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1178 N Evergreen ST Memphis, TN 38108 - Available Opportunity

Updated: Jan 25



Real Estate Investment Property

$315,000


Property Overview:


Address: 1178 N Evergreen St, Memphis, TN 38108

Type: Multi-Family (6 Unit Apartment Complex)

Unit Configuration: 2 Bedrooms / 1 Bathroom

Occupancy: Fully Occupied

Rent Income: $3,600/mo ($43,200/yr)

Potential Rent Increase: $635/mo per unit (Projected)

Value-Add Opportunity: Room for HVAC installation, potential rent increase

Asking Price: $315,000


Property Details:


This 6-unit apartment complex at 1178 N Evergreen St, Memphis, TN, offers a stable investment opportunity. All units are currently rented, each featuring 2 bedrooms and 1 bathroom. The entire complex has undergone rehabilitation at least twice in the past 5 years.

Financial Overview:


  • Rent Income: $3,600/mo ($43,200/yr)

  • Projected Rent Increase: $635/mo per unit

  • NOI (Net Operating Income): $31,687

Expenses:


  • Taxes: $2,081/yr

  • Insurance: $5,664/yr (Opportunity for cost reduction)

  • Utilities: $239/mo (Average of last 10 months) - $2,868/yr

Value-Add Opportunity:


There is potential for value-add by installing HVAC units, which could significantly increase rental rates. 2-bedroom, 1-bathroom units in the area could potentially rent for $900-$975, providing room for increased revenue.


Photos






A&R Development & Acquisitions

Eric Brinson, REALTOR and General Contractor

Mobile: 615-987-7897


*Note* You DO NOT have permission to market this property in anyway to anyone on any social media platforms, email, or direct to someone you know. You DO NOT have permission to mark up the property for your profit. If you know someone who may want to invest with us on this property contact ericb@andersonandryan.com directly to discuss. This is an off market investment opportunity.




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