Sold On4/18/2023
Year1963
Berkshire Hathaway HomeServices Taliesyn
(901) 466-4004
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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The Broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision. Information deemed reliable but is not guaranteed.