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Buy&Hold (MULTIFAMILY): (6 UNITS) 1178 N EVERGREEN ST, MEMPHIS, TN 38108 + $319,000







Price

$319,000


Exclusive Off-Market Investment Opportunity: 6-Unit Apartment Complex in Memphis, TN

Nestled in the heart of Memphis, 1178 N Evergreen St presents a unique investment opportunity for both seasoned and aspiring real estate investors. This fully occupied 6-unit apartment complex boasts a stable and reliable income stream, combined with significant upside potential through strategic value-add enhancements.



Property Overview:

  • Address: 1178 N Evergreen St, Memphis, TN 38108

  • Type: Multi-Family (6 Unit Apartment Complex)

  • Unit Configuration: Each unit offers spacious 2 bedrooms and 1 bathroom.

  • Current Occupancy: 100%, fully occupied.

  • Monthly Rent Income: $3,600 ($43,200 annually).

  • Asking Price: $319,000.


Financial Highlights:

  • Projected Rent Increase: With the potential for HVAC installation, rent could increase by $635/month per unit, aligning with market rates for similar upgraded units in the area.

  • Net Operating Income (NOI): $31,687, showcasing the property's profitability.

  • Low Expenses: With annual taxes at $2,081, insurance potentially reducible from $5,664, and utilities averaging $2,868 a year, the operating costs are efficiently managed.


Value-Add Opportunities:

  • The installation of HVAC systems in each unit represents a significant value-add opportunity, not only enhancing tenant comfort but also increasing the property's rental appeal and income potential. Market analysis suggests that post-upgrade units could command rents of $900-$975, further boosting revenue and property value.


Property Details: This meticulously maintained property has undergone multiple rehabilitations over the past five years, ensuring that each of the 2-bedroom, 1-bathroom units is in top condition for current and future tenants. Located in a desirable Memphis neighborhood, it offers convenient access to local amenities and attractions, making it an attractive option for renters.


Investment Potential: 1178 N Evergreen St represents an attractive investment proposition, combining stable current income with the potential for significant rental and value appreciation through targeted improvements. Whether you're looking to expand your portfolio or step into multifamily investment, this property offers a compelling blend of immediate returns and long-term growth potential.


Submit Your Offer: Please submit all offers directly to investments@promiselandrealtyllc.com. We welcome your interest and are available to discuss further details or arrange a property viewing to qualified investors.


For more information or to schedule a viewing, please contact investments@promiselandrealtyllc.com.


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"YOUR #1 SOURCE FOR OFF MARKET INVESTMENT PROPERTIES IN AMERICA"




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. 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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