The Washburn 60 S Main St

42 Unit Apartment Building $5,125,000 ($122,024/Unit) Memphis, TN 38103

EXECUTIVE SUMMARY

*Principals Only*
The Washburn Apartments [42 Units]
$5,125,000 - $122,000/Unit
Estimated cost if built new today, $200,000 per unit.

AVAILABLE INDIVIDUALLY or as part of
The 3-Asset Class A- Multifamily Portfolio I 93 Units
Featured under “View Properties” Tab on Home Page and includes:
The Printer’s Alley & Annex Lofts [51 Units] $5,750,000 or $113,000/Unit [Sold Together]
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PORTFOLIO INVESTMENT HIGHLIGHTS
Attractive Basis - $80,000 per Unit Below Replacement Cost
No Heavy Lifting - Contemporary Loft Residences with Modern Urban Finishes in Well-maintained Condition. Competitively positioned in Market.
Untapped Potential via Operational Improvements, Amenity, and Technology Upgrades aimed at Reducing Vacancy
Fantastic Workforce Location – Surrounded By Region’s Largest Employers
Unique Opportunity To Obtain Immediate Scale with 121 Units
Offered Free & Clear of Existing Debt

LOCATION HIGHLIGHTS
Lifestyle Location - Downtown Memphis convenience in a Live Work Play environment convenient to the city’s premier employment anchors.
Battery Belt and AI Tech Hub – Recent advanced manufacturing and high-tech AI projects within 45 minutes of Memphis have eclipsed $13 billion in investment, and are projected to add 9,000 direct jobs to the MSA. These capital investments involve corporate giants including Ford Motor, Musk Companies, Daimler Truck among others.

OFFERING PROCEDURE
Offers may be submitted along with Proof of Funds and a Resume at any point during the marketing process. A deadline for offers may be established at a later date.

DATA ROOM Click Here to Access

PROPERTY FACTS

Price $5,125,000
Price Per Unit $122,024
Sale Type Investment
No. Units 42
Property Type Multifamily
Property Subtype Apartment
Apartment Style Mid Rise
Building Class B
Lot Size 0.25 AC
Building Size 45,144 SF
No. Stories 5
Year Built/Renovated 1891/2009

UNIT AMENITIES

  • Air Conditioning
  • Washer/Dryer
  • Stainless Steel Appliances
  • Tub/Shower
  • Wheelchair Accessible (Rooms)

SITE AMENITIES

  • Elevator
  • Public Transportation

UNIT MIX INFORMATION

DESCRIPTION NO. UNITS AVG. RENT/MO SF
1+1 30 - 712 - 1,030
2+2 12 - 1,237 - 1,312
Walk Score®
Walker's Paradise (94)
Bike Score®
Very Bikeable (88)

PROPERTY TAXES

ZONING

Zoning Code CBD (Commercial Business Development Zoning)
  • Listing ID: 32308658

  • Date on Market: 7/1/2024

  • Last Updated:

  • Address: 60 S Main St, Memphis, TN 38103