Priced to sell

Kiwi Goji Apartments

Memphis TN

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Goji Apartments

Building

Summary

  • Price $14,200,000
  • Price per unit $173,000
  • Sale Type Investment
  • Status Active
  • Number of Properties 2
  • Total Building Size 87,755 SF
  • Total Land Area 5.32 AC

Investment Highlights

INVESTMENT HIGHLIGHTS

 

$14,200,000 or $173,000/Unit

 

Cap Rate

6.80%


Interest Rate

5.73%

Fannie 10yr 80% LTV Half-term IO

*As of 7.13.23, see Document Center



LOW RISK PROFILE

·       Already completed full-scale Class A remodel

·       90% Stabilization as of July 2023; 96% Preleased

·       Suitable for Agency Financing at 100bps below Going-In Cap

 

OPERATIONAL UPSIDE

·       Under institutional property management (excessive 51% Expense Ratio)

·       Smallest asset in Owner's multi-state portfolio

·       Opportunity to lower operating costs with nimble mid-sized property manager focused on more well-tuned operations, leasing and marketing strategies

 

PERENNIAL DEMAND

·       High-traffic location in epicenter of jobs flanking grocery-anchored retail mecca

·       Near lifestyle districts offering dining, entertainment, recreation

 

 PROPERTY TOURS AVAILABLE BY APPOINTMENT ONLY


Key Facts

Investment Opportunity

High-traffic location at Poplar and Highland Street intersection in coveted East Memphis submarket

Full-scale Class A remodel with first rate finishes
Convenient to employment anchors of Poplar/I-240 Office Hub, the Medical District, Downtown Memphis, and the University of Memphis area

One block apart flanking grocery-anchored Poplar Plaza retail mecca

Hip lifestyle location walkable to nearby restaurants, bars, breweries, and shops

Location

Listing Agent

Lea Heilig

Woodyard Realty Corp.
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