Huge Upside-Memphis Property close Crosstown Concourse Project

[Haim Mamane Palman]

Contract for Sale for 1376 Tutwiler Ave, Memphis, TN 38107

Property within walking distance to Crosstown Concourse (also known as Sears Crosstown Building), 600,000 square feet redevelopment project with a plan to have a mixed-use vertical urban village. This can significantly increase property value in the next 2-3 years. And if not, it's still a great buy to flip or keep as a rental for cash flow.

Purchase Price: 39.9k

3 bedrooms 1 baths

1688 Sqft

Built 1922

Property currently occupied but will be delivered vacant at closing. Property needs updates but nothing major. Rough repairs estimate - rental grade 10-15k, retail grade - 25-30k. (I'm not a contractor)

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Rent Range: $755-$850. Potentially higher with high grade rehab.

After Repair Value: 75-80k. Potentially significantly higher with retail grade rehab.

This is a tricky area with great spots - comps as high as 140-150k within few blocks from the subject property and with not so great spots with significantly lower values. The subject property is somewhere in between.

Comparable Sales: - 1492 Tutwiler Ave, Memphis, TN 38107 3 beds 1 bath 1,500 sqft $129,000 Sold on 08/25/15. This is a retail grade rehab a block away from subject property. Property located East of N. Watkins St. - 1773 Faxon Ave, Memphis, TN 38112 2 beds 1 bath 1,642 sqft $153,000 Sold on 05/15/15. Property located East of N. Watkins St. - 644 N Willett St, Memphis, TN 38107 3 beds 1 bath 1,200 sqft $113,000 Sold on 08/25/15. Property located East of N. Watkins St. -627 N Willett St, Memphis, TN 38107 2 beds 1 bath 1,261 sqft $112,500 Sold on 06/10/15. Property located East of N. Watkins St. Access: Please call (901) 602-7874 or email to [email protected]