New price!

Madison East Apartments

2780 Madison Avenue Memphis TN 38111

Virtual Tour

The Offering

Summary

  • Asking price $5,700,000
  • Price per unit $89,063
  • Number of units 64
  • Year Built/Renovated 1967/1980
  • Gross sq ft 12,006
  • Land area 2.56 ac
  • Number of buildings 8
  • Number of stories 2

Available separately or as the portfolio with single family homes & duplexes

Significant Price Reduction!

MADISON EAST APARTMENTS - 64 Multifamily Units

$5,700,000 I  7.10% Cap Rate I  $421,000 Proforma NOI

  • 6.35% Cap Rate on In-Place NOI
  • Opportunity to raise Cap to 7.10% on Proforma NOI (Update 22 Legacy Units) 
  • Opportunity to raise Cap Rate to 8.125% (Updated Legacy Units and Lift Balance of Units to Market Rents at Lease Trade-Out)
  • 97% Stabilized Occupancy
  • Suitable for Agency Financing offering min 1.25 DCR
  • Prime Poplar Avenue location—along city’s main East-West corridor nestled in a residential neighborhood  


Available Separately (64 Units Apartment Complex) or as a Portfolio with 3 adjoining Duplexes & 3 SF Homes (9 Additional Units)





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Listing Agent

Lea Heilig

Woodyard Realty Corp.
901-767.1998
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