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McLemore Fourplex

655 East McLemore Avenue, Memphis, TN, USA
For Sale
$120,000.00
Property Description

The asset at 655 E McLemore is a four-unit value-add property. The property is currently running at a 25% occupancy, with all of the units in need of full renovations. Each unit is two bedrooms with one full bathroom. The current tenant is paying $375 a month. The market rent for this unit type is approximately $700-$800 a month. Renovations are recommended to generate the market rent which is attainable due to the location of the property. Along with market rent, purchasing this property at $30,000/door is well below the market average for multi-family complexes. Over the last year, multi-family property has traded around $64,000/door. Currently, in Q4 of 2023, property is trading at an average of $41,904/door. This property is being sold well below both averages minimizing the risk for an investor to purchase this value-add asset.

Contact Agent

Curtis Braden

(901) 881-2070 | (901) 301-3691

Property Details
Asset Type

Multifamily

Year Built

1936

Size

4,600 sqft

Documents
There is not an available document at this time. Please contact the agent or check back at a later date.
Property Location
655 East McLemore Avenue, Memphis, TN, USA
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