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Hilltop Apartments 1222 Aubra Rd 34 Unit Apartment Building $3,394,000 ($99,824/Unit) Memphis, TN 38111
Investment Highlights
- Newly Renovated
- 100% occupied
- Security gate along with privacy fence around entire property with phone activated security gates.
Executive Summary
Multifamily • 34 Units •
Completely renovated from top to bottom.? Sellers took it down to the studs replacing all plumbing, electrical, HVAC, including duct work, insulation, new roofs on all buildings, high privacy fence around the entire property, granite counter tops, stainless steel appliances, laminate flooring, new bathtubs, new railing, phone activated security gates and security cameras. I was there most weeks during the 18 month rehab and saw where no corners were cu.t For example, each building has a six inch drain going to the sewer when code calls for four. Leasing office and laundry room on site. Located just a couple miles from the University of Memphis the could easily be turned into student housing. The sellers were able to lease the entire complex within a couple months of the renovation being complete.
Completely renovated from top to bottom.? Sellers took it down to the studs replacing all plumbing, electrical, HVAC, including duct work, insulation, new roofs on all buildings, high privacy fence around the entire property, granite counter tops, stainless steel appliances, laminate flooring, new bathtubs, new railing, phone activated security gates and security cameras. I was there most weeks during the 18 month rehab and saw where no corners were cu.t For example, each building has a six inch drain going to the sewer when code calls for four. Leasing office and laundry room on site. Located just a couple miles from the University of Memphis the could easily be turned into student housing. The sellers were able to lease the entire complex within a couple months of the renovation being complete.
Property Facts
| Price | $3,394,000 | Building Class | C |
| Price Per Unit | $99,824 | Lot Size | 2.28 AC |
| Sale Type | Investment | Building Size | 30,976 SF |
| No. Units | 34 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1964/2026 |
| Apartment Style | Garden | Parking Ratio | 2.1/1,000 SF |
| Zoning | RU-3 - Urban Residential | ||
| Price | $3,394,000 |
| Price Per Unit | $99,824 |
| Sale Type | Investment |
| No. Units | 34 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.28 AC |
| Building Size | 30,976 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1964/2026 |
| Parking Ratio | 2.1/1,000 SF |
| Zoning | RU-3 - Urban Residential |
Amenities
Unit Amenities
- Washer/Dryer Hookup
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Carpet
Site Amenities
- Courtyard
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 34 | - | 1,100 |
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Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 05-9056-0-0027 | Improvements Assessment | $48,000 |
| Land Assessment | $56,320 | Total Assessment | $104,320 |
Property Taxes
Parcel Number
05-9056-0-0027
Land Assessment
$56,320
Improvements Assessment
$48,000
Total Assessment
$104,320
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Hilltop Apartments | 1222 Aubra Rd