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University Park 3637 Park Ave

38 Unit Apartment Building $6,619,185 ($174,189/Unit) 7% Cap Rate Memphis, TN 38111

Investment Highlights

  • Newly Renovated in 2024.
  • 10 Year PILOT was granted in 2023.
  • Full Remodeled Kitchens and Bathrooms.
  • 100% Occupancy.

Executive Summary

An office to multifamily conversion that was complete one year ago. It currently has a 10 year PILOT that can be transferred to a buyer. It also has room in the rear for an additional multifamily building. Two units could be added to the existing building.
Comes with a metal building behind the gate currently leases to a user.
3% commission will be paid at closing to the purchaser representatives.

Property Facts

Price $6,619,185
Price Per Unit $174,189
Sale Type Investment
Cap Rate 7%
No. Units 38
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low Rise
Building Class B
Lot Size 1.73 AC
Building Size 28,100 SF
Average Occupancy 100%
No. Stories 3
Year Built/Renovated 1960/2024

Unit Amenities

  • Air Conditioning
  • Balcony
  • Disposal
  • Washer/Dryer
  • Heating
  • Kitchen
  • Granite Countertops
  • Vaulted Ceiling
  • Refrigerator
  • Oven
  • Range
  • Tub/Shower
  • Patio

Site Amenities

  • 24 Hour Access
  • Security System
  • Gated
  • Pet Play Area

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
Studios 15 - 478
1+1 10 - 536 - 654
2+1 11 - 770
2+2 2 - 906 - 942

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
05-8048-0-0005
Land Assessment
$182,000
Improvements Assessment
$3,501,900
Total Assessment
$3,683,900
  • Listing ID: 32493059

  • Date on Market: 7/17/2024

  • Last Updated:

  • Address: 3637 Park Ave, Memphis, TN 38111

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