57 N Somerville St - Apartments FOR SALE


Memphis, TN 38104- Medical District
$7,980,000 USD
901-767-1998
57 N Somerville St, Memphis, TN for Sale
$7,980,000 USD
Apartments - FOR SALE
1/34
null | Request Cap Rate

57 N Somerville St
Memphis, TN 38104
Medical District


OVERVIEW

**Financials available in document portal on property listing page linked here** The Pulse Apartments presents a prime multifamily investment opportunity in Memphis’ growing Downtown/Medical District—a hub anchored by the VA Hospital, University of Tennessee Health Science Center, St. Jude Children’s Research Hospital, and the $13B St. Jude expansion. With over 30,000 medical jobs in the immediate area, this location ensures consistent rental demand. The property has undergone significant recent improvements over the last few years: 100 of 128 units renovated New elevators, chillers, and boilers Upgraded common areas and community amenities Additional income streams enhance NOI: Parking lot revenue: $34,320/yr Cell tower lease: $17,100/yr Residents enjoy a full suite of amenities, including an outdoor pool, fitness center, pet park, resident lounge, secure gated parking, and on-site laundry facilities. This is a rare opportunity to acquire a well-positioned asset with strong upside in one of Memphis’ most dynamic employment corridors.

FOR SALE DETAILS

PRICE

$7,980,000 USD

PRICE/SF

$65 USD /SF

# OF UNITS

128

PRICE/UNIT

$62,344

CAP RATE

Request Cap Rate

% LEASED

59%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The Pulse Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

9

YEAR BUILT

1957

PARKING SPACES

133

LAND DETAILS

LAND ACRES

1.73 AC

LAND SF

75,463 SF

ZONING

RMH

APN/PARCEL ID

01-8062-0-0008C

ASK ABOUT THIS PROPERTY

Steve WoodyardWoodyard Realty CorporationMore Info
901-767-1998

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

Steve WoodyardWoodyard Realty CorporationMore Info
901-767-1998

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