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(48 Units) 3251 Old Getwell Rd, Memphis, TN 38118 - Available Opportunity

Multifamily Investment Opportunity


Contact Eric Brinson to view official Financials & Rent Rolls

Acquisition Overview

The Anchor Blu Apartment presents a distinctive investment opportunity in the bustling area of East Memphis. This 48-unit property offers a blend of three-bedroom and two-bedroom units, appealing to a diverse tenant demographic. With its significant value-add potential, The Anchor Blu Apartment stands as an attractive proposition for investors seeking robust returns in a dynamic real estate market.

Property Description

  • Address: 3251 Old Getwell Rd, Memphis, TN 38118

  • Total Square Footage: 56,144 sqft

  • Property Type: Apartments

  • Unit Mix:

  • 3 Bedroom Units: 43

  • 2 Bedroom Units: 5

  • Year Built: 1973

  • Occupancy: 34 out of 36 rentable units are currently leased

Investment Highlights

  • Asking Price: $3,000,000 (open to offers)

  • Current Appraisal: $3.1M (in present condition)

  • Post-Renovation Appraisal: Between $4M to $4.5M

  • Cap Rate: 7.2%

  • Rehabilitation Estimate: 12 units need rehab for a total of $400k to $450k, with an estimated cost of $35k per unit.

  • Projected Annual Revenue: $642k (post-renovation at market rent).

Investment Highlights

  • Desirable Location: Situated near East Memphis, an area known for its vibrant community and economic activity.

  • Unit Composition: The property comprises 43 three-bedroom units and 5 two-bedroom units, catering to families and professionals alike.

  • High Occupancy Rate: 34 out of 36 rentable units are currently leased, demonstrating strong tenant demand.

  • Value-Add Potential: With 12 units requiring rehabilitation, there's substantial opportunity to enhance value and increase rental yields.

  • Appraisal Advantage: Currently appraised at $3.1M, with a potential to reach $4M-$4.5M post-renovation.

  • Projected Revenue Growth: Potential to generate up to $642k in annual revenue at market rent once fully renovated.


A&R Development & Acquisitions

Eric Brinson, REALTOR and General Contractor

Mobile: 615-987-7897

*Note* You DO NOT have permission to market this property in anyway to anyone on any social media platforms, email, or direct to someone you know. You DO NOT have permission to mark up the property for your profit. If you know someone who may want to invest with us on this property contact directly to discuss. This is an off market investment opportunity.

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