1861 Corning Ave - Apartments FOR SALE


Memphis, TN 38127- Frayser
$699,999 USD
901-550-9255
1861 Corning Ave, Memphis, TN for Sale
$699,999 USD
Apartments - FOR SALE
1/15
null | 7.5% Cap Rate

1861 Corning Ave
Memphis, TN 38127
Frayser


HIGHLIGHTS

  • 93% occupied with 13 of 14 units currently rented
  • Uniform two-bedroom, one-bathroom unit mix with in-place rents from $625 to $695 per month
  • Approximately 17% gross revenue upside through lease-up and rent adjustments

OVERVIEW

1861 Corning Avenue is a 14-unit multifamily investment property consisting entirely of two-bedroom, one-bathroom units. The property is currently 93% occupied, with 13 of 14 units rented and generating $8,315 in gross monthly rental income. Current rents range from $625 to $695 per month, with a pro forma rent of $695 per unit. Leasing the remaining vacant unit and adjusting below-market rents as leases renew could increase gross monthly income to approximately $9,730. This represents a potential annual increase of $16,980, offering investors immediate cash flow with a manageable path to additional revenue. Rent roll, financial information, and additional property details are available upon request. Please call Dylan Patel (901) 826-8712 or email TNMSRE@gmail.com.

FOR SALE DETAILS

PRICE

$699,999 USD

PRICE/SF

$52 USD /SF

# OF UNITS

14

PRICE/UNIT

$50,000

CAP RATE

7.5%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1964

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.86 AC

LAND SF

37,462 SF

ZONING

RMM

APN/PARCEL ID

07-2001-0-0114

ASK ABOUT THIS PROPERTY

Nash HassenGrand Point RealtyMore Info
901-550-9255

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Nash HassenGrand Point RealtyMore Info
901-550-9255

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.