Idlewood Apartments | 1695 Ontario Ave
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Idlewood Apartments 1695 Ontario Ave
9 Unit Apartment Building $799,950 ($88,883/Unit) Memphis, TN 38127
Investment Highlights
- Laundromat on site
Executive Summary
Newly renovated
9- 2 bed/1 bath units
1695 Ontario Ave
Great location in the Frayser Area
9 mins from Downtown
4 miles from Midtown
2 mins from Frayser Park which is a 40-acre park with a playground, pavilion, 1.5-mile walking trail, outdoor pool, tennis center, open field space and the Ed Rice Community Center.
9- 2 bed/1 bath units
1695 Ontario Ave
Great location in the Frayser Area
9 mins from Downtown
4 miles from Midtown
2 mins from Frayser Park which is a 40-acre park with a playground, pavilion, 1.5-mile walking trail, outdoor pool, tennis center, open field space and the Ed Rice Community Center.
Financial Summary (Pro forma - 2022) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$96,660
|
$6.50
|
| Other Income |
$2,700
|
$0.18
|
| Vacancy Loss |
$10,740
|
$0.72
|
| Effective Gross Income |
$88,620
|
$5.96
|
| Taxes |
$2,198
|
$0.15
|
| Operating Expenses |
$975
|
$0.07
|
| Total Expenses |
$3,173
|
$0.21
|
| Net Operating Income |
$85,447
|
$5.74
|
Financial Summary (Pro forma - 2022)
| Gross Rental Income | |
|---|---|
| Annual | $96,660 |
| Annual Per SF | $6.50 |
| Other Income | |
|---|---|
| Annual | $2,700 |
| Annual Per SF | $0.18 |
| Vacancy Loss | |
|---|---|
| Annual | $10,740 |
| Annual Per SF | $0.72 |
| Effective Gross Income | |
|---|---|
| Annual | $88,620 |
| Annual Per SF | $5.96 |
| Taxes | |
|---|---|
| Annual | $2,198 |
| Annual Per SF | $0.15 |
| Operating Expenses | |
|---|---|
| Annual | $975 |
| Annual Per SF | $0.07 |
| Total Expenses | |
|---|---|
| Annual | $3,173 |
| Annual Per SF | $0.21 |
| Net Operating Income | |
|---|---|
| Annual | $85,447 |
| Annual Per SF | $5.74 |
Property Facts
| Price | $799,950 | Building Class | C |
| Price Per Unit | $88,883 | Lot Size | 0.34 AC |
| Sale Type | Investment | Building Size | 14,875 SF |
| No. Units | 9 | Average Occupancy | 89% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1964/1999 |
| Apartment Style | Low Rise | Parking Ratio | 1.68/1,000 SF |
| Price | $799,950 |
| Price Per Unit | $88,883 |
| Sale Type | Investment |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.34 AC |
| Building Size | 14,875 SF |
| Average Occupancy | 89% |
| No. Stories | 2 |
| Year Built/Renovated | 1964/1999 |
| Parking Ratio | 1.68/1,000 SF |
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Wi-Fi
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 9 | $895.00 | - |
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PROPERTY TAXES
| Parcel Number | 07-0088-0-0018 | Total Assessment | $32,160 (2024) |
| Land Assessment | $6,200 (2024) | Annual Taxes | $2,198 ($0.15/SF) |
| Improvements Assessment | $25,960 (2024) | Tax Year | 2022 |
PROPERTY TAXES
Parcel Number
07-0088-0-0018
Land Assessment
$6,200 (2024)
Improvements Assessment
$25,960 (2024)
Total Assessment
$32,160 (2024)
Annual Taxes
$2,198 ($0.15/SF)
Tax Year
2022
zoning
| Zoning Code | CL (Light Commercial Zoning) |
| CL (Light Commercial Zoning) |
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Idlewood Apartments | 1695 Ontario Ave
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