57 North Somerville Street
- 95,727 SF building
- 203 units
- Built in 1957
- Prime Memphis location
- Strong rental demand
- Proximity to amenities
- Modernization potential
Property Description
The Pulse Apartments presents a prime multifamily investment opportunity in Memphis’ growing Downtown/Medical District—a hub anchored by the VA Hospital, University of Tennessee Health Science Center, St. Jude Children’s Research Hospital, and the $13B St. Jude expansion. With over 30,000 medical jobs in the immediate area, this location ensures consistent rental demand. The property has undergone significant recent improvements over the last few years: 100 of 128 units renovated New elevators, chillers, and boilers Upgraded common areas and community amenities Additional income streams enhance NOI: Parking lot revenue: $34,320/yr Cell tower lease: $17,100/yr Residents enjoy a full suite of amenities, including an outdoor pool, fitness center, pet park, resident lounge, secure gated parking, and on-site laundry facilities. This is a rare opportunity to acquire a well-positioned asset with strong upside in one of Memphis’ most dynamic employment corridors. SEE DOCUMENT PORTAL FOR LOAN ASSUMPTION DETAILS
Key Property Information
| Listing Status: | Unavailable |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $7,200,000 |
| No. of Units: | 133 |
| Year Built: | 1957 |
| Lot Size: | 1.72 Acres |
| Opportunity Zone: | No |
| Price per unit: | $54,135 |
| Property Website | Click Here |
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