Parkway Place Apartments | 2342-2352 Parkway Pl
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Parkway Place Apartments 2342-2352 Parkway Pl
32 Unit Apartment Building $4,100,000 ($128,125/Unit) Memphis, TN 38112
Executive Summary
PARKWAY PLACE
Motivated Sellers -
Ideal candidate for Agency Debt
32 Condo-Grade Luxury Residences
2022 Full-Scale Renovation - Turnkey
92% Occupancy
$1,072 / $1.65psf Avg Rent
NEWLY PRICED: $4,100,000 or $128,125/ Unit
INVESTMENT HIGHLIGHTS
Full-scale Class A Rehab - Classic historic building revitalized into ultra-sleek residences with modern conveniences including in-unit W/D + secured parking
Midtown Memphis - Hip lifestyle location near Overton Park walkable to shops, recreation & entertainment
Near Major Employment Anchors - Midway between Poplar/I-240 Office Hub, Medical District & Downtown CBD
Loss-To-Lease Upside- Opportunity to bring rents to existing market and capture 8%+ or $100/Unit in Loss To Lease
Popular Neighborhood with Demonstrated Rental Demand - Newly delivered Class A community nearby achieves $1,786 or $1.91psf in average ren
Parkway Place is a 32-unit Class A renovation of a mid-century building in Midtown Memphis and offers convenient access to the city’s core economic anchors—including the Medical District and adjoining Downtown’s Central Business District. The Property offers Midtown Memphis convenience in a Live Work Play environment popular with today’s urban renter, notably its proximity to Overton Square Theater District and the recreational amenities offered at the 384-acre Overton Park with its beautiful walking trails, a golf course, and the award-winning Memphis Zoo.
Parkway Place offers historic Midtown character revitalized to meet the needs of modern life, featuring contemporary residences, sleek finishes, well-designed features, and code-accessed resident parking. The comprehensive renovation includes a complete replacement of all interior finishes, including contemporary wood cabinetry, high-end granite countertops, stainless steel appliances, porcelain tile, newly updated baths with new vanities; the exterior rehab involves new roofs, new windows, new courtyard fencing, newly expanded and paved parking, code-accessible gated entry and amazing new landscaping.
For new Ownership, Parkway Place presents the opportunity to enjoy existing cash flows coupled with the opportunity to ride the wave of value appreciation given the Property’s close proximity to the major employment hubs in the City’s core.
Motivated Sellers -
Ideal candidate for Agency Debt
32 Condo-Grade Luxury Residences
2022 Full-Scale Renovation - Turnkey
92% Occupancy
$1,072 / $1.65psf Avg Rent
NEWLY PRICED: $4,100,000 or $128,125/ Unit
INVESTMENT HIGHLIGHTS
Full-scale Class A Rehab - Classic historic building revitalized into ultra-sleek residences with modern conveniences including in-unit W/D + secured parking
Midtown Memphis - Hip lifestyle location near Overton Park walkable to shops, recreation & entertainment
Near Major Employment Anchors - Midway between Poplar/I-240 Office Hub, Medical District & Downtown CBD
Loss-To-Lease Upside- Opportunity to bring rents to existing market and capture 8%+ or $100/Unit in Loss To Lease
Popular Neighborhood with Demonstrated Rental Demand - Newly delivered Class A community nearby achieves $1,786 or $1.91psf in average ren
Parkway Place is a 32-unit Class A renovation of a mid-century building in Midtown Memphis and offers convenient access to the city’s core economic anchors—including the Medical District and adjoining Downtown’s Central Business District. The Property offers Midtown Memphis convenience in a Live Work Play environment popular with today’s urban renter, notably its proximity to Overton Square Theater District and the recreational amenities offered at the 384-acre Overton Park with its beautiful walking trails, a golf course, and the award-winning Memphis Zoo.
Parkway Place offers historic Midtown character revitalized to meet the needs of modern life, featuring contemporary residences, sleek finishes, well-designed features, and code-accessed resident parking. The comprehensive renovation includes a complete replacement of all interior finishes, including contemporary wood cabinetry, high-end granite countertops, stainless steel appliances, porcelain tile, newly updated baths with new vanities; the exterior rehab involves new roofs, new windows, new courtyard fencing, newly expanded and paved parking, code-accessible gated entry and amazing new landscaping.
For new Ownership, Parkway Place presents the opportunity to enjoy existing cash flows coupled with the opportunity to ride the wave of value appreciation given the Property’s close proximity to the major employment hubs in the City’s core.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
| Price | $4,100,000 | Apartment Style | Low Rise |
| Price Per Unit | $128,125 | Building Class | B |
| Sale Type | Investment | Lot Size | 1.10 AC |
| No. Units | 32 | Building Size | 20,924 SF |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1925 |
| Price | $4,100,000 |
| Price Per Unit | $128,125 |
| Sale Type | Investment |
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | B |
| Lot Size | 1.10 AC |
| Building Size | 20,924 SF |
| No. Stories | 2 |
| Year Built | 1925 |
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Disposal
- Microwave
- Washer/Dryer
- Heating
- Security System
- Ceiling Fans
- Kitchen
- Granite Countertops
- Hardwood Floors
- Refrigerator
- Oven
- Stainless Steel Appliances
- Tub/Shower
- Walk-In Closets
- Dining Room
- Patio
- Smoke Free
- Vinyl Flooring
Site Amenities
- 24 Hour Access
- Controlled Access
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 8 | $895.00 | 600 |
| 1+1 | 17 | $1,100 | 650 |
| 2+1 | 5 | $1,217 | 700 |
Bike Score ®
Very Bikeable (76)
PROPERTY TAXES
| Parcel Number | 03-3001-0-0080 | Improvements Assessment | $279,720 |
| Land Assessment | $17,960 | Total Assessment | $297,680 |
PROPERTY TAXES
Parcel Number
03-3001-0-0080
Land Assessment
$17,960
Improvements Assessment
$279,720
Total Assessment
$297,680
zoning
| Zoning Code | RS6 (Residential Zoning) |
| RS6 (Residential Zoning) |
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Parkway Place Apartments | 2342-2352 Parkway Pl
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