Pontotoc Apartments - Downtown Memphis | 665 E Pontotoc Ave
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Pontotoc Apartments - Downtown Memphis 665 E Pontotoc Ave
8 Unit Apartment Building $650,000 ($81,250/Unit) Memphis, TN 38126
Investment Highlights
- In Walking Distance to Downtown Memphis
- Located in Opportunity Zone
- $1 Billion in Nearby Recent & Planned Development
Executive Summary
This is a great opportunity to purchase an existing apartment complex in walking distance to Southwest TN Comm College, University of TN Health Science Ctr. and Downtown Memphis! Redevelop as a value-add project or a new project. There is over $1 Billion in new and planned development in walking distance. All units are 2BR/1BA with long-term, month to month tenants. New Roof & decking completed!
Data Room Click Here to Access
- Offering Memorandum
Financial Summary (Pro forma - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$144,000
|
$25.71
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$144,000
|
$25.71
|
| Net Operating Income |
-
|
-
|
Financial Summary (Pro forma - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $144,000 |
| Annual Per SF | $25.71 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $144,000 |
| Annual Per SF | $25.71 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
Property Facts
| Price | $650,000 | Lot Size | 0.27 AC |
| Price Per Unit | $81,250 | Building Size | 5,600 SF |
| Sale Type | Investment | No. Stories | 2 |
| No. Units | 8 | Year Built | 1967 |
| Property Type | Multifamily | Parking Ratio | 2.68/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Building Class | C |
| Price | $650,000 |
| Price Per Unit | $81,250 |
| Sale Type | Investment |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.27 AC |
| Building Size | 5,600 SF |
| No. Stories | 2 |
| Year Built | 1967 |
| Parking Ratio | 2.68/1,000 SF |
| Opportunity Zone |
Yes |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 8 | $550.00 | 700 |
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PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $10,760 (2024) | |
| Land Assessment | $18,080 (2024) | Total Assessment | $28,840 (2024) |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$18,080 (2024)
Improvements Assessment
$10,760 (2024)
Total Assessment
$28,840 (2024)
zoning
| Zoning Code | EMP |
| EMP |
-
Curtis Braden -
Traci Braden -
John Cornes -
Braden, Braden & Braden LLC
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Pontotoc Apartments - Downtown Memphis | 665 E Pontotoc Ave
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