3455 Pruett CtMemphis, TN 38111

This exceptional 52-unit apartment building in Memphis, TN, presents a compelling investment opportunity. Boasting 54,600 square feet across six, two-story buildings on a 1.35-acre lot, this property underwent extensive renovations between 2021 and 2024. The 52 spacious condo townhomes each feature a refrigerator, stove, disposal, dishwasher, three large walk-in closets, and private patios. Common laundry areas are conveniently located. Secure, gated parking is provided. Currently, the average rent is $1,295 per month, significantly higher than the area average of $718, reflecting recent upgrades and strong management. Approximately 20 additional units can be upgraded to achieve this higher rental rate with minor improvements. The property's prime location near the University of Memphis, FedEx Technology Center, Highland Strip, and various athletic facilities ensures high occupancy and strong rental demand. The existing local management team is eager to continue, facilitating a smooth transition for the new owner. Built in 1972, this property offers significant upside potential for a savvy investor. The asking price is $6,240,000, representing a price per unit of $120,000 and a price per square foot of $114.29. This is a turnkey opportunity with immediate cash flow and significant future growth potential.