41 Townhouse Development For Sale Memphis, TN
OPPORTUNITY presents Itself!
Selling a complete development of 41 semi-detached townhouses in the Memphis market area.
The owner is the developer of the of the neighborhood and has self managed since construction. All units are Fee Simple therefore someone could come in and buy the entire development and then sell off individual units!!
The complex is located in Millington, TN, a suburb of Memphis. Just 2 miles from the US Naval Base & Armed Forces Command Center. Within 1 mile of Shopping. Surrounded by more expensive Single Family Residences.
Built in 1984
$2,725,000 Asking Price
$66,463/Unit
Garden/Low Rise Semi-detached Units
8.61 Cap Rate
Units Description Size Avg Rent
5 2 bed/1.5 Bath Unit 837 SF $640
12 2 Bed/1.5 Bath Unit 1,240 SF $730
24 3 Bed/2 Bath Unit 1,500 SF $840
All are rented with long term tenants at Below Market Rent Rates. Owner states there is a waiting list for future vacancies.
** Local Bank Note is Assumable at a 3.96% Rate**