580 McKinley St
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580 McKinley St
7 Unit Apartment Building $561,690 CAD ($80,241 CAD/Unit) 10.03% Cap Rate Memphis, TN 38126
Investment Highlights
- Fully Occupied!
- Close to Medical District!
Executive Summary
Three duplexes and one single family residence on one parcel. Great location near downtown and the Medical District. All units are 2/1. Current scheduled monthly income is $4,150 (six units are at $600 and one is at $550). 1/1 units around the corner are renting at $750+, 2/1 units for $850+. Opportunity for a new owner to raise rents to market rates and potentially subdivide property into at least 2 lots as well.
Financial Summary (Pro forma - 2023) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| 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 | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| 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 | $561,690 CAD | Building Class | C |
| Price Per Unit | $80,241 CAD | Lot Size | 0.49 AC |
| Sale Type | Investment | Building Size | 4,725 SF |
| Cap Rate | 10.03% | Average Occupancy | 100% |
| No. Units | 7 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1945/2016 |
| Property Subtype | Apartment | Parking Ratio | 1.69/1,000 SF |
| Apartment Style | Low Rise | Opportunity Zone |
Yes
|
| Price | $561,690 CAD |
| Price Per Unit | $80,241 CAD |
| Sale Type | Investment |
| Cap Rate | 10.03% |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.49 AC |
| Building Size | 4,725 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1945/2016 |
| Parking Ratio | 1.69/1,000 SF |
| Opportunity Zone |
Yes |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 7 | $853.20 CAD | 675 |
PROPERTY TAXES
| Parcel Number | 01-1028-0-0006 | Total Assessment | $4,894 CAD (2024) |
| Land Assessment | $4,894 CAD (2024) | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $0 CAD (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
01-1028-0-0006
Land Assessment
$4,894 CAD (2024)
Improvements Assessment
$0 CAD (2024)
Total Assessment
$4,894 CAD (2024)
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2023
zoning
| Zoning Code | R-MM |
| R-MM |
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580 McKinley St
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