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Buy&Hold (Multifamily): (48 Units) 3251 Old Getwell Rd, Memphis, TN 38118 + Available

Multifamily Investment Opportunity







Price

$3,000,000



Acquisition Overview


The Anchor Blu Apartment presents a distinctive investment opportunity in the bustling area of East Memphis. This 48-unit property offers a blend of three-bedroom and two-bedroom units, appealing to a diverse tenant demographic. With its significant value-add potential, The Anchor Blu Apartment stands as an attractive proposition for investors seeking robust returns in a dynamic real estate market.


Property Description


  • Address: 3251 Old Getwell Rd, Memphis, TN 38118

  • Total Square Footage: 56,144 sqft

  • Property Type: Apartments

  • Unit Mix:

  • 3 Bedroom Units: 43

  • 2 Bedroom Units: 5

  • Year Built: 1973

  • Occupancy: 34 out of 36 rentable units are currently leased

Investment Highlights


  • Asking Price: $3,000,000 (open to offers)

  • Current Appraisal: $3.1M (in present condition)

  • Post-Renovation Appraisal: Between $4M to $4.5M

  • Cap Rate: 7.2%

  • Rehabilitation Estimate: 12 units need rehab for a total of $400k to $450k, with an estimated cost of $35k per unit.

  • Projected Annual Revenue: $642k (post-renovation at market rent).

Investment Highlights


  • Desirable Location: Situated near East Memphis, an area known for its vibrant community and economic activity.

  • Unit Composition: The property comprises 43 three-bedroom units and 5 two-bedroom units, catering to families and professionals alike.

  • High Occupancy Rate: 34 out of 36 rentable units are currently leased, demonstrating strong tenant demand.

  • Value-Add Potential: With 12 units requiring rehabilitation, there's substantial opportunity to enhance value and increase rental yields.

  • Appraisal Advantage: Currently appraised at $3.1M, with a potential to reach $4M-$4.5M post-renovation.

  • Projected Revenue Growth: Potential to generate up to $642k in annual revenue at market rent once fully renovated.



"YOUR #1 SOURCE FOR OFF MARKET INVESTMENT PROPERTIES, NATIONWIDE"





PROMISE LAND REALTY, LLC

Work: 864-762-2509

sarter@promiselandrealtyllc.com

www.promiselandrealtyllc.com


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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