Beacon Manor | 2502 St. Elmo Ave
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Beacon Manor 2502 St. Elmo Ave
72 Unit Apartment Building $3,118,434 CAD ($43,312 CAD/Unit) Memphis, TN 38127
Investment Highlights
- Value Add Opportunity
- Proximity to Jobs and Access to Entire MSA
- Renovated Rent Premiums
Executive Summary
INVESTMENT OVERVIEW
Marcus & Millichap is pleased to exclusively offer for sale Beacon Manor Apartments, a 72-unit value add opportunity in
Memphis, TN. The Community is located with convenient access to jobs, commercial providers and all the MSA (pop. 1.4
million) has to offer. The Property is being offered free and clear of debt.
VALUE-ADD OPPORTUNITY
Current ownership initiated a renovation project, successfully completing over $800,000 in exterior and interior upgrades.
These renovations include pitched roofs, double pane windows, siding, interior and exterior paint, appliances, LVP flooring,
light fixtures, hardware, cabinets, and countertops. Beacon Manor offers investors the opportunity to capture significant
upside by continuing the demonstrated in-place value add program and bringing the asset to stabilization.
RENOVATED RENT PREMIUM ANALYSIS
New on-site leases demonstrate a $150-$200 rent premium is available for renovated units. Additionally, a market comparable
study supports demand for renovated units consistent with the on-site rent premiums achieved.
PROXIMITY TO JOBS AND ACCESS TO ENTIRE MSA
Beacon Manor is strategically located near some of the most prominent employers in the state. Its close proximity to FedEx,
the second-largest employer in Tennessee, Nike North America Logistics Campus (900+ employees), the world's largest Nike
distribution center, Amazon Fulfillment Center (1,000+ employees), positions it as a highly sought-after location. The close
proximity to employment opportunities ensures consistent demand for housing in the sub-market.
Marcus & Millichap is pleased to exclusively offer for sale Beacon Manor Apartments, a 72-unit value add opportunity in
Memphis, TN. The Community is located with convenient access to jobs, commercial providers and all the MSA (pop. 1.4
million) has to offer. The Property is being offered free and clear of debt.
VALUE-ADD OPPORTUNITY
Current ownership initiated a renovation project, successfully completing over $800,000 in exterior and interior upgrades.
These renovations include pitched roofs, double pane windows, siding, interior and exterior paint, appliances, LVP flooring,
light fixtures, hardware, cabinets, and countertops. Beacon Manor offers investors the opportunity to capture significant
upside by continuing the demonstrated in-place value add program and bringing the asset to stabilization.
RENOVATED RENT PREMIUM ANALYSIS
New on-site leases demonstrate a $150-$200 rent premium is available for renovated units. Additionally, a market comparable
study supports demand for renovated units consistent with the on-site rent premiums achieved.
PROXIMITY TO JOBS AND ACCESS TO ENTIRE MSA
Beacon Manor is strategically located near some of the most prominent employers in the state. Its close proximity to FedEx,
the second-largest employer in Tennessee, Nike North America Logistics Campus (900+ employees), the world's largest Nike
distribution center, Amazon Fulfillment Center (1,000+ employees), positions it as a highly sought-after location. The close
proximity to employment opportunities ensures consistent demand for housing in the sub-market.
Financial Summary (Pro forma - 2023) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2023) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $3,118,434 CAD | Building Class | C |
| Price Per Unit | $43,312 CAD | Lot Size | 7.86 AC |
| Sale Type | Investment | Building Size | 91,400 SF |
| Sale Conditions | Deferred Maintenance | Average Occupancy | 35% |
| No. Units | 72 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1973 |
| Property Subtype | Apartment | Parking Ratio | 2.7/1,000 SF |
| Apartment Style | Garden |
| Price | $3,118,434 CAD |
| Price Per Unit | $43,312 CAD |
| Sale Type | Investment |
| Sale Conditions | Deferred Maintenance |
| No. Units | 72 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 7.86 AC |
| Building Size | 91,400 SF |
| Average Occupancy | 35% |
| No. Stories | 2 |
| Year Built | 1973 |
| Parking Ratio | 2.7/1,000 SF |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Dishwasher
- Heating
- Kitchen
- Refrigerator
- Range
Site Amenities
- Laundry Facilities
- Playground
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 28 | - | 500 |
| 2+1 | 32 | - | 720 |
| 3+2 | 12 | - | 840 |
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PROPERTY TAXES
| Parcel Number | 07-1048-0-0083 | Total Assessment | $666,211 CAD (2024) |
| Land Assessment | $187,503 CAD (2024) | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $478,708 CAD (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
07-1048-0-0083
Land Assessment
$187,503 CAD (2024)
Improvements Assessment
$478,708 CAD (2024)
Total Assessment
$666,211 CAD (2024)
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2023
zoning
| Zoning Code | RS-6 |
| RS-6 |
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Beacon Manor | 2502 St. Elmo Ave
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