For Sale
$250,000

1506 Monroe AveMemphis, TN 38104

Prime location, high ROI multifamily.

Overview

Added:
Dec 11, 2024
Days on market:
113
Exceptional investment opportunity awaits with this three-unit apartment building situated in Memphis' vibrant Midtown neighborhood, just minutes from Downtown and Overton Square. This 1911-built, charming one-story building underwent renovations in 2018, boasting 1,986 square feet on a 0.165-acre lot. The property currently enjoys a 99% occupancy rate, generating a strong NOI of $49,138 (pro-forma NOI of $49,750), translating to a compelling 15.36% cap rate (pro-forma 15.55%). Each of the three units features one bedroom and one bathroom, offering a desirable rental configuration. Ample parking is available with six spaces. The asking price is $250,000, representing $106,667 per unit and $161.13 per square foot. The property is being sold as-is. This is an ideal addition to an existing portfolio or a perfect entry point for new investors seeking a high-return, well-located asset. The property's strong performance and prime location make it a truly compelling investment opportunity. Property details include Shelby County APN 017030 00023 and a Memphis, TN 38104 address.

Property Details for 1506 Monroe Ave

Property type
Apartment buildings
Square Feet
1,986 SF
Class
B
Year Built/Renovated
1911/2018
Buildings
1
Stories
1
Lot Size (sq. ft)
7,187 SF
Units
3

Location Insight

City
Memphis
County
Shelby
State
Tennessee
Latitude
35.1375921
Longitude
-90.0111339
1506 Monroe Ave, Memphis, Tennessee

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1506 Monroe Ave
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