3896 Chippewa Rd | Memphis, TN 38118
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- LoopNet Team
3896 Chippewa Rd
Memphis, TN 38118
Garden-Style Community with Upside Potential · Multifamily Property For Sale
·
558 Units
INVESTMENT HIGHLIGHTS
- Azure Place offers a savvy investment group the opportunity to acquire a fully renovated, amenity-rich 558-unit apartment community in Memphis.
- New ownership can create additional value on the property’s two parcels of land with development plans that would allow for 30 new units and retail.
- Ongoing revitalization projects downtown and along the Mississippi River create an attractive and promising environment for long-term investment.
- Significant upside exists through the implementation of a superior operational management style with a strong focus on increasing occupancy and rents.
- Memphis is popular among residents for its lower costs of living, renowned cultural heritage, business-friendly climate, and diverse workforce.
PROPERTY FACTS
| No. Units | 558 | Building Size | 511,760 SF |
| Property Type | Multifamily | Average Occupancy | 82% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built/Renovated | 1972/2022 |
| Building Class | A | Parking Ratio | 2.3/1,000 SF |
| Lot Size | 29.19 AC | ||
| Zoning | RU-3 - Residential Urban | ||
| No. Units | 558 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | A |
| Lot Size | 29.19 AC |
| Building Size | 511,760 SF |
| Average Occupancy | 82% |
| No. Stories | 2 |
| Year Built/Renovated | 1972/2022 |
| Parking Ratio | 2.3/1,000 SF |
| Zoning | RU-3 - Residential Urban |
AMENITIES
- Smoke Detector
UNIT AMENITIES
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Disposal
- Washer/Dryer
- Heating
- Ceiling Fans
- Tile Floors
- Eat-in Kitchen
- Kitchen
- Granite Countertops
- High Speed Internet Access
- Refrigerator
- Oven
- Sprinkler System
- Range
- Walk-In Closets
- Grill
- Deck
- Den
- Dining Room
- Double Pane Windows
- Family Room
- Freezer
- Garden
- Lawn
- Office
- Patio
- Porch
- Wheelchair Accessible (Rooms)
SITE AMENITIES
- 24 Hour Access
- Fenced Lot
- Fitness Center
- Playground
- Pool
- Tenant Controlled HVAC
- Gated
- Maintenance on site
- Online Services
- Smoke Detector
PROPERTY TAXES
| Parcel Number | 07-3017-0-0195 | Improvements Assessment | $11,727,700 |
| Land Assessment | $2,097,600 | Total Assessment | $13,825,300 |
PROPERTY TAXES
Parcel Number
07-3017-0-0195
Land Assessment
$2,097,600
Improvements Assessment
$11,727,700
Total Assessment
$13,825,300
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