2780 Raleigh-Lagrange Rd, Memphis, TN 38128
32 Unit Apartment Building | $2,475,000 ($77,344/Unit) | Memphis, TN 38128
For Sale
Active
29 pictures
Asking Price $2,475,000
- Property Type
-
Multifamily
- Square Feet
- 36,820 SF
Listing Contacts
Steve Woodyard
- Property Info
Property Overview
The Gallery Apartments has large spacious townhome units and has undergone renovations in the past five years! The townhome floor plans are a huge competitive advantage for leasing.
Renovations include: new roof, 60% new patio fencing, new appliances & Formica countertops as needed in most units. All HVAC units that sit outside are less than 7 years old.
25 units have been renovated and are in good condition. 7 units have not been renovated but are in rentable condition.
Exterior lighting, signage, fencing, landscaping, gutters, and exterior painting have also been upgraded recently.
The property has been in transition over the last year as the seller has focused on removing slow- or no-pay residents and renovating those apartments to attract better residents and higher rents. This process has been reflected in the income and expenses.
The existing lender, who is confident in its ability to cash flow over time, would like to make a new loan on the property for the right investor.
Renovations include: new roof, 60% new patio fencing, new appliances & Formica countertops as needed in most units. All HVAC units that sit outside are less than 7 years old.
25 units have been renovated and are in good condition. 7 units have not been renovated but are in rentable condition.
Exterior lighting, signage, fencing, landscaping, gutters, and exterior painting have also been upgraded recently.
The property has been in transition over the last year as the seller has focused on removing slow- or no-pay residents and renovating those apartments to attract better residents and higher rents. This process has been reflected in the income and expenses.
The existing lender, who is confident in its ability to cash flow over time, would like to make a new loan on the property for the right investor.
Property Details
- Class
- C
- Year Built/Renovated
- 1974/2017
- Stories
- 2
- Lot Size (sq. ft)
- 69,696 SF
- Units
- 32
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