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REO SALE - Central Lofts 300 S Hollywood St 127 Unit Apartment Building $23,500,000 ($185,039/Unit) Memphis, TN 38104
Executive Summary
Institutional-Quality Asset I 2025 Delivery
127 Luxury Residences
Midtown I Memphis MSA
$23,500,000 I $184k/Unit
• Lender-owned Class A Lease-Up I Vacant
• Creative Debt Available
• Proforma NOI: $1,470,000
• Proforma Cap: 6.0%
REO opportunity to acquire a newly delivered Class A asset at a significant discount to replacement cost. Delivered vacant, the property offers a full lease-up from inception with insurance-funded unit restoration and a clear path to stabilization. Enhanced by a 15-year PILOT and Opportunity Zone designation, the offering presents a compelling basis-driven investment in Midtown Memphis.
INVESTMENT HIGHLIGHTS
• Lender-Owned: Lender is seeking a clean disposition with certainty of close.
• Entry Below Replacement Cost: Expected to trade well below replacement cost, providing immediate embedded equity.
• Clean-Slate Lease-Up Opportunity: Delivered vacant, allowing investors to execute lease-up from inception, implement their own management strategy, control pricing, tenant mix, and absorption pace.
• Tax-Advantages: 15-year PILOT + Opportunity Zone
• Near Employment Hubs: Strategically positioned within 3 miles of 89,000+ jobs (Downtown + Medical District), 5 miles to 83,000+ jobs (International Airport), and 6 miles from the 100,000+ employee Poplar/I-240 office hub.
• Convenient Midtown Location: Across from the City's $315M transformation of the historic Fairgrounds into Liberty Park - a hub for culture, education, entertainment, and recreation. A key piece is the $220M renovation of Simmons Bank Liberty Stadium, set to host Tigers football and major concerts, boosting traffic and economic impact in Midtown.
• Urban Lofts in Lifestyle Setting: Contemporary residences in urban core, near vibrant districts, dining, and recreation.
OFFERING PROCEDURE
Offers may be submitted at any time along with proof of funds and a resume.
127 Luxury Residences
Midtown I Memphis MSA
$23,500,000 I $184k/Unit
• Lender-owned Class A Lease-Up I Vacant
• Creative Debt Available
• Proforma NOI: $1,470,000
• Proforma Cap: 6.0%
REO opportunity to acquire a newly delivered Class A asset at a significant discount to replacement cost. Delivered vacant, the property offers a full lease-up from inception with insurance-funded unit restoration and a clear path to stabilization. Enhanced by a 15-year PILOT and Opportunity Zone designation, the offering presents a compelling basis-driven investment in Midtown Memphis.
INVESTMENT HIGHLIGHTS
• Lender-Owned: Lender is seeking a clean disposition with certainty of close.
• Entry Below Replacement Cost: Expected to trade well below replacement cost, providing immediate embedded equity.
• Clean-Slate Lease-Up Opportunity: Delivered vacant, allowing investors to execute lease-up from inception, implement their own management strategy, control pricing, tenant mix, and absorption pace.
• Tax-Advantages: 15-year PILOT + Opportunity Zone
• Near Employment Hubs: Strategically positioned within 3 miles of 89,000+ jobs (Downtown + Medical District), 5 miles to 83,000+ jobs (International Airport), and 6 miles from the 100,000+ employee Poplar/I-240 office hub.
• Convenient Midtown Location: Across from the City's $315M transformation of the historic Fairgrounds into Liberty Park - a hub for culture, education, entertainment, and recreation. A key piece is the $220M renovation of Simmons Bank Liberty Stadium, set to host Tigers football and major concerts, boosting traffic and economic impact in Midtown.
• Urban Lofts in Lifestyle Setting: Contemporary residences in urban core, near vibrant districts, dining, and recreation.
OFFERING PROCEDURE
Offers may be submitted at any time along with proof of funds and a resume.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
| Price | $23,500,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $185,039 | Building Class | B |
| Sale Type | Investment | Lot Size | 2.62 AC |
| Sale Condition | REO Sale | Building Size | 129,316 SF |
| No. Units | 127 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 2025 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | RU-3 - residential urban zoning | ||
| Price | $23,500,000 |
| Price Per Unit | $185,039 |
| Sale Type | Investment |
| Sale Condition | REO Sale |
| No. Units | 127 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 2.62 AC |
| Building Size | 129,316 SF |
| No. Stories | 4 |
| Year Built | 2025 |
| Opportunity Zone |
Yes |
| Zoning | RU-3 - residential urban zoning |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Disposal
- Microwave
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Views
- Freezer
Site Amenities
- 24 Hour Access
- Controlled Access
- Property Manager on Site
- Tenant Controlled HVAC
- Elevator
- Lounge
- Maintenance on site
- Online Services
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 93 | - | 648 - 957 |
| 2+2 | 34 | - | 1,078 - 1,382 |
1 1
Fairly walkable
50/100
Very drivable
80/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 04-5017-0-0007 | Improvements Assessment | $1,966,440 |
| Land Assessment | $173,560 | Total Assessment | $2,140,000 |
Property Taxes
Parcel Number
04-5017-0-0007
Land Assessment
$173,560
Improvements Assessment
$1,966,440
Total Assessment
$2,140,000
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REO SALE - Central Lofts | 300 S Hollywood St
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