3985 New Willow RdMemphis, TN 38111

Property Details for 3985 New Willow Rd

Year built

1972

Lot size

2.65 AC

Property size (Sq ft)

30,780 SF

Zone code

RU-3

Property type

Apartment buildings

APN

058-101- - -00002-C

APU

05810100002C

Description

This exceptional investment opportunity presents a 64-unit apartment building situated on a 2.65-acre lot in Memphis, Tennessee. The property, known as The Willows, consists of ten, two-story buildings totaling 69,302 square feet, built in 1972. Currently 100% vacant, this property offers significant potential for redevelopment. The asking price is $1,216,000, translating to $17.55 per square foot and $19,000 per unit. While the property requires substantial renovation, estimated at no less than $30,000 per unit, the potential for substantial returns is evident. Note that approximately half of the apartments have sustained fire, smoke, or water damage. Prior to any site visit, prospective buyers must obtain permission from the owner. This property is ideally suited for experienced multifamily developers with a proven track record in major apartment renovations. The address is 3985 New Willow Rd, Memphis, TN 38111. Photos provided by the owner and CoStar reflect the property's previous condition. Serious inquiries only.

Location Insight

City

Memphis

County

Shelby

State

Tennessee

Latitude

35.0862

Longitude

-89.9297

CBSA code

32820

CBSA name

MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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