229 N Dunlap St, Memphis, TN 38105
- $1,250,000
- List Price
- $1,250,000
- MLS#
- 10230922
- Property Type
- Multifamily
- Lot Size
- 80X200.12
- Status
- ACTIVE
Property Description
Includes adjacent parcel # 051006 00011 (0.17 Ac) Positioned across from Le Bonheur Children’s Hospital, these two adjacent lots feature a 9-unit, 4,176 sq ft apartment building on 23,958 sq ft of total land, plentiful for developing more units, designated parking, etc. All units are 1B/1Ba, with 8/9 renovated and currently rented at $500 and $650, allowing for immediate cash flow and opportunity to continue forcing appreciation while increasing rents. Renovated units have new breakers, cabinetry, central heat, electric utilities, LVP flooring, PEX plumbing, tile tub surround, toilets, vanities, water heaters, windows, and a firewall between every 3 units, with the roof being replaced 4-5 years ago. With over $1.3B of healthcare improvement projects through 2031 in the Medical District, this investment is ideal for capitalizing in a rapidly growing area!
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Additional Information
- Actual Annual Rent
- 61200
- Annual City Tax
- 690
- Annual County Tax
- 719
- Annual Insurance Expense
- 2750
- Construction
- Brick
- Foundation
- Slab
- Hot Water
- Electrical
- Legal Subdivision
- Holmes
- Lot
- W PT 12
- Lot Size
- 80X200.12
- New Financing
- Other (Call LA)
- Occupancy
- 89
- Parking Facility
- Offsite/Street
- Roof
- Shingle/Shake
- Stories
- 1
- Subdivision
- HOLMES
- Subtype
- Flat/Garden Units
- Tenant Pays
- Electric, Gas, Heating
- Year Built
- 1956
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Listing courtesy of Braden, Braden & Braden LLC.
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