records · entity-resolved
Fieldstone Apartments III LLC
Entity
Mailing address
5100 POPLAR AVE STE #2602, MEMPHIS, TN 38137-2100
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2018
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 23, 2018
—
Fieldstone Apartments III LLC
—
Loan Modification
related
$48,000,000 · Suntrust Bk
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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