The Marine Residence 360 Metal Museum Dr 71 Unit Apartment Building $9,970,000 ($140,423/Unit) Memphis, TN 38106

Now touring 11/5 & 11/6
Riverfront Luxury Conversion with 110-Basis-Point NOI Upside
The Marine Residence
71 Luxury Apartments
Historic Landmark Conversion
Voted "Best Apartment Complex 2024", "Best Adaptive Reuse Property", & "Best of the South"
Potential Future Condo Exit
ASK PRICE: $9,970,000 or $140,400/Unit

Actual Proforma
In-Place NOI: $748,000 $853,000
Cap Rate: 7.4% 8.5%
Cash on Cash: 9.0% 14.3%

The Marine Residence represents a 2020 adaptive reuse of a National Register landmark, fully transformed into luxury multifamily residences with new systems, finishes, and amenities. Now a stabilized, turnkey investment at 90%+ occupancy and rising, the property offers clear mark-to-market upside, with potential to achieve an 8.5% Cap Rate and 14.3% Cash-on-Cash return as rents align with market levels.
Set along the Mississippi River on the southern edge of Downtown, The Marine combines a premier location near major employers and cultural destinations with the tranquility of a gated, park-like environment—driving above-average resident retention.
A 20-year PILOT tax abatement through 2039 enhances long-term cash flow relative to market peers. At its current basis and irreplaceable riverfront location, the asset is virtually impossible to replicate, while its condo-conversion design provides exit flexibility.
Untapped revenue potential includes view premiums for river-facing units, paid parking, and activation of the courtyard and lounge—with big-screen TV—as a rentable party or event space.

Positioned within a metro undergoing over $15 billion in Downtown and Medical District investment and a surge of multi-billion-dollar AI and tech development, The Marine offers investors exposure to both stable income and early-stage appreciation in one of Memphis’ most dynamic growth cycles.