2780 Raleigh Lagrange RdMemphis, TN 38128

Property Details for 2780 Raleigh Lagrange Rd

Year built

1974

Lot size

1.60 AC

Property size (Sq ft)

36,820 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 32-unit apartment complex in Memphis, Tennessee, presents a compelling investment opportunity. Located at 2780 Raleigh Lagrange Rd, 38128, this property boasts 36,820 square feet across five, two-story buildings situated on a 1.6-acre lot. Built in 1974, the property has undergone significant renovations within the last five years, enhancing its value and appeal. Improvements include a new roof, approximately 60% new patio fencing, updated appliances and Formica countertops in most units, and all exterior HVAC units are less than seven years old. Twenty-five units have been fully renovated and are in excellent condition, while seven units, though rentable, await renovation. Exterior enhancements encompass new lighting, signage, fencing, landscaping, gutters, and exterior paint. The spacious townhome-style units offer a significant competitive advantage in the rental market. The property's recent focus on improving tenant quality and occupancy has impacted current income and expenses, but the existing lender anticipates strong future cash flow and is prepared to offer financing to a qualified buyer. This property offers a unique blend of immediate income potential and long-term growth prospects.

Location Insight

City

Memphis

County

Shelby

State

Tennessee

Latitude

35.2013

Longitude

-89.9157

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