1616 Monroe Ave
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1616 Monroe Ave
8 Unit Apartment Building $775,000 ($96,875/Unit) 7.89% Cap Rate Memphis, TN 38104
Investment Highlights
- 8 Units Fully Renovated Available - Midtown
- All 1 Bedroom Unit
- Washers and Dryers
- Booming Midtown Memphis
- Fully Occupied
- New Roof
Executive Summary
This 8 unit building is located in Booming Mid Town Memphis. The property has been totally rehabbed. The units are all 1 bedroom. The scheduled monthly rents are 6925 per month. Drive by only. Please do not disturb the residents.
Financial Summary (Pro forma - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts Under Contract
| Price | $775,000 | Building Class | C |
| Price Per Unit | $96,875 | Lot Size | 0.18 AC |
| Sale Type | Investment | Building Size | 5,740 SF |
| Cap Rate | 7.89% | Average Occupancy | 90% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1960/2024 |
| Property Subtype | Apartment | Parking Ratio | 1.74/1,000 SF |
| Apartment Style | Low Rise |
| Price | $775,000 |
| Price Per Unit | $96,875 |
| Sale Type | Investment |
| Cap Rate | 7.89% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 5,740 SF |
| Average Occupancy | 90% |
| No. Stories | 2 |
| Year Built/Renovated | 1960/2024 |
| Parking Ratio | 1.74/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | $870.00 | 745 - 995 |
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Walk Score ®
Very Walkable (86)
Bike Score ®
Very Bikeable (75)
PROPERTY TAXES
| Parcel Number | 01-7039-0-0027 | Total Assessment | $209,280 |
| Land Assessment | $12,120 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $197,160 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
01-7039-0-0027
Land Assessment
$12,120
Improvements Assessment
$197,160
Total Assessment
$209,280
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
zoning
| Zoning Code | RMH |
| RMH |
-
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1616 Monroe Ave
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