Carnes Manor 3446 Carnes Ave 69 Unit Apartment Building $2,175,000 ($31,522/Unit) Memphis, TN 38111

Available separately or as a portfolio with Brister Place, Casa del Rey, University Highlands, and/or Southern Place
This offering presents a rare opportunity to acquire a five-property apartment portfolio located in the highly desirable University of Memphis and East Memphis submarkets. Investors may purchase the entire portfolio or acquire the properties individually, providing maximum flexibility to fit a variety of investment strategies.
The portfolio offers the best of both worlds. Each property is currently in good condition with strong occupancy, allowing an investor to generate immediate cash flow while implementing a gradual value-add strategy as units naturally turn over. Because the properties are already operating successfully, there is no need for a large upfront renovation simply to achieve market rents.
For investors seeking to maximize long-term returns, we estimate that approximately $10,000 ± per unit in targeted interior improvements would significantly enhance rental rates while helping maintain strong occupancy for years to come. Similar renovations completed by competing properties in the surrounding market have produced substantially higher rental rates. We recommend focusing renovation dollars on high-return items such as luxury flooring, updated kitchen countertops and backsplashes, selective cabinet upgrades, modern lighting and fixtures, and bathroom improvements. A detailed rent survey is included to demonstrate the rental premiums being achieved by comparable renovated properties.
Whether your objective is stable cash flow, a phased value-add investment, or a more aggressive repositioning strategy, this portfolio provides the flexibility and upside to meet a wide range of investment goals.