For Sale
$2,200,000
2502 St Elmo Ave Memphis, TN 38127
72-Unit Apartment Building, Value-Add Opportunity
Overview
- Added:
- Dec 11, 2024
- Days on market:
- 134
Highlights
- $2,200,000 asking price for a 72-unit apartment building in Memphis, TN.
- Value-add opportunity with a pro-forma cap rate of 10.85% and pro-forma NOI of $238,729.
- Currently 32% occupied, offering significant upside potential.
- Seller financing available and potential PILOT program participation (property tax abatement).
- Located near major employers like FedEx, Nike, and Amazon, ensuring high rental demand.
Property Details for 2502 St Elmo Ave
- Property type
- Apartment buildings
- Class
- C
- Year Built/Renovated
- 1973/2023
- Buildings
- 9
- Stories
- 2
- Units
- 72
Location Insight
- City
- Memphis
- County
- Shelby
- State
- Tennessee
- Latitude
- 35.2336855
- Longitude
- -89.9805749
Nearby Similar for Sale
FAQs
- What type of property is this?
- Apartment building - 72-Unit Apartment Building, Value-Add Opportunity
- Where is the apartment building located?
- The property is located at 2502 St Elmo Ave Memphis, TN.
- What is the asking price?
- The asking price for this property is $2,200,000.
- What are key features of this property?
- This property features: $2,200,000 asking price for a 72-unit apartment building in Memphis, TN.; Value-add opportunity with a pro-forma cap rate of 10.85% and pro-forma NOI of $238,729.; Currently 32% occupied, offering significant upside potential.
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