The Offering

  • Asking Price $3,400,000
  • Number of units 28
  • Price per Unit $121,429
  • Number of Buildings 2
  • Number of Stories 2
  • Year Built/Renovated 1924/2020
  • Land Area 0.55 ac

EVERGREEN TERRACE

1798 & 1800 Poplar Avenue, Memphis, TN 38104


28 Upscale Residences

Classic Midtown Asset I Renovated 2020

Offered at Discount to Seller's Basis I Potential Future Condo Exit

 

Ask Price: $3,400,000 ($121,500/Unit)

NOI: $210,000  I  CAP Rate: 6.2%

Occupancy: ~90% range and rising

 

INVESTMENT HIGHLIGHTS

 ·       Condo-grade interiors with contemporary kitchens and baths

·       Prime Midtown location near major employers & lifestyle anchors

·       Historic charm with modern appeal driving strong renter demand

·       Clear mark-to-market upside

·       Low maintenance offering durable cash flows

·       Accelerating absorption and no new planned starts

 

A+ LOCATION

Within 2 miles from Medical District (20,000+ jobs and 10,000 students), 8 miles from White Collar Downtown (89,000+ jobs) and 6 miles from Poplar/I-240 Office Hub (100,000+ White Collar jobs)

Over $14 Billion in capital investment underway in the Medical District, anchored by St Jude's Children's Hospital $12.9 Billion expansion and the newly announced $1.5 Billion Regional One hospital campus

Memphis MSA – The 5th largest Metro in the Southeast and 2nd most populated Metro in Tennessee anchored by a diverse, stable economic base.

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Listing Agent

Lea Heilig

Lea Heilig

Woodyard Realty Corp.
TN 291983
MS S-41390
901-767.1998
Woodyard Realty Corp.
5865 Ridgeway Center Pkwy Ste 300, Memphis, TN 38120
Phone 901-767-1998
TN Company License #256220
MS Company License #C-21186