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Evergreen Terrace 1796-1800 Poplar Ave 28 Unit Apartment Building $3,400,000 ($121,429/Unit) Memphis, TN 38104
EXECUTIVE SUMMARY
28 Upscale Residences
Classic Midtown Asset I Renovated 2020
Offered at Discount to Seller's Basis I Potential Future Condo Exit
Ask Price: $3,400,000 ($121,500/Unit)
NOI: $210,000 I CAP Rate: 6.2%
Occupancy: ~90% range and rising
INVESTMENT HIGHLIGHTS
· Condo-grade interiors with contemporary kitchens and baths
· Prime Midtown location near major employers & lifestyle anchors
· Historic charm with modern appeal driving strong renter demand
· Clear mark-to-market upside
· Low maintenance offering durable cash flows
· Accelerating absorption and no new planned starts
A+ LOCATION
Within 2 miles from Medical District (20,000+ jobs and 10,000 students), 8 miles from White Collar Downtown (89,000+ jobs) and 6 miles from Poplar/I-240 Office Hub (100,000+ White Collar jobs)
Over $14 Billion in capital investment underway in the Medical District, anchored by St Jude's Children's Hospital $12.9 Billion expansion and the newly announced $1.5 Billion Regional One hospital campus
Memphis MSA – The 5th largest Metro in the Southeast and 2nd most populated Metro in Tennessee anchored by a diverse, stable economic base.
Classic Midtown Asset I Renovated 2020
Offered at Discount to Seller's Basis I Potential Future Condo Exit
Ask Price: $3,400,000 ($121,500/Unit)
NOI: $210,000 I CAP Rate: 6.2%
Occupancy: ~90% range and rising
INVESTMENT HIGHLIGHTS
· Condo-grade interiors with contemporary kitchens and baths
· Prime Midtown location near major employers & lifestyle anchors
· Historic charm with modern appeal driving strong renter demand
· Clear mark-to-market upside
· Low maintenance offering durable cash flows
· Accelerating absorption and no new planned starts
A+ LOCATION
Within 2 miles from Medical District (20,000+ jobs and 10,000 students), 8 miles from White Collar Downtown (89,000+ jobs) and 6 miles from Poplar/I-240 Office Hub (100,000+ White Collar jobs)
Over $14 Billion in capital investment underway in the Medical District, anchored by St Jude's Children's Hospital $12.9 Billion expansion and the newly announced $1.5 Billion Regional One hospital campus
Memphis MSA – The 5th largest Metro in the Southeast and 2nd most populated Metro in Tennessee anchored by a diverse, stable economic base.
DATA ROOM Click Here to Access
- Offering Memorandum
PROPERTY FACTS
| Price | $3,400,000 | Building Class | B |
| Price Per Unit | $121,429 | Lot Size | 0.55 AC |
| Sale Type | Investment | Building Size | 20,924 SF |
| No. Units | 28 | Average Occupancy | 89% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1924/2021 |
| Apartment Style | Low-Rise | Parking Ratio | 1.19/1,000 SF |
| Zoning | RMM | ||
| Price | $3,400,000 |
| Price Per Unit | $121,429 |
| Sale Type | Investment |
| No. Units | 28 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.55 AC |
| Building Size | 20,924 SF |
| Average Occupancy | 89% |
| No. Stories | 2 |
| Year Built/Renovated | 1924/2021 |
| Parking Ratio | 1.19/1,000 SF |
| Zoning | RMM |
AMENITIES
UNIT AMENITIES
- Dishwasher
- Disposal
- Microwave
- Ceiling Fans
- Kitchen
- Granite Countertops
- Refrigerator
- Oven
- Range
- Tub/Shower
- Views
SITE AMENITIES
- 24 Hour Access
- Tenant Controlled HVAC
- Smoke Free
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 24 | - | 400 - 650 |
| 2+2 | 4 | - | 875 |
Walk Score®
Very Walkable (74)
Bike Score®
Very Bikeable (78)
PROPERTY TAXES
| Parcel Number | 02-0076-0-0036C | Improvements Assessment | $867,520 |
| Land Assessment | $39,640 | Total Assessment | $907,160 |
PROPERTY TAXES
Parcel Number
02-0076-0-0036C
Land Assessment
$39,640
Improvements Assessment
$867,520
Total Assessment
$907,160
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Evergreen Terrace | 1796-1800 Poplar Ave
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