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- LoopNet Team
4583 Airways Blvd
Memphis, TN 38116
Oakwood Meadows Estates · Build-to-Rent Property For Sale
·
68 Units
INVESTMENT HIGHLIGHTS
- Stabilized Asset In Rapid Organic Rent Growth Sub Market
- High Historical Occupancy
- Initial Cash On Cash Return of 8.05 Percent
- Immediate Upside Potential Of Over $50 Per Unit
- Each Individual Building has been Completely Renovated
- Year One Pro Forma Cap Rate of 10.05 Percent
PROPERTY FACTS
| No. Units | 68 | Property Size | 71,707 sq ft |
| Property Type | Build-to-Rent | Average Occupancy | 63% |
| Property Subtype | Apartment | No. Floors | 2 |
| Apartment Style | Garden | Year Built/Renovated | 1968/2019 |
| Costar Property Class | C | Parking Allocation | 10/1,000 sq ft |
| Total Plot Size | 4.03 ac | ||
| Use Class | RU-3, Residential Urban - Residential development in the RU-3 District allows multifamily (large home, stacked townhouse, apartment) | ||
| No. Units | 68 |
| Property Type | Build-to-Rent |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Costar Property Class | C |
| Total Plot Size | 4.03 ac |
| Property Size | 71,707 sq ft |
| Average Occupancy | 63% |
| No. Floors | 2 |
| Year Built/Renovated | 1968/2019 |
| Parking Allocation | 10/1,000 sq ft |
| Use Class | RU-3, Residential Urban - Residential development in the RU-3 District allows multifamily (large home, stacked townhouse, apartment) |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Dishwasher
- Washer/Dryer
- Heating
- Security System
- Ceiling Fans
- Tile Floors
- Eat-in Kitchen
- Kitchen
- Wooden Floors
- High Speed Internet Access
- Refrigerator
- Oven
- Range
- Tub/Shower
- Views
- Carpet
- Yard
- Grill
- Breakfast Nook
- Double Pane Windows
- Freezer
- Garden
- Handrails
- Lawn
- Office
- Vinyl Flooring
SITE AMENITIES
- Courtyard
- Fenced Lot
- Laundry Facilities
- Property Manager on Site
- Security System
- Gated
- Video Patrol
- Grill
- Maid Service
- Renters Insurance Program
- Community-Wide Wi-Fi
- Maintenance on site
- Zen Garden
- Public Transportation
- Green Community
ABOUT 4583 AIRWAYS BLVD , MEMPHIS, TN 38116
Oakwood Meadow Estates is a 68-unit apartment property located at 4583 Airways Boulevard in the Whitehaven Memphis Submarket. The property was constructed in 1968 with renovation occurring over the last nine years (2010-2019) and sits on 3.6 acres. The property consists of nine total buildings which include eight two-story wood frame construction buildings and one utility/ maintenance building that is used for a Laundry Facility. This beautiful fenced lot apartment community contains a total of 12 three-bedroom and 56 two-bedroom units within 62,104 +/- sq ft of rentable area. The property features numerous amenities that make it competitive, and in some cases superior, in appeal to other properties of similar vintage and locations. The property features an on-site office, maintenance-on call, laundry facility and gated access. The low density of units on the site provides significant green space that is used for tenants with installed outside grills and provides the future owner with space for additional property amenities, such as gazebos. The property is a well-maintained and offers convenient access to all nearby employment and retail centers. There are about 20 restaurants, 10 grocery stores, and 18 shopping centers in this area which is located about one miles south of the airport, and approximately eleven miles from downtown Memphis. In addition, a short five mile distance just across the stateline from the booming cities of DeSoto County the 3rd most populous county in the state of Mississippi and the 35th fastest growing county in the nation.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT PCM | sq ft |
|---|---|---|---|
| 2+1 | 56 | £575.00 | 975 |
| 3+2 | 12 | £675.00 | 1,105 |
PROPERTY TAXES
| Parcel Number | 07-9032-0-0041 | Improvements Assessment | £516,414 |
| Land Assessment | £73,773 | Total Assessment | £590,188 |
PROPERTY TAXES
