Historical Multifamily Sale Listing - Harmony Park Apts

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Harmony Park Apts

3389 Steve Road, Memphis, TN 38111

N/A

164 Units | Multifamily

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Multifamily Property - Off Market

Price:
N/A
No. Units:
164
Building Size:
124,620 SF
Property Type:
Multifamily
Property Sub-type:
Garden/Low-Rise
Property Use Type:
Investment
Cap Rate:
15.60%
No. Stories:
201
Year Built:
1969
Lot Size:
6.52 SF
Listing ID
17926238
Last Updated
291 days ago

Highlights

  • 15.6% cap rate based on actual 2012 NOI
  • Highly visible from Interstate 240 which is the metro area's beltway loop that connects all of the economic engines that are driving j
  • Convenient to the largest concentration of logistics oriented businesses in the City of Memphis

Description

Harmony Park offers rare opportunity to acquire a stabilized property at an exceptionally high cap rate (15.6% cap rate based on actual 2012 NOI). This blue collar C-grade property has enjoyed some recent renovations to the mansard roofs and unit interiors. Additional highlights of property include: gated and fenced entry, remodeled leasing office, and numerous unit turns.

Harmony Park is highly visible from Interstate 240 which is the metro area's beltway loop that connects all of the economic engines that are driving job growth in the Memphis area. The subject location is convenient to the largest concentration of logistics oriented businesses in the City of Memphis with FedEx's World Hub being just one of the names that you would recognize. The location boasts a quick 10 minute drive to the University of Memphis and approximately a 10-15 minute drive to Downtown Memphis and the new Bio Medical Center.

Map of 3389 Steve Road, Memphis, TN 38111 (Shelby County)

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