2227 Airways Blvd - Apartments FOR SALE


Memphis, TN 38114- Southeast Memphis
$1,900,000 USD
901-340-7475
2227 Airways Blvd, Memphis, TN for Sale
$1,900,000 USD
Apartments - FOR SALE
1/10
null | 9.1% Cap Rate

2227 Airways Blvd
Memphis, TN 38114
Southeast Memphis


HIGHLIGHTS

  • Strategic proximity to major employers including FedEx, Nike and Smith and Nephew
  • Operational Value-Add
  • Offered far below replacement cost

OVERVIEW

Colonial Village Apartments presents investors with an opportunity to acquire a cash-flowing asset near tens of thousands of jobs with strong historical occupancy offered at a basis far below replacement cost. The property has undergone a significant renovation effort. Current ownership has invested $10,000/unit including new roofs and gutters in 2021. All units feature two bedroom floorplans with Central Heat & Air, fully-furnished kitchens, and an onsite laundry facility.

FOR SALE DETAILS

PRICE

$1,900,000 USD

PRICE/SF

$54 USD /SF

# OF UNITS

43

PRICE/UNIT

$44,186

CAP RATE

9.1%

% LEASED

86%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1963

PARKING SPACES

60

LAND DETAILS

LAND ACRES

1.76 AC

LAND SF

76,666 SF

ZONING

RU-3

APN/PARCEL ID

06-0092-0-0015

ASK ABOUT THIS PROPERTY

Bryan SiskWoodyard Realty CorporationMore Info
901-340-7475

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Bryan SiskWoodyard Realty CorporationMore Info
901-340-7475

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