St Paul Ave Apartments

08-31-2021
08-31-2021

751 St Paul Ave, Memphis, TN 38126

  • 14 Apartment Units across 7 duplexes all on one parcel
  • Individually metered for all utilities except two units
  • Washer/dryer connections in all units but building 763
  • There is a coin-operated washer and 2 dryers in a laundry room behind 765
  • Apartment features include private patios, vinyl plank floors, back yard, etc.
  • Rent growth projections for the submarket YoY are ~10.1%
  • The average household income within a 2-mile radius is $59,590
  • Income-tax Free State: TN is one of the seven states with no state income tax.
  • Walking distance from the Medical District and Downtown Memphis.
  • It lies in the direct path of growth relative to the surrounding zip codes.
  • In a designated Opportunity Zone

Unit Mix

Description No. of Units Sq ft. Avg. Monthly Rent
1x1 14 795 $ 662

Key Property Information

Listing Status
Available
Price
$ 749,000
No. of Units
14
Cap Rate
9.11%
Average Occupancy
100%
Year Built
1922
Building Size
11,130 Sq ft
APN
01-1027-0-0001
Opportunity Zone
On
Price per unit
$ 53,500

Financial Details

Income/Expense Info
Actual
Financial Year
2020
Gross Income
$ 111,240
Effective Gross Income
$ 107,227
Operating Expenses
$ 39,958
Net Operating Income
$ 68,269
Pre-tax Cashflow
$ 37,092
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