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1695 Ontario Ave
Memphis, TN 38127
Idlewood Apartments · Multifamily Property For Sale
·
25 Units
Executive Summary
Stabilized 25-Unit Multifamily | Strong In-Place Cash Flow | Upside Through Lease-Up
This 25-unit multifamily investment at 1695–1707 Ontario Avenue, Memphis, TN 38127 offers immediate cash flow with visible upside through modest occupancy optimization. The property is priced on in-place income and supported by documented historical performance, providing investors with downside protection and predictable returns.
Current physical occupancy is approximately 92% (23 of 25 units), with historical occupancy averaging 86–88%, establishing a credible income floor. Average rents of $895 per unit are supported by nearby comparables and positioned below market, offering durability without reliance on rent inflation.
At the $1,975,000 asking price, the property delivers an 8.48% pro forma cap rate and a 1.50 DSCR at 70% LTV, making it highly financeable with conventional bank debt. At full stabilization, the asset supports an NOI of approximately $189,786, representing a 9.61% stabilized cap rate.
This offering is ideal for investors seeking stabilized multifamily with immediate income, conservative underwriting, and operational upside driven by execution rather than speculation. Buyers are encouraged to verify all information independently.
This 25-unit multifamily investment at 1695–1707 Ontario Avenue, Memphis, TN 38127 offers immediate cash flow with visible upside through modest occupancy optimization. The property is priced on in-place income and supported by documented historical performance, providing investors with downside protection and predictable returns.
Current physical occupancy is approximately 92% (23 of 25 units), with historical occupancy averaging 86–88%, establishing a credible income floor. Average rents of $895 per unit are supported by nearby comparables and positioned below market, offering durability without reliance on rent inflation.
At the $1,975,000 asking price, the property delivers an 8.48% pro forma cap rate and a 1.50 DSCR at 70% LTV, making it highly financeable with conventional bank debt. At full stabilization, the asset supports an NOI of approximately $189,786, representing a 9.61% stabilized cap rate.
This offering is ideal for investors seeking stabilized multifamily with immediate income, conservative underwriting, and operational upside driven by execution rather than speculation. Buyers are encouraged to verify all information independently.
Property Facts
| Price Per Unit | $71,800 | Lot Size | 0.34 AC |
| Sale Type | Investment | Building Size | 14,875 SF |
| No. Units | 25 | Average Occupancy | 89% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1964/1999 |
| Apartment Style | Low-Rise | Parking Ratio | 1.68/1,000 SF |
| Building Class | C | ||
| Zoning | CL - Light Commercial Zoning | ||
| Price Per Unit | $71,800 |
| Sale Type | Investment |
| No. Units | 25 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.34 AC |
| Building Size | 14,875 SF |
| Average Occupancy | 89% |
| No. Stories | 2 |
| Year Built/Renovated | 1964/1999 |
| Parking Ratio | 1.68/1,000 SF |
| Zoning | CL - Light Commercial Zoning |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Wi-Fi
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Tenant Controlled HVAC
- Trash Pickup - Curbside
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 25 | - | - |
Property Taxes
| Parcel Number | 07-0088-0-0018 | Improvements Assessment | $36,840 |
| Land Assessment | $6,840 | Total Assessment | $43,680 |
Property Taxes
Parcel Number
07-0088-0-0018
Land Assessment
$6,840
Improvements Assessment
$36,840
Total Assessment
$43,680
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