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Gallery 2780 Raleigh-Lagrange Rd 32 Unit Apartment Building $1,099,000 ($34,344/Unit) Memphis, TN 38128
Investment Highlights
- Lender-Owned Value-Add Opportunity
- Strategically located near Major Job Providers including Nike & Amazon
- Offered Far Below Replacement Costs
Executive Summary
Spring Court is 32 spacious townhomes near thousands of jobs with easy access via I-40 to the entire Memphis MSA. The property was built in 1974 and features two and three-bedroom townhome floorplans with central heat and air, washer/dryers and private patios.
Spring Court is lender owned and provides investors the opportunity to acquire a property at an attractive basis far below replacement costs with tremendous upside. Current occupancy is approximately 50% and provides income while a new operator addresses the conditional upgrades that are needed to push rents and occupancy to market rates.
Spring Court is lender owned and provides investors the opportunity to acquire a property at an attractive basis far below replacement costs with tremendous upside. Current occupancy is approximately 50% and provides income while a new operator addresses the conditional upgrades that are needed to push rents and occupancy to market rates.
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts Under Contract
| Price | $1,099,000 | Building Class | C |
| Price Per Unit | $34,344 | Lot Size | 1.60 AC |
| Sale Type | Investment | Building Size | 33,600 SF |
| Sale Condition | REO Sale | Average Occupancy | 50% |
| No. Units | 32 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1974/2017 |
| Property Subtype | Apartment | Parking Ratio | 1.61/1,000 SF |
| Apartment Style | Townhome | ||
| Zoning | RU-3 | ||
| Price | $1,099,000 |
| Price Per Unit | $34,344 |
| Sale Type | Investment |
| Sale Condition | REO Sale |
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Townhome |
| Building Class | C |
| Lot Size | 1.60 AC |
| Building Size | 33,600 SF |
| Average Occupancy | 50% |
| No. Stories | 2 |
| Year Built/Renovated | 1974/2017 |
| Parking Ratio | 1.61/1,000 SF |
| Zoning | RU-3 |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Washer/Dryer
- Kitchen
- Grill
- Patio
Site Amenities
- Courtyard
- Picnic Area
- Grill
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1.5 | 30 | - | 1,050 |
| 3+1.5 | 2 | - | 1,189 |
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Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 08-8008-0-0121C | Total Assessment | $580,120 (2025) |
| Land Assessment | $56,640 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $523,480 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
08-8008-0-0121C
Land Assessment
$56,640 (2025)
Improvements Assessment
$523,480 (2025)
Total Assessment
$580,120 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2026
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