Huge Upside-Memphis Property close Crosstown Concourse Project
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: 39.9k3 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) Video Link
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]