For Sale
$1,995,000

587 Houston StMemphis, TN 38111

1.65-acre development site, 237 beds

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional 1.65-acre site in Memphis, Tennessee, presents a fully entitled opportunity for a 237-bed student housing development. Located at 587-619 Houston St, this seven-parcel assemblage is ideally situated within the University District Overlay, offering prime pedestrian access to the University of Memphis. The project, initially planned for 194 beds, now boasts a variance allowing for 237 beds distributed across 108 units, encompassing a well-designed mix of one-, two-, three-, and four-bedroom units. Comprehensive architectural plans are complete, including civil, MEP, and architectural drawings for the initial 194-bed configuration. Proposed amenities include a leasing office, club room, fitness center, study hall, courtyard, pool, outdoor fitness area, and a roof deck terrace. Ample secured parking is available on-site (90 spaces) and on-street (9 spaces), supplemented by proximity to a University of Memphis parking garage. Utilities are already connected to the site. This is a rare infill opportunity in a high-demand location, offering a compelling investment prospect with significant potential for return. The asking price is $1,995,000. All plans are included in the sale.

Highlights

  • 237-bed student housing development, fully entitled.
  • Rare infill opportunity in University Overlay Zone.
  • Excellent unit mix.
  • Extensive amenity package.
  • Ample secured parking with gated access.
  • Architectural plans included in sale.

Property Details for 587 Houston St

Property type
Land, Dormitories
Buildings
7
Stories
1
Lot Size (sq. ft)
71,874 SF

Location Insight

City
Memphis
County
Shelby
State
Tennessee
Latitude
35.1153758
Longitude
-89.9400586
587 Houston St, Memphis, Tennessee

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587 Houston St
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