Multifamily Investment Opportunity Available
414 E. McLemore Ave, Memphis 38106
6 unit multi-family 2 bedroom / 1 bath
2-story brick construction
3600 sq. ft.
Lot Size 8460 sq ft
Property will be delivered vacant.
The neighborhood is "SOULSVILLE" and this property is a few blocks from the new STAX MUSEUM OF AMERICAN SOUL MUSIC, ARETHA FRANKLIN's birthplace home and the heart of huge redevelopment dollars. STAX RECORDS [now STAX MUSEUM] was the counterpart of MOTOWN, producing a number of all-time classic acts and hit records right there in the neighborhood! This was the first time "black kids were creating music for black and white kids" - the beginning of popular R & B / SOUL MUSIC. The rest is history. The city has identified this SOULSVILLE neighborhood as a redevelopment priority.
Here is an excerpt about the SOULSVILLE CHARTER SCHOOL:
The Soulsville Charter School is a charter school in South Memphis, Tennessee. It is located at 1115 College Street. The entire 2014 graduating class was accepted at 4-year colleges. Soulsville Charter School serves about 600 students in grades 6–12. It opened in 2005.
ARETHA FRANKLIN'S birthplace home, on Lucy Street, is a few blocks away. Here is a link to a story about that:
Because of the new redevelopment of the STAX MUSEUM - also on McLEMORE AVE, and now the real interest in bringing back the past glory of ARETHA FRANKLIN's birthplace home, there will be an increase in investment and redevelopment in this McLEMORE AVE area. More specifically, in order to make the ARETHA FRANKLIN MUSEUM idea work, the City of Memphis - and investor speculators - will be investing dollars in acquiring and improving the properties around the ARETHA FRANKLIN / McLEMORE area - so that tourists see a more "manicured," developed neighborhood and also feel safe to be there.
"Brick by Brick"
PROMISE LAND REALTY, LLC
All Off Market Properties are sold 'As-Is'. Buyer must do their due diligence. Sold on warranty deed. We are selling our assignable interest. Proof of Funds is required with all offers. Earnest Money Deposit due within 48 hours of accepted offer. Closings are done quickly and with a title company/closing attorney. *Realtors add your fee on top*