For Sale
$2,200,000

2502 St Elmo AveMemphis, TN 38127

72-Unit Apartment Building, Value-Add Opportunity

Overview

Added:
Dec 11, 2024
Days on market:
114
Beacon Manor, a 72-unit apartment building located at 2502 St Elmo Ave, Memphis, TN 38127, presents a compelling value-add investment opportunity. This Class C property, built in 1973 and extensively renovated in 2023, boasts 47,088 square feet of net rentable space spread across nine, two-story buildings. Currently operating at 32% occupancy, the property offers significant upside potential. The asking price is $2,200,000, translating to $30,555.56 per unit. A pro-forma cap rate of 10.85% and a pro-forma NOI of $238,729 are projected. The property benefits from a PILOT program opportunity, offering potential property tax abatement. Situated near major employers such as FedEx, Nike's North America Logistics Campus, and an Amazon Fulfillment Center, Beacon Manor enjoys a prime location within a high rental demand submarket, ensuring consistent tenant demand. This presents a unique chance to acquire a multifamily asset with substantial room for growth and value creation. The property's recent renovation minimizes immediate capital expenditure needs, allowing for a quicker path to stabilization and increased profitability. Seller financing is available.

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
2502 St Elmo Ave, 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].
2502 St Elmo Ave
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