Merton Manor Apartments
171 N Merton St., Memphis TN 38112
The Offering
The Merton Manor Apartments -
171 N Merton Street, Memphis, TN 38112
DISTRESSED VALUE-ADD OPPORTUNITY
64-Unit Multifamily Asset in Midtown Memphis
Built 1964
Ask Price $2,880,000, or $45,000/Unit
Estimated Rehab Cost $2,300,000, or $36,000/Unit
Acquisition & Rehab Cost $5,180,000, or $81,000/Unit
Stabilized Value $7,225,000, or $113,000/Unit
THE REHAB PLAY
Uncharacteristic for area 30% occupancy with $725 in average rents.
Next to 52-unit value-add success story at 98% occupancy with average post-rehab rents at $1,100 A few blocks from two new market-rate Class A deliveries averaging $1,500/month across all Unit Types
A 16-unit building that incurred fire damage has been demoed down to the studs with a new roof installed (June 2024). The cost of rehab is included in the total projected rehab cost of $2,300,000. The stabilized property value post-rehab is projected at $7,285,000, or $113,000/Unit.
Post-rehab, Merton Manor would add contemporary, yet affordable residences to the Binghampton Neighborhood sought by residents who are priced out of the Midtown submarket.
REVITALIZED NEIGHBORHOOD
Located just East of Memphis Midtown in the Binghampton Neighborhood, an IRS-certified OZ zone that has accelerated the area’s revival, including the addition of two nearby Class A deliveries averaging averaging $1.79psf and $2.12psf in rent.
HIGH DEMAND LOCATION
Midway between Midtown and East Memphis, the location offers convenient access to the city’s core economic anchors [including the Medical District and Central Business District Downtown], as well as proximity to the Overton Square Theater District and the recreational amenities of the 384-acre Overton Park with its beautiful walking trails, a golf course, and the award-winning Memphis Zoo.
5865 Ridgeway Center Pkwy Ste 300, Memphis, TN 38120
Phone 901-767-1998
TN Company License #256220
MS Company License #C-21186
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