Multifamily Investment Opportunity




Price
$1,925,000
Off-Market Listing: 20 Units in Prime Midtown Memphis
Property Photos & Financials: https://drive.google.com/drive/folders/1cd0RKFMX_hngv1IkqWzOoXNPqC_vJIsy?usp=share_link
Interior Photos: https://www.dropbox.com/scl/fo/mva0jpw6wtw9fryqrv8p7/ACX80LEvBHmawSZ1iiANZT0?rlkey=ekgicgv6k8keqhkc359m2agj8&dl=0
Property Overview:
Address: 665 East Parkway S, Memphis, TN 38104
Property Type: Class-C, Value-Add
Vintage: 1929
Asking Price: $1,925,000 (Price Per Door: $96,250)
Buyer Fee: 3% included in the sales price
Financial Highlights:
Gross Income: $163,800
Expenses: $87,484.08
Net Operating Income (NOI): $76,315.92
Cap Rate: 4.12%
Expense Ratio: 53%
Pro Forma NOI: $198,885.12
Pro Forma Cap Rate: 10.75%
Current Occupancy: 65%
Property Highlights:
Units: 20 (5 Four-plex's)
Unit Mix: All units are 2 bedrooms and 2 bathrooms
New Roof
Prime Location: Situated in the heart of Midtown Memphis, offering excellent access to local amenities and attractions
Value-Add Opportunity: Potential for significant value increase through property updates and rent adjustments
Management Opportunity: The current low occupancy is due to severe mismanagement, presenting a prime opportunity for skilled investors to capitalize on improving operations and occupancy
This property consists of 20 total units split amongst 5 separate quad-plexes. Each unit consists of roughly 1700 SF, totaling 6800 per quad-plex. If purchased at the asking price, a 6800 SF quad-plex is an incredibly rare value-add opportunity, especially directly across from a university.
Please Note: No seller financing or loan assumption is available for this property.
Investment Opportunity: This 20-unit property, composed of five charming four-plex buildings, offers an exceptional value-add opportunity in a sought-after Midtown Memphis location. Built in 1929, the property features all 2-bedroom, 2-bathroom units and has recently had a new roof installed. Despite its current 65% occupancy due to mismanagement, the property has significant potential for income growth through strategic updates and better management practices.
The financial metrics highlight a current NOI of $76,315.92 and a cap rate of 4.12%, with a pro forma NOI of $198,885.12 and a cap rate of 10.75%, reflecting the substantial upside available to a savvy investor.
For further details or to submit an offer, please contact: [Your Name] [Your Contact Information]
This property transaction is structured as an assignment, which means that the rights to the property will be transferred from the current contract holder to you. If terms are accepted, in order to proceed we require an earnest money deposit of $50,000. The transaction is set to close within 30 days, with a 10-day due diligence period provided to ensure you have sufficient time to inspect and evaluate the property. This ensures that all sensitive information remains protected until you are formally part of the agreement.
Seize this rare opportunity to acquire a value-add multifamily property in one of Memphis’s most vibrant neighborhoods. Thank you for your interest in this opportunity. I look forward to potentially working together.
Aerial View

Property Map

"AMERICA'S #1 SOURCE FOR OFF MARKET PROPERTIES"

PROMISE LAND REALTY, LLC
Work: 864-762-2509
All Off Market Properties are sold 'As-Is'. Buyer must do their due diligence. Sold on warranty deed. We are selling our assignable interest. You do NOT HAVE PERMISSION to market this property WITHOUT EXPRESSED WRITTEN CONSENT. 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
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