Buy&Hold (Multifamily Vacant): 1699-1711 Pendleton St, Memphis, TN 38114 + AVAILABLE
- May 2, 2023
- 3 min read
Updated: Jan 20, 2024
Multifamily Investment Opportunity
Price
$2,650,000
78 Units
Introducing a Unique Post-Foreclosure Opportunity in Memphis - 78 Unit Apartment Complex!
Attention Investors: Don't miss out on this incredible chance to secure a prime property that's ready for renovation and poised to deliver lucrative returns. Located in the heart of Memphis, this 78 unit apartment complex offers a range of attractive features that make it an ideal investment opportunity.
Property Details:
78 Residential Units: With a mix of 22 one-bedroom units and 56 two-bedroom units, this apartment complex provides a variety of options to cater to different tenant needs and market demands.
Vacant and Renovation Ready: The property is delivered vacant, giving you the freedom to embark on your renovation plans immediately, without any disruption from existing tenants.
2-Story Complex: Spanning two stories, this well-designed complex maximizes space and offers convenience for residents.
Built in 1966 on 2.66 Acres: A solid and established structure, the complex stands on a substantial 2.66-acre lot, providing ample space for parking and potential future development.
New Roof and All-Brick Structure: Benefit from the peace of mind that comes with a newly installed roof and the timeless durability of an all-brick construction.
Amenities:
Laundry Facilities: Convenient on-site laundry facilities ensure that residents have easy access to essential services.
80+ Parking Spaces: Ample parking spaces are available to accommodate the needs of residents and their guests.
Leasing Office: The complex features a dedicated leasing office, streamlining the rental process for both tenants and management.
Hi-Speed Internet: Stay ahead in the digital age with high-speed internet connectivity throughout the property, attracting tech-savvy residents.
Approved for:
Residential Apartments: This property has been approved for residential apartments, allowing you to tap into the ever-growing rental market and meet the housing needs of the community.
Senior 55+ Living: Take advantage of the increasing demand for senior living accommodations by offering tailored housing solutions for this demographic.
Assisted Living: Explore the potential to convert a portion of the complex into an assisted living facility, catering to the needs of individuals requiring additional support and care.
Location Highlights:
Minutes to Memphis International Airport & FedEx Hub: Benefit from the proximity to the Memphis International Airport and the FedEx Hub, making this complex an attractive option for travelers and professionals in the transportation industry.
Nearby Attractions: The property is conveniently located minutes away from the University of Memphis, Botanical Gardens, Children's Museum, Memphis Zoo, and various shopping destinations including Family Dollar. This central location enhances the appeal for potential tenants seeking a vibrant and accessible neighborhood.
East Memphis (Colonial & Yorkshire Neighborhood): Situated in the desirable East Memphis neighborhood, this complex enjoys proximity to established residential areas and a strong sense of community.
15 Minutes to Downtown Memphis (CBD): Enjoy the benefits of being just a short commute away from the bustling Downtown Memphis area, with its vibrant entertainment, dining, and business districts.
Commuter Friendly: With easy access to major highways and public transportation, this location offers convenience for both residents and commuters.
Financial Details:
Acquisition at $2.65M: Acquire this valuable property at a competitive price, providing room for potential appreciation and profitable returns.
Approx. $1.2M Renovation Suggested: Estimate a renovation budget of approximately $1.2 million to transform this property into a highly desirable living community, maximizing its potential and increasing its value.
Seller Financing Available: Take advantage of the opportunity for seller financing, with a financing option of $1 million for 18 months, interest-only, at a competitive 9% interest rate.
FINANCIAL PROJECTIONS
INCOME:
Rental Income: $184,800 (22x700/month)
$544,320 (56x810/month)
Less Vacancy Rate: -$21,874. / 3%
Total Income: $707,246
EXPENSES:
RE Taxes: $28,000
Insurance: $12,000
Utilities: $62,000
Admin: $5,000
Repairs: $36,000
Landscaping: $18,000
Management Fee: $35,362 - 5%
Advertising: $7,000
Supplies, Materials: $20,000
Accounting: $3,600
Manager Payroll: $30,000
TOTAL EXPENSES: $256,962
NOI: $450,284
Acquisition Price: $2,650,000
Renovation Cost: $1,200,000
Cap Rate / Pro-Forma: 11%
ESTIMATED Stabilized Value: $5,800,000
Don't delay - submit your serious cash offer today and secure this outstanding post-foreclosure opportunity in Memphis. Please submit all offers directly to sarter@promiselandrealtyllc.com
Property Map
"Your #1 Source for Off Market Investment Properties, NATIONWIDE"
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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