Property Description 80-Unit Apartment Redevelopment Opportunity Bartlett, TN | Memphis MSA Vacant 97-key hospitality asset Year Built: 1985 Preliminary 80-unit apartment conversion concept New roof installed and significant remediation performed Existing elevator and common-area infrastructure in place Asking Price: $2,000,000 I $25,000 per Proposed Units Proforma NOI: $405,000 ?Projected Cash-on-Cash Return: 19.8% Yield on Cost at Stabilization: 8.0% * * All projections should be independently evaluated and verified INVESTMENT RATIONALE ?• Significant Discount to Replacement Cost - Offered at $25,000 per proposed unit versus estimated New Construction costs of $175,000 - $195,000+/Unit • Adaptive Reuse Economics - Existing structure, elevator, parking and common area infrastructure may reduce development costs versus ground-up construction ?• Supply-Constrained Submarket - Bartlett, one of Memphis' most desirable suburbs has limited multifamily inventory, favorably demographic trends, and virtually no competing new supply beyond the final phase of The Westerly Apartments currently underway • Differentiated Housing Product – Proposed studio and one-bedroom unit mix targets demand from workforce renters, young professionals, students, and single-person households in a market dominated by aging conventional apartment communities • Clear Redevelopment Path – Following a 2022 exterior fire with no reported structural fire damage, substantial remediation was performed, a new roof was installed, preliminary conversion plans were prepared, and the Property remains active within the Neighborhood Preservation Act process supporting continued rehabilitation.