For Sale
$8,000,000

1471 Brooks RdMemphis, TN 38116

177 Units, $8M, Value-Add Potential

Overview

Added:
Dec 11, 2024
Days on market:
113
This exceptional 177-unit multifamily conversion opportunity in Memphis, TN, presents a compelling value-add investment. The existing 4-story, 5,000 sq ft Travelodge hotel, situated on a 5.5-acre lot with 330 parking spaces, is fully approved for conversion to multifamily or senior housing. No demolition is required for this straightforward conversion, which will yield 214 apartment units (177 studios and 37 one-bedroom units), each with a kitchenette. The property boasts existing amenities including a large outdoor pool with a seasonal bar and music stage, a fitness center, 5,000 square feet of conference space, two food and beverage locations, and a lobby bar, all offering potential for additional revenue streams. Mixed-use zoning is already approved, and the property includes an additional undeveloped 0.76-acre corner lot. Three elevators and interior corridors further enhance the property's functionality. Located at 1471 E Brooks Rd, Memphis, TN 38116, this property offers a strategic location to capitalize on the growing housing demand in the Memphis market. The asking price is $8,000,000, representing a price per square foot of $1,600 and a price per key of $37,383.18. This is a Class B property with significant upside potential.

Highlights

  • Fully approved multifamily conversion of a 177-unit Travelodge hotel in Memphis, TN.
  • 5.5-acre lot with 330 parking spaces and an additional 0.76-acre undeveloped corner lot.
  • Existing amenities include a large pool with bar and stage, fitness center, 5,000 sq ft of conference space, and multiple food & beverage outlets.
  • Three elevators and interior corridors.
  • $8,000,000 asking price; $1,600/sq ft; $37,383.18 per key.

Property Details for 1471 Brooks Rd

Property type
Retirement homes, Mixed-use properties
Square Feet
5,000 SF
Class
B
Stories
4
Lot Size (sq. ft)
239,580 SF
Units
177

Location Insight

City
Memphis
County
Shelby
State
Tennessee
Latitude
35.0600313
Longitude
-90.0147924
1471 Brooks Rd, Memphis, Tennessee

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
1471 Brooks Rd
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message