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2879 Beverly Hills Rd
Memphis, TN 38128
Beverly Springs Apartments · Multifamily Property For Sale
·
58 Units
Property Facts
| No. Units | 58 | Lot Size | 2.64 AC |
| Property Type | Multifamily | Building Size | 50,050 SF |
| Property Subtype | Apartment | Average Occupancy | 88% |
| Apartment Style | Low-Rise | No. Stories | 2 |
| Building Class | C | Year Built/Renovated | 1973/2017 |
| Zoning | RU-3 | ||
| No. Units | 58 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 2.64 AC |
| Building Size | 50,050 SF |
| Average Occupancy | 88% |
| No. Stories | 2 |
| Year Built/Renovated | 1973/2017 |
| Zoning | RU-3 |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Washer/Dryer
- Washer/Dryer Hookup
- Heating
- Kitchen
- Oven
- Range
- Tub/Shower
About 2879 BEVERLY HILLS RD , MEMPHIS, TN 38128
Beverly Springs Apartments 2879 Beverly Hills Road, Memphis, Tennessee 58 Units Built 1973 Raleigh submarket growth the Raleigh community has been the focus of investor-driven repositioning of the area’s outdated housing stock, and is home to several newly announced projects: a $45m mixed-use Raleigh Springs Town Center slated for 2020 delivery with a new police precinct, retail, library, and community center; a nearby Farmer’s market and community park; a newly proposed TIF intended to boost mixed-use developments Nearby jobs and I-240 connectivity: 4 minutes to Nike’s massive distribution center with 2,400 jobs (largest in US) and future industrial park where Amazon just announced a new distribution facility bringing 1,000 new jobs; the Raleigh submarket offers easy access to I-240 providing connectivity to all metro employment centers Sustained demand for updated housing: popular with area residents, renovated properties exceed 95% occupancy at the higher rent levels Extensive rehab - following a comprehensive exterior and interior rehab in 2017 resulting in up to $150 rental increases, Beverly Springs enjoys a competitive edge with in-unit washer/dryer and offers new ownership reliable cash flows at reduced operational costs 99% occupancy List Price $3,000,000 Price/Unit $51,724 Proforma NOI $205,542 Cap Rate 6.9%
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 56 | - | 900 - 950 |
| 3+2 | 2 | - | 1,150 |
Property Taxes
| Parcel Numbers | Improvements Assessment | $612,800 | |
| Land Assessment | $106,960 | Total Assessment | $719,760 |
Property Taxes
