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1861 Corning Ave 14 Unit Apartment Building $699,999 ($50,000/Unit) 7.50% Cap Rate Memphis, TN 38127
Investment Highlights
- 93% occupied with 13 of 14 units currently rented
- Approximately 17% gross revenue upside through lease-up and rent adjustments
- Uniform two-bedroom, one-bathroom unit mix with in-place rents from $625 to $695 per month
Executive Summary
1861 Corning Avenue is a 14-unit multifamily investment property consisting entirely of two-bedroom, one-bathroom units. The property is currently 93% occupied, with 13 of 14 units rented and generating $8,315 in gross monthly rental income.
Current rents range from $625 to $695 per month, with a pro forma rent of $695 per unit. Leasing the remaining vacant unit and adjusting below-market rents as leases renew could increase gross monthly income to approximately $9,730. This represents a potential annual increase of $16,980, offering investors immediate cash flow with a manageable path to additional revenue.
Rent roll, financial information, and additional property details are available upon request.
Please call Dylan Patel (901) 826-8712 or email TNMSRE@gmail.com.
Current rents range from $625 to $695 per month, with a pro forma rent of $695 per unit. Leasing the remaining vacant unit and adjusting below-market rents as leases renew could increase gross monthly income to approximately $9,730. This represents a potential annual increase of $16,980, offering investors immediate cash flow with a manageable path to additional revenue.
Rent roll, financial information, and additional property details are available upon request.
Please call Dylan Patel (901) 826-8712 or email TNMSRE@gmail.com.
Property Facts
| Price | $699,999 | Apartment Style | Low-Rise |
| Price Per Unit | $50,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.86 AC |
| Cap Rate | 7.50% | Building Size | 13,365 SF |
| No. Units | 14 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1964 |
| Zoning | RMM | ||
| Price | $699,999 |
| Price Per Unit | $50,000 |
| Sale Type | Investment |
| Cap Rate | 7.50% |
| No. Units | 14 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.86 AC |
| Building Size | 13,365 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1964 |
| Zoning | RMM |
Amenities
Unit Amenities
- Kitchen
- Tub/Shower
Site Amenities
- 24 Hour Access
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 14 | - | - |
1 1
Fairly walkable
40/100
Exceptionally drivable
90/100
Limited public transit
30/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 07-2001-0-0114 | Improvements Assessment | $228,040 |
| Land Assessment | $24,440 | Total Assessment | $252,480 |
Property Taxes
Parcel Number
07-2001-0-0114
Land Assessment
$24,440
Improvements Assessment
$228,040
Total Assessment
$252,480
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