OFF MARKET 9-unit multifamily in Memphis - 8 cap rate

[Michelle Crochet]

Great investment opportunity in Memphis, TN. My investment firm is an equity holder in it. We are selling so we can redirect funds to other opportunities, but it’s a great property.

Details:

Asking price $880k (offering a $10k credit to seller at closing for a full price offer)
9 units; 8 rented at market rate; 1 delivered vacant.
Just recently renovated to rental grade approx $40k+ spent
Fantastic property mgmt company, so very passive income.
Current monthly rental income (including pro forma on single vacant unit) is $7930/mo.
Cap rate 8%
A-/B+ neighborhood in Memphis adjacent to A neighborhood…very good for low headache and future rent growth. Very nice, safe street with mostly SFR (not MF) on it.
For just a few days we are offering this off-market to our network before listing it.
Memphis has bad PR but it’s a cool city with great industry and tourism and lots of growth happening (Chase bank is in the process of opening 14 locations in Memphis, as one data point of growth worth sharing)
Lmk if interested in more info. Thx!