171 N Merton St
Memphis, TN 38112
Merton Manor Apartments · Multifamily Property For Sale
·
64 Units
Property Facts
| No. Units | 64 | Building Size | 56,782 SF |
| Property Type | Multifamily | Average Occupancy | 77% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built | 1964 |
| Building Class | C | Parking Ratio | 2.11/1,000 SF |
| Lot Size | 2.46 AC | ||
| Zoning | RMM | ||
| No. Units | 64 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.46 AC |
| Building Size | 56,782 SF |
| Average Occupancy | 77% |
| No. Stories | 2 |
| Year Built | 1964 |
| Parking Ratio | 2.11/1,000 SF |
| Zoning | RMM |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Kitchen
- Hardwood Floors
- Refrigerator
- Tub/Shower
- Wi-Fi
Site Amenities
- 24 Hour Access
- Fenced Lot
- Laundry Facilities
- Property Manager on Site
- Gated
- Wi-Fi
- Community-Wide WiFi
- Maintenance on site
About 171 N MERTON ST , MEMPHIS, TN 38112
Merton Manor Apartments 171 Merton Street, Memphis, Tennessee 64 Units Built 1964 Proximity to Midtown within a mile from the highly popular Overton Square Entertainment District offering shopping, dining, fitness and entertainment options as well as recreational opportunities at Overton Park Nearby jobs: 8 minutes to Midtown/Medical District (serving 20,000 employees and 13,000+ students) and 12 minutes to Downtown Business District with 69,500+ jobs Updated affordable housing option - due to rising Midtown rents increasing numbers of area employees are seeking updated affordable housing in surrounding neighborhoods where renovated properties exceed 95% occupancy at the higher rent levels Proven value-add upside - current ownership has executed a repositioning plan on 20% of units with $150+ rental increases, offering investors market-tested rental upside through continued light cosmetic improvements IRS Certified Opportunity Zone - Opportunity Zone designation of Merton Manor's immediate submarket has accelerated the neighborhood's existing revival and attracted New Class A developments less than half a mile to the north; the Opportunity Zone areas are forecasted to see improving economics, affording new ownership an opportunity to enter the area and enjoy rising values 97% historical occupancy List Price $2,935,000 Price/Unit $45,859 Proforma NOI $232,000 Cap Rate 7.9%
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 44 | - | 900 |
| 3+2 | 20 | - | 1,100 |
Property Taxes
| Parcel Number | 03-3012-0-0017C | Improvements Assessment | $874,360 |
| Land Assessment | $220,280 | Total Assessment | $1,094,640 |
Property Taxes
