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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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Listing Agent

Steve Woodyard, CCIM

Steve Woodyard, CCIM

President
Woodyard Realty Corp.
TN 217464
office 901.767.1998
mobile 901.277.7731
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