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Eden Estates 3989 N Watkins St 52 Unit Apartment Building $1,295,000 ($24,904/Unit) 9.27% Cap Rate Memphis, TN 38127
Investment Highlights
- Potential Laundromat Income
- Renovated Units
- Established Occupancy with immediate cash flow
Executive Summary
-52-unit multifamily community
- Approximately 35,000± square feet
- Seven residential buildings
- Mix of one-bedroom and two-bedroom apartment homes
- Established occupancy with immediate cash flow
- Renovated units achieving increased rental potential
- Additional units available for future renovations
- Projected 45% increase in Gross Income through occupancy stabilization and market-rate rent growth
- Detached building suitable for an on-site laundromat or other ancillary income-producing use
- Located within five miles of major employers Amazon and Nike
- Multiple opportunities to increase revenue and asset value
- Approximately 35,000± square feet
- Seven residential buildings
- Mix of one-bedroom and two-bedroom apartment homes
- Established occupancy with immediate cash flow
- Renovated units achieving increased rental potential
- Additional units available for future renovations
- Projected 45% increase in Gross Income through occupancy stabilization and market-rate rent growth
- Detached building suitable for an on-site laundromat or other ancillary income-producing use
- Located within five miles of major employers Amazon and Nike
- Multiple opportunities to increase revenue and asset value
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $1,295,000 | Apartment Style | Low-Rise |
| Price Per Unit | $24,904 | Building Class | C |
| Sale Type | Investment | Building Size | 35,000 SF |
| Cap Rate | 9.27% | Average Occupancy | 86% |
| No. Units | 52 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1959/2026 |
| Property Subtype | Apartment | ||
| Zoning | RU-3 | ||
| Price | $1,295,000 |
| Price Per Unit | $24,904 |
| Sale Type | Investment |
| Cap Rate | 9.27% |
| No. Units | 52 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Building Size | 35,000 SF |
| Average Occupancy | 86% |
| No. Stories | 2 |
| Year Built/Renovated | 1959/2026 |
| Zoning | RU-3 |
Amenities
Unit Amenities
- Air Conditioning
- Kitchen
- Tub/Shower
- Vinyl Flooring
Site Amenities
- Laundry Facilities
- Property Manager on Site
- Maintenance on site
- Private Bathroom
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 8 | - | - |
1 1
Somewhat walkable
30/100
Exceptionally drivable
100/100
Minimal public transit
10/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 06-9066-0-0003 | Improvements Assessment | $209,720 |
| Land Assessment | $8,160 | Total Assessment | $217,880 |
Property Taxes
Parcel Number
06-9066-0-0003
Land Assessment
$8,160
Improvements Assessment
$209,720
Total Assessment
$217,880
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Eden Estates | 3989 N Watkins St