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University Park 3637 Park Ave 38 Unit Apartment Building $6,619,185 ($174,189/Unit) 7% Cap Rate Memphis, TN 38111
INVESTMENT HIGHLIGHTS
- Newly Renovated in 2024.
- 10 Year PILOT was granted in 2023.
- Full Remodeled Kitchens and Bathrooms.
- 100% Occupancy.
EXECUTIVE SUMMARY
An office to multifamily conversion that was complete one year ago. It currently has a 10 year PILOT that can be transferred to a buyer. It also has room in the rear for an additional multifamily building. Two units could be added to the existing building.
Comes with a metal building behind the gate currently leases to a user.
3% commission will be paid at closing to the purchaser representatives.
Comes with a metal building behind the gate currently leases to a user.
3% commission will be paid at closing to the purchaser representatives.
PROPERTY FACTS
| Price | $6,619,185 | Apartment Style | Low-Rise |
| Price Per Unit | $174,189 | Building Class | B |
| Sale Type | Investment | Lot Size | 1.73 AC |
| Cap Rate | 7% | Building Size | 28,100 SF |
| No. Units | 38 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1960 |
| Price | $6,619,185 |
| Price Per Unit | $174,189 |
| Sale Type | Investment |
| Cap Rate | 7% |
| No. Units | 38 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 1.73 AC |
| Building Size | 28,100 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1960 |
UNIT AMENITIES
- Air Conditioning
- Balcony
- Disposal
- Washer/Dryer
- Heating
- Kitchen
- Granite Countertops
- Vaulted Ceiling
- Refrigerator
- Oven
- Range
- Tub/Shower
- Patio
SITE AMENITIES
- 24 Hour Access
- Security System
- Gated
- Pet Play Area
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 15 | - | 478 |
| 1+1 | 10 | - | 536 - 654 |
| 2+1 | 11 | - | 770 |
| 2+2 | 2 | - | 906 - 942 |
PROPERTY TAXES
| Parcel Number | 05-8048-0-0005 | Improvements Assessment | $3,501,900 |
| Land Assessment | $182,000 | Total Assessment | $3,683,900 |
PROPERTY TAXES
Parcel Number
05-8048-0-0005
Land Assessment
$182,000
Improvements Assessment
$3,501,900
Total Assessment
$3,683,900
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University Park | 3637 Park Ave
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