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Summerwood Apartments 4015 Summer Ave 30 Unit Apartment Building $1,900,000 ($63,333/Unit) Memphis, TN 38122
Executive Summary
HIDDEN GEM WITH VALUE-ADD UPSIDE
30-unit multifamily opportunity with significant capital improvements already completed, including a new roof, newly paved and striped parking lot, and extensive site work—minimizing near-term capital needs.
The property features 21 classic units with below-market rents, 7 units offline and ready for immediate renovation, and 2 fully updated units demonstrating rental upside. Existing vacancy allows for accelerated renovations without disrupting cash flow.
With minimal historical rent growth, the asset presents a clear mark-to-market opportunity. Ideal for a value-add investor, the property offers multiple avenues for NOI growth through interior upgrades, improved leasing, and operational efficiencies.
RARE EAST MEMPHIS OPPORTUNITY
Located in the highly sought-after East Memphis submarket, the property benefits from strong demographics and consistent tenant demand. The asset offers immediate access to the I-240/Poplar corridor, a major white-collar employment hub supporting over 110,000 jobs.
The property is also situated approximately 5 miles from Baptist Memorial Hospital, the flagship facility of a 21,000-employee regional health system, surrounded by a dense concentration of medical offices and healthcare providers.
MEMPHIS EMERGING AI HUB
Memphis’ core industries—logistics and healthcare—are being accelerated by major investment in artificial intelligence and technology infrastructure. Elon Musk’s xAI expansion and Google’s $10 billion data center project highlight the city’s emergence as a growing AI hub.
Cumulatively, over 15,000 jobs across AI and supporting supplier industries have already been announced, driving economic expansion as well as a forecast for increased demand for housing.
The Memphis MSA surpassed $100 billion in Gross Regional Product in 2024, reinforcing its position as an emerging market for multifamily investment.
30-unit multifamily opportunity with significant capital improvements already completed, including a new roof, newly paved and striped parking lot, and extensive site work—minimizing near-term capital needs.
The property features 21 classic units with below-market rents, 7 units offline and ready for immediate renovation, and 2 fully updated units demonstrating rental upside. Existing vacancy allows for accelerated renovations without disrupting cash flow.
With minimal historical rent growth, the asset presents a clear mark-to-market opportunity. Ideal for a value-add investor, the property offers multiple avenues for NOI growth through interior upgrades, improved leasing, and operational efficiencies.
RARE EAST MEMPHIS OPPORTUNITY
Located in the highly sought-after East Memphis submarket, the property benefits from strong demographics and consistent tenant demand. The asset offers immediate access to the I-240/Poplar corridor, a major white-collar employment hub supporting over 110,000 jobs.
The property is also situated approximately 5 miles from Baptist Memorial Hospital, the flagship facility of a 21,000-employee regional health system, surrounded by a dense concentration of medical offices and healthcare providers.
MEMPHIS EMERGING AI HUB
Memphis’ core industries—logistics and healthcare—are being accelerated by major investment in artificial intelligence and technology infrastructure. Elon Musk’s xAI expansion and Google’s $10 billion data center project highlight the city’s emergence as a growing AI hub.
Cumulatively, over 15,000 jobs across AI and supporting supplier industries have already been announced, driving economic expansion as well as a forecast for increased demand for housing.
The Memphis MSA surpassed $100 billion in Gross Regional Product in 2024, reinforcing its position as an emerging market for multifamily investment.
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- Offering Memorandum
Property Facts
| Price | $1,900,000 | Building Class | C |
| Price Per Unit | $63,333 | Lot Size | 1.05 AC |
| Sale Type | Investment | Building Size | 45,152 SF |
| No. Units | 30 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1959 |
| Property Subtype | Apartment | ||
| Zoning | RU-3 | ||
| Price | $1,900,000 |
| Price Per Unit | $63,333 |
| Sale Type | Investment |
| No. Units | 30 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 1.05 AC |
| Building Size | 45,152 SF |
| No. Stories | 1 |
| Year Built | 1959 |
| Zoning | RU-3 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 12 | - | - |
| 1+1 | 18 | - | 625 |
Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 05-5001-0-0003 | Improvements Assessment | $353,920 |
| Land Assessment | $59,440 | Total Assessment | $413,360 |
Property Taxes
Parcel Number
05-5001-0-0003
Land Assessment
$59,440
Improvements Assessment
$353,920
Total Assessment
$413,360
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Summerwood Apartments | 4015 Summer Ave
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