This Multifamily Property is Off-Market.

3389 Steve Road
Memphis, TN 38111 ·

164 Units · Multifamily For Sale

N/A

Print

Harmony Park Apts

Price N/A Property Use Type Investment
No. Units 164 Cap Rate 15.60%
Building Size 124,620 SF No. Stories 201
Property Type Multifamily Year Built 1969
Property Sub-type Garden/Low-Rise Lot Size 6.52 SF
Listing ID: 17926238 Date Created: 11/26/2012 Last Updated: 01/02/2014

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.

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

Research

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

Property Record Data - Historical Listings, current tax, mortgage, owners & tenant info for this property

Memphis Market Trends - Asking price index trends, sale price trends, asking rent trends

Similar Listings

  • 3130 Mendenhal
    3130 Mendenhal

    Memphis, TN 38115

    For Sale · $2,250,000

    135,320 SF Building

    Garden/Low-Rise

  • 2146 E Shelby Dr
    2146 E Shelby Dr

    Memphis, TN 38116

    For Sale · $1,674,000

    100,322 SF Building

    Garden/Low-Rise

  • 1740 Bender
    1740 Bender

    Memphis, TN 38116

    For Sale · $1,750,000

    148,108 SF Building

    Garden/Low-Rise

  • 3235 Mendenhall RD
    3235 Mendenhall RD

    Memphis, TN 38115

    For Sale · $2,000,000

    135,320 SF Building

    Garden/Low-Rise

The LoopNet service and information provided therein, while believed to be accurate, are provided "as is". LoopNet disclaims any and all representations, warranties, or guarantees of any kind.

I am a place holder, please don't judge me!!! (no, I judge you!)