605 E Mclemore Ave

Memphis, TN 38106 View Map $1,500,000 Ask a Question
Sold On4/18/2023
Year1963
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Berkshire Hathaway HomeServices Taliesyn

(901) 466-4004

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Ryan Guess

Ryan Guess

(901) 461-7215
Senior Loan Officer

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Status: Sold
Property Type:Apartment Building
MLS #:10133887
Date Sold:4/18/2023
County:Shelby
36 unit apartment complex in Stax Museum area (Opportunity Zone!). All units are 2 bed/1 bath. Current scheduled monthly income is $14,700. Serious upside in rents across the board plus 7 vacant units for immediate upside in gross monthly rent. Sale to include the 2 parcels the buildings are on, plus 5 vacant parcels behind the property as well, a total of 1.348 acres. Taxes on MLS autofill only one parcel - buyers can request full info from listing agent.

Detailed Maps

Price Change History

Date Old Price New Price Percent Change
10/18/2022$2,200,000$1,750,000-20.5%
6/26/2023$1,750,000$1,500,000-14.3%

Community Information

Address:605 E Mclemore Ave, Memphis, TN 38106
Area:747B
County:Shelby
City:Memphis
Subdivision:Trigg
Zip Code:38106

Architecture

Year Built:1963
Stories:2
Construction: Brick
Roof: Composition, Pitched
Foundation: Slab
Parking: Asphalt/Blacktop, Concrete, Gravel, More Than 1 Per Unit

Features / Amenities

Interior Equipment: Refrigerator, Range/Oven (Freestanding)
Floors / Ceilings: Tile, Partial Carpet, Dry Wall, 8 Feet
Heating: Gas, Wall Heat
Cooling: 1 Window Unit per Unit
Hot Water: Gas, Public Water

Property Features

Lot Dimensions:21,384 SF
Improved SqFt: 11388
Land SqFt: 21344
Leaseable SqFt: 11388
Zoning:COMM
Directions:From Poplar, go South on Danny Thomas Blvd, turn East on McLemore, property is on your right

Tax and Financial Info

Annual City Tax: $1,677
Annual County Tax: $2,073
Actual Annual Rent: $204,300
Annual Insurance Expenses: $12,000
Average Annual Utilities: $720
Gross Potential Annual Rent: $302,400
Tenant Pays: All Utilities
Operating Expense Include: Insurance, Repairs/Maintenance, Pest Control, Taxes, License/Permits

Schools

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Listing Information Last Updated 3/28/2024
Listing provided courtesy of Prime Real Estate Group.
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