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1500 Madison Ave 12 Unit Apartment Building $650,000 ($54,167/Unit) Memphis, TN 38104
Investment Highlights
- Historic property in need of full renovation, priced well below market
- See property website and OM for more info and photos
- Prime Midtown location!
Executive Summary
Woodyard Realty is pleased to present 1500 Madison Avenue, a 12-unit multifamily investment opportunity located in the heart of Midtown Memphis. Built in 1920, this three-story brick apartment building offers distinctive architectural character, established multifamily use, and significant value-add potential in one of Memphis' most desirable rental markets.
The property presents an opportunity for an investor to reposition a well-located Midtown asset through renovation and stabilization. Nine of the twelve units require substantial renovation, along with additional capital improvements to the property. With projected market rents of approximately $1,350 per unit following renovation, 1500 Madison offers investors the potential to increase occupancy, improve operations, and create long-term value through a comprehensive renovation program.
The property's central Midtown location provides convenient access to the Memphis Medical District, Downtown, Overton Square, Cooper-Young, and major employment and entertainment destinations throughout the urban core.
The property presents an opportunity for an investor to reposition a well-located Midtown asset through renovation and stabilization. Nine of the twelve units require substantial renovation, along with additional capital improvements to the property. With projected market rents of approximately $1,350 per unit following renovation, 1500 Madison offers investors the potential to increase occupancy, improve operations, and create long-term value through a comprehensive renovation program.
The property's central Midtown location provides convenient access to the Memphis Medical District, Downtown, Overton Square, Cooper-Young, and major employment and entertainment destinations throughout the urban core.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
| Price | $650,000 | Building Class | C |
| Price Per Unit | $54,167 | Lot Size | 0.46 AC |
| Sale Type | Investment | Building Size | 14,598 SF |
| No. Units | 12 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1920 |
| Property Subtype | Apartment | Parking Ratio | 0.69/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | CH | ||
| Price | $650,000 |
| Price Per Unit | $54,167 |
| Sale Type | Investment |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.46 AC |
| Building Size | 14,598 SF |
| No. Stories | 3 |
| Year Built | 1920 |
| Parking Ratio | 0.69/1,000 SF |
| Zoning | CH |
Amenities
Unit Amenities
- Air Conditioning
- Microwave
- Security System
- Oven
- Sprinkler System
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Smoke Free
- Trash Pickup - Curbside
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 12 | - | - |
1 1
Very walkable
80/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 01-7031-0-0055 | Improvements Assessment | $106,440 |
| Land Assessment | $71,640 | Total Assessment | $178,080 |
Property Taxes
Parcel Number
01-7031-0-0055
Land Assessment
$71,640
Improvements Assessment
$106,440
Total Assessment
$178,080
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Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
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Contact the Sale Advisor
1500 Madison Ave