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Tiger Flats
650 Minor Street, Memphis TN 38111
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The Offering
Summary
- Asking Price $1,900,000
- Price per Unit $82,364
- Number of Units 22
- Gross Building Area 16,704 SF
- Year Built/Renovated 1966/2016
- Number of Buildings 2
- Number of Stories 2
- Land Area .7428 ac
Located in an opportunity zone within walking distance to the University of Memphis, this offering is a 22-unit apartment complex with on-site laundry facilities.
Ongoing work from 2017 to present includes both the exterior and interior of the apartment complex. Exterior includes new roofs 7 years ago, paint, lighting, signage, courtyard landscaping & hardscaping, and new entry doors. Interior renovations include the replacement of HVAC units, new flooring, updated doors, and replaced water heaters and appliances as needed.
Owners have 5 very nice short and midterm rentals to maximize the income, and they can be converted to long term rental as well.
Proforma Year 1
Gross Scheduled Income: $299,880
Net Operating Income: $211,880
Cap Rate: 11.2%
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Woodyard Realty Corp.
5865 Ridgeway Center Pkwy Ste 300, Memphis, TN 38120
Phone 901-767-1998
TN Company License #256220
MS Company License #C-21186
5865 Ridgeway Center Pkwy Ste 300, Memphis, TN 38120
Phone 901-767-1998
TN Company License #256220
MS Company License #C-21186
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