For Sale
$5,125,000

56 Main StMemphis, TN 38103

Class A Multifamily Investment Opportunity

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional Class A apartment building, The Washburn, presents a compelling investment opportunity in the heart of Memphis, Tennessee. Located at 56 S Main St, this five-story building boasts 44 units within 101,200 square feet, situated on a 0.25-acre lot. Originally constructed in 1891 and extensively renovated in 2009, The Washburn offers contemporary loft residences with modern urban finishes. The property's strong financial performance is highlighted by an asking price of $5,125,000, translating to $50.64 per square foot and $116,477.27 per unit. Its prime downtown location provides residents with easy access to major employers and a vibrant live-work-play environment. The building benefits from its proximity to the burgeoning Battery Belt and AI Tech Hub, a region experiencing significant economic growth and job creation. This presents an opportunity to capitalize on a strong rental market and potentially increase profitability through operational improvements, amenity additions, and technological upgrades. The property is offered free and clear of existing debt, providing a streamlined acquisition process. Interested parties should submit offers with proof of funds and a resume. A deadline for offers may be established at a later date.

Highlights

  • $80,000 per unit below replacement cost.
  • Well-maintained, contemporary loft residences with modern urban finishes, competitively priced.
  • Significant upside potential through operational improvements, amenity enhancements, and technology upgrades to reduce vacancy.
  • Excellent workforce location near major employers in the Memphis area.
  • 121-unit portfolio offering immediate scale.
  • Free and clear of existing debt.

Property Details for 56 Main St

Property type
Apartment buildings
Square Feet
101,200 SF
Class
A
Year Built/Renovated
1891/2009
Buildings
1
Stories
5
Lot Size (sq. ft)
10,890 SF
Units
44

Location Insight

City
Memphis
County
Shelby
State
Tennessee
Latitude
35.143561
Longitude
-90.053051
56 Main St, Memphis, Tennessee

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56 Main St
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