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Urban Bayou Apartments 3236 Millington Rd 76 Unit Apartment Building $5,500,000 ($72,368/Unit) 9.16% Cap Rate Memphis, TN 38127
Investment Highlights
- Fully renovated, low maintenance, garden style apartment complex.
- Large lot with potential to add outdoor amenities
Executive Summary
Welcome to Urban Bayou Apartments! By far the nicest complex in this fast developing area. Immediate Cash Flow, turn key, garden style apartment complex. 76 units, 16 1-bedroom and 60 2-bedroom with a total of 10 buildings including a laundry facility and maintenance building. 1st floor units have tile flooring/2nd floor units have LVP. Currently 66 of the units are rented - fully rented potential is over $61K monthly. On site office/property manager! Major upgrades in 2019 including new roof, HVAC, electrical, plumbing plus a total rehab of each unit. Recently HWH have been upgraded to tankless. Laundry facility is currently not in use but all owned equipment so it would profit $800 - 1600 per month. This is an incredible opportunity to invest in a turn key property but with room for improvements to boost its profitability even more. All of the hard lifting has been completed! Almost 5 acres to add outside amenities like sport courts, playground, etc.
Conveniently located to quickly access downtown Memphis, Millington Naval Base, or any of the nearby suburbs. 40 minutes to Blue Oval City! Short commutes to all of the region’s largest employers.
Conveniently located to quickly access downtown Memphis, Millington Naval Base, or any of the nearby suburbs. 40 minutes to Blue Oval City! Short commutes to all of the region’s largest employers.
Financial Summary (Actual - 2025) 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 (Actual - 2025) 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
| Price | $5,500,000 | Building Class | C |
| Price Per Unit | $72,368 | Lot Size | 4.41 AC |
| Sale Type | Investment | Building Size | 93,744 SF |
| Cap Rate | 9.16% | Average Occupancy | 96% |
| No. Units | 76 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1964/2019 |
| Property Subtype | Apartment | Parking Ratio | 1.79/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | CH - RU3 - Residential Urban 3 | ||
| Price | $5,500,000 |
| Price Per Unit | $72,368 |
| Sale Type | Investment |
| Cap Rate | 9.16% |
| No. Units | 76 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 4.41 AC |
| Building Size | 93,744 SF |
| Average Occupancy | 96% |
| No. Stories | 2 |
| Year Built/Renovated | 1964/2019 |
| Parking Ratio | 1.79/1,000 SF |
| Zoning | CH - RU3 - Residential Urban 3 |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Disposal
- Microwave
- Storage Space
- Heating
- Ceiling Fans
- Tile Floors
- Kitchen
- Hardwood Floors
- Refrigerator
- Satellite TV
- Range
- Walk-In Closets
- Large Bedrooms
Site Amenities
- 24 Hour Access
- Courtyard
- Fenced Lot
- Laundry Facilities
- Property Manager on Site
- Tenant Controlled HVAC
- Gated
- Grill
- Maintenance on site
- Sundeck
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 16 | $730.00 | - |
| 2+1 | 60 | $830.00 | 900 |
1 1
Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 06-9033-0-0014C | Total Assessment | $1,052,040 |
| Land Assessment | $47,160 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $1,004,880 | Tax Year | 2025 |
Property Taxes
Parcel Number
06-9033-0-0014C
Land Assessment
$47,160
Improvements Assessment
$1,004,880
Total Assessment
$1,052,040
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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Urban Bayou Apartments | 3236 Millington Rd