Parkway Place Apartments

Property Description

ASKING PRICE$4,700,000 or $146,875/UnitNOI $305,000 (T1 Annualized) Cap Rate 6.50%Parkway Place is a 32-unit Class A renovation of a mid-century building in Midtown Memphis and offers convenient access to the city’s core economic anchors—including the Medical District and adjoining Downtown’s Central Business District. The Property offers Midtown Memphis convenience in a Live Work Play environment popular with today’s urban renter, notably its proximity to Overton Square Theater District and the recreational amenities offered at the 384-acre Overton Park with its beautiful walking trails, a golf course, and the award-winning Memphis Zoo.Parkway Place offers historic Midtown character revitalized to meet the needs of modern life, featuring contemporary residences, sleek finishes, well-designed features, and code-accessed resident parking. The comprehensive renovation includes a complete replacement of all interior finishes, including contemporary wood cabinetry, high-end granite countertops, stainless steel appliances, porcelain tile, newly updated baths with new vanities; the exterior rehab involves new roofs, new windows, new courtyard fencing, newly expanded and paved parking, code-accessible gated entry and amazing new landscaping.For new Ownership, Parkway Place presents the opportunity to enjoy existing cash flows coupled with the opportunity to ride the wave of value appreciation given the Property’s close proximity to the major employment hubs in the City’s core. In the recent past, the City core has drawn a record-high influx of over $11 Billion in capital investment dollars involving commercial developments that are underway or in planning. Ongoing urbanization has led to increased employment, favorable economic conditions, and infrastructure investments which have improved the area’s quality of life as a walkable Live Work Play ecosystem and are fueling the demand for rental housing.