965 Eldridge AveMemphis, TN 38107

Property Details for 965 Eldridge Ave

Year built

1940

Lot size

0.23 AC

Property size (Sq ft)

2,640 SF

Zone code

RU-1

Property type

Residential income properties

Property subtype

Garden apartment buildings

APN

021-049- - -00001

APU

2104900001

Description

This exceptional investment opportunity presents a four-unit apartment building situated at 965 Eldridge Ave, Memphis, Tennessee, 38107. Built in 1940, this single-story brick complex offers approximately 2,500 to 2,700 square feet of living space. The property boasts four one-bedroom, one-bathroom units. Currently, one unit is tenant-occupied with a lease expiring August 29, 2025, generating $450 in monthly rent. Another unit has been fully renovated and is ready for immediate rental. Units three and four require complete rehabilitation. Detailed lease, ledger, and repair history are available, reflecting professional property management. The asking price is $135,000, and the sale is AS-IS cash only. No owner financing, wholesaling, or assignments are permitted. This property is conveniently located near the downtown Memphis area, offering strong potential for rental income growth. An online video tour is available for prospective buyers to view the property's condition and layout. This is a prime opportunity for investors seeking a multifamily property with immediate income potential and significant upside through renovations. The property's occupancy date is January 1, 2023.

• CAP approach

  CAP return

  Valuation

  6%

  $471,674

  6.5%

  $435,391

  7%

  $404,292

• Comparable approach

  Method

  Valuation

  Relative Method

  $319,012

  Geo Method

  $319,012

• Alternative Use

  Use

  Valuation

  Residential

  $435,391

  Hospitality

  $398,816

  Educational

  $331,810

  Medical

  $343,222

  Retail

  $516,149

Location Insight

City

Memphis

County

Shelby

State

Tennessee

Latitude

35.1716

Longitude

-90.0248

CBSA code

32820

CBSA name

MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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