NOT LISTED FOR SALE

605 E Mclemore Ave Memphis, TN 38106

South Memphis Neighborhood
72 Beds
-- Bath
11,388 Sq Ft
0.49 Acres

Last Sold April 18, 2023

Last sale price $1,500,000 $132 Per Sq Ft

178 Days on Market

About This Home

As of April 2023

36 unit apartment complex in Stax Museum area (Opportunity Zone!). All units are 2 bed/1 bath. Current scheduled monthly income is $14,700. Serious upside in rents across the board plus 7 vacant units for immediate upside in gross monthly rent. Sale to include the 2 parcels the buildings are on, plus 5 vacant parcels behind the property as well, a total of 1.348 acres. Taxes on MLS autofill only one parcel - buyers can request full info from listing agent.

Last Agent to Sell the Property

Jessica Sewell

Prime Real Estate Group License #362061 Listed on: 09/20/2022

Last Buyer's Agent

Jessica Sewell

Prime Real Estate Group License #362061 Listed on: 09/20/2022

Property Details

Home Type

  • Apartment

Year Built

  • Built in 1963

Lot Details

  • 0.49

Home Design

  • Brick Exterior Construction
  • Slab Foundation
  • Pitched Roof
  • Composition Roof

Interior Spaces

  • 11,388 Sq Ft Home
  • 2-Story Property
  • Sheet Rock Walls or Ceilings
  • Ceiling height between 8 to 10 feet
  • Free-Standing Range

Flooring

  • Partially Carpeted
  • Tile

Parking

  • Over 1 Space Per Unit
  • Gravel Driveway
  • Paved Parking

Utilities

  • Window Unit Cooling System
  • Heating System Uses Gas
  • Heating System Mounted To A Wall or Window
  • Gas Water Heater

Listing and Financial Details

  • Tenant pays for all utilities

Community Details

Overview

  • 2 Buildings
  • 36 Units
  • Trigg Subdivision

Building Details

  • Insurance Expense $12,000
  • Utility Expense $720

Property Details

Home Type

Apartment

Year Built

Built in 1963

Lot Details

0

Listing Details

  • Class: Multi-Family
  • Type: Apartment Building
  • MAAR Subdivision Name: Trigg
  • Freestanding: Yes
  • List Price Per Sq Ft: 132
  • Number Of Stories: 2
  • Estimated Sq Ft: 11388
  • Year Built: 1963
  • Construction: Brick
  • List Price Per Unit: 41666.67
  • Special Features: None
  • Property Sub Type: MultiFamily
  • Stories: 2

Interior Features

  • Floors/Ceilings: Tile, Partial Carpet, Dry Wall, 8 Feet
  • Appliances Equipment: Refrigerator, Range/Oven (Freestanding)

Exterior Features

  • Foundation: Slab
  • Roof: Composition, Pitched

Garage/Parking

  • Parking Facility: Asphalt/Blacktop, Concrete, Gravel, More Than 1 Per Unit

Utilities

  • Hot Water: Gas, Public Water
  • Cooling Systems: 1 Window Unit per Unit
  • Heating Systems: Gas, Wall Heat

Lot Info

  • Lot Size: 21,384 SF
  • Improved Sq Ft: 11388
  • Land Sq Ft: 21344
  • Zoning: COMM

Rental Info

  • Actual Annual Rent: 204300
  • Leaseable Sq Ft: 11388
  • Tenant Pays: All Utilities
  • Type Of Leases: Year

Multi Family

  • Perc Occ: 86
  • Total Number Of Units: 36
  • Number2 Bedroom Units: 36
  • Type of Unit: 2 BR - 1 Bath, Unfurnished

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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Average Value
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft Prior Sale
04/18/2023 04/18/23 Sold $1,500,000 -14.3% $132 / Sq Ft
03/17/2023 03/17/23 Pending -- -- --
10/19/2022 10/19/22 Price Changed $1,750,000 -20.5% $154 / Sq Ft
09/20/2022 09/20/22 For Sale $2,200,000 +621.3% $193 / Sq Ft
04/04/2016 04/04/16 Sold $305,000 -17.3% $13 / Sq Ft View Prior Sale
02/19/2016 02/19/16 Pending -- -- --
02/09/2016 02/09/16 For Sale $369,000 -- $16 / Sq Ft
Source: Memphis Area Association of REALTORS®

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $2,073 $72,840 $12,840 $60,000
2024 -- $61,160 $12,400 $48,760
2023 $3,726 $61,160 $12,400 $48,760
2022 $3,726 $61,160 $12,400 $48,760
2021 $1,659 $61,160 $12,400 $48,760
2020 $4,151 $57,280 $12,400 $44,880
2019 $1,831 $57,280 $12,400 $44,880
2018 $1,831 $57,280 $12,400 $44,880
2017 $1,874 $57,280 $12,400 $44,880
2016 $2,381 $54,480 $0 $0
Source: Public Records

Agents Affiliated with this Home

  • J

    Seller's Agent in 2023

    Jessica Sewell

    Prime Real Estate Group

    Section Image
  • Jeffrey Moore

    Seller's Agent in 2016

    Jeffrey Moore

    Crye-Leike

    (901) 409-5671

    4 in this area

    81 Total Sales

    Jeffrey Moore
    Section Image
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Map

Source: Memphis Area Association of REALTORS®

MLS Number: 10133887

Memphis Area Association of REALTORS®
Tennessee Shelby County Memphis 38106 South Memphis

605 E Mclemore Ave, Memphis, TN

Not Listed for Sale

MultiFamily

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