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Hollywood Square 170 N Hollywood St 52 Unit Apartment Building $8,097,632 CAD ($155,724 CAD/Unit) Memphis, TN 38112
Investment Highlights
- Call listing agent Lea Heilig at 901-767-1998 for more information
- Visit our dedicated listing page for more information and financials
- OM available in data room
Executive Summary
Turnkey Class A Renovation I 2020 Exhaustive Rehab
52 Residences
Midtown I Memphis MSA
Opportunity Zone | Offered Below Replacement Cost
$5,900,000 | $113K/Unit
Proforma NOI: $398,000 | Proforma Cap: 6.75%
Hollywood Square is a renovated 52-unit multifamily community in Midtown Memphis. Renovated in 2020, the property offers investors a turnkey opportunity at a price well below replacement cost and prior ownership basis, with additional upside through operational efficiencies and expense optimization.
Located between the Medical District, Downtown, and East Memphis, the property features modernized interiors, upgraded building systems, controlled-access parking, and convenient access to Midtown’s top dining, entertainment, and employment centers. Since renovation, Hollywood Square has maintained strong renter demand and stable 90%+ occupancy.
Investment Highlights
Turnkey 2020 Renovation — Comprehensive 2020 rehab minimizes near-term capital expenditures
Basis Below Replacement Cost — Offered below prior ownership basis (- ~20%) and current replacement cost
Operational Upside — Underwritten on historical revenue with proven occupancy and operational restructuring supporting achievable NOI growth
Modern Interiors — All new kitchens and baths, quartz countertops, stainless appliances, in-unit washer/dryers
Midtown Infill Location — Centrally located between the Medical District, Downtown, and East Memphis employment corridors
Proven Renter Acceptance Post-Renovation — Originally well received following renovation with durable renter appeal and historically stable 90%+ occupancy
Opportunity Zone — OZ designation offering potential tax advantages for qualifying investors
Emerging Macro Tailwinds — Long-term demand supported by St. Jude expansion, Medical District investment, and growing AI/data infrastructure activity throughout Memphis
Continued Reinvestment in Immediate Micro-Location — Ongoing reinvestment within the surrounding corridor may create future opportunities to expand operational scale through additional multifamily acquisitions
Details Available Upon Request.
52 Residences
Midtown I Memphis MSA
Opportunity Zone | Offered Below Replacement Cost
$5,900,000 | $113K/Unit
Proforma NOI: $398,000 | Proforma Cap: 6.75%
Hollywood Square is a renovated 52-unit multifamily community in Midtown Memphis. Renovated in 2020, the property offers investors a turnkey opportunity at a price well below replacement cost and prior ownership basis, with additional upside through operational efficiencies and expense optimization.
Located between the Medical District, Downtown, and East Memphis, the property features modernized interiors, upgraded building systems, controlled-access parking, and convenient access to Midtown’s top dining, entertainment, and employment centers. Since renovation, Hollywood Square has maintained strong renter demand and stable 90%+ occupancy.
Investment Highlights
Turnkey 2020 Renovation — Comprehensive 2020 rehab minimizes near-term capital expenditures
Basis Below Replacement Cost — Offered below prior ownership basis (- ~20%) and current replacement cost
Operational Upside — Underwritten on historical revenue with proven occupancy and operational restructuring supporting achievable NOI growth
Modern Interiors — All new kitchens and baths, quartz countertops, stainless appliances, in-unit washer/dryers
Midtown Infill Location — Centrally located between the Medical District, Downtown, and East Memphis employment corridors
Proven Renter Acceptance Post-Renovation — Originally well received following renovation with durable renter appeal and historically stable 90%+ occupancy
Opportunity Zone — OZ designation offering potential tax advantages for qualifying investors
Emerging Macro Tailwinds — Long-term demand supported by St. Jude expansion, Medical District investment, and growing AI/data infrastructure activity throughout Memphis
Continued Reinvestment in Immediate Micro-Location — Ongoing reinvestment within the surrounding corridor may create future opportunities to expand operational scale through additional multifamily acquisitions
Details Available Upon Request.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
| Price | $8,097,632 CAD | Lot Size | 3.01 AC |
| Price Per Unit | $155,724 CAD | Building Size | 55,151 SF |
| Sale Type | Investment | Average Occupancy | 92% |
| No. Units | 52 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1952/2002 |
| Property Subtype | Apartment | Parking Ratio | 1.88/1,000 SF |
| Apartment Style | Garden | Opportunity Zone |
Yes
|
| Building Class | C | ||
| Zoning | RMM | ||
| Price | $8,097,632 CAD |
| Price Per Unit | $155,724 CAD |
| Sale Type | Investment |
| No. Units | 52 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 3.01 AC |
| Building Size | 55,151 SF |
| Average Occupancy | 92% |
| No. Stories | 2 |
| Year Built/Renovated | 1952/2002 |
| Parking Ratio | 1.88/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RMM |
Amenities
Unit Amenities
- Air Conditioning
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Carpet
- Wheelchair Accessible (Rooms)
Site Amenities
- 24 Hour Access
- Controlled Access
- Fenced Lot
- Laundry Facilities
- Tenant Controlled HVAC
- Gated
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 32 | - | 1,000 |
| 2+2 | 4 | - | 1,200 |
| 3+1 | 16 | - | 1,200 |
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Moderately walkable
60/100
Very drivable
80/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 03-3012-0-0025 | Improvements Assessment | $1,303,307 CAD |
| Land Assessment | $359,480 CAD | Total Assessment | $1,662,787 CAD |
Property Taxes
Parcel Number
03-3012-0-0025
Land Assessment
$359,480 CAD
Improvements Assessment
$1,303,307 CAD
Total Assessment
$1,662,787 CAD
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Hollywood Square | 170 N Hollywood St
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