2780 Raleigh-Lagrange Rd
Memphis, TN 38128
The Springs Townhomes · Multifamily Property For Sale · 32 Units

The Springs Townhomes is a 32-unit, 1970’s vintage, garden townhome community located in the Raleigh submarket of Memphis, TN which is just 8.5 miles northeast of downtown Memphis. The community features five two-story masonry constructed buildings with brick/vinyl siding and newer pitched shingle roofs (less than three years old) situated on a 1.63-acre parcel with surface parking lots, mature trees and a central courtyard area with BBQ grills and outdoor picnic areas. Units are 94% two bedroom / one-and-one-half bath (1,159 sf) with a couple of three bedroom / two bath units (1,638 sf) and feature fully-appointed kitchens and baths at varying finish levels, newer central HVAC, in-unit washer/dryers and private outdoor patios. The location in Raleigh is in close proximity to various national retailers and major employers including Nike North America Logistics Center which is a 2.8 million state-of-the-art facility which operates 24/7 and employs upwards of 2,600 people in the region. In addition, 260-acre John F. Kennedy Park is almost directly across the street allowing residents to enjoy access to baseball, softball and soccer fields as well as nature trails, picnic pavilions, outdoor playgrounds, and a half-mile fitness trail. The property is professionally managed and has maintained a consistently high occupancy under the current ownership with increasing rents. The property is deliverable with an existing Freddie Mac loan with nearly 10 years remaining at a 4.92% interest rate and roughly 1-year of interest-only payments remaining and is well-positioned as a continued value-add deal.