University Park Apartments, a 38-unit multifamily property located at 3637 Park Ave, Memphis, TN 38111, presents a compelling investment opportunity. This three-story building, constructed in 1960 and completely renovated in 2024, boasts 28,100 square feet on a 1.73-acre lot. The property features a mix of studio, one-bedroom, and two-bedroom units, ranging from 478 to 942 square feet, all with updated kitchens and bathrooms, including granite countertops, and in-unit washers and dryers. Many units offer balconies or patios, and all benefit from central heating and air conditioning, large walk-in closets, and vaulted ceilings. Amenities include ample parking (tenant, guest, and handicap accessible), a gated entrance, 24-hour access, a security system with cameras, and a pet play area. An elevator is also available. Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $465,493, resulting in a 6.47% cap rate. A 10-year PILOT program, granted in 2023, provides reduced taxes. The asking price is $7,200,000, or $189,473.68 per unit. Situated in East Memphis, near several universities and offering easy access to downtown, upscale shopping, and dining, this property benefits from a highly desirable location and strong rental demand. The CMU-3 zoning provides flexibility for future development.
Highlights
Multi-family apartment complex with newly renovated units (2024).
Unit mix: 15 studios, 10 one-bedroom/one-bath, 11 two-bedroom/one-bath, and 2 two-bedroom/two-bath units.
Unit sizes range from 478 to 942 square feet.
Fully remodeled kitchens and bathrooms with granite countertops.
10-year PILOT program (2023) resulting in reduced property taxes.
100% occupancy and leased.
Property Details
for 3637 Park Ave
Property type
Apartment buildings
Square Feet
28,100 SF
Year Built/Renovated
1960/2024
Stories
3
Lot Size (sq. ft)
75,359 SF
Units
38
Location Insight
City
Memphis
County
Shelby
State
Tennessee
Latitude
35.107822384528
Longitude
-89.941290725736
3637 Park Ave, Memphis, Tennessee
Nearby Similar for Sale
For Sale
$365,000
Historic Memphis Duplex - Prime Location
Charming renovated duplex, two units, excellent rental income.
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Contacts
Brown Gill
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3637 Park Ave, Memphis, Tennessee, 38111
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Disclaimer
The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
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3637 Park Ave
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