For Sale
$7,200,000

3637 Park AveMemphis, TN 38111

38-unit apartment building, excellent ROI.

Overview

Added:
Dec 11, 2024
Days on market:
114
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

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3637 Park Ave
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