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2227 Airways Blvd 43 Unit Apartment Building $2,635,167 CAD ($61,283 CAD/Unit) 9.10% Cap Rate Memphis, TN 38114
Investment Highlights
- Strategic proximity to major employers including FedEx, Nike and Smith and Nephew
- Offered far below replacement cost
- Operational Value-Add
Executive Summary
Colonial Village Apartments presents investors with an opportunity to acquire a cash-flowing asset near tens of thousands of jobs with strong historical occupancy offered at a basis far below replacement cost. The property has undergone a significant renovation effort. Current ownership has invested $10,000/unit including new roofs and gutters in 2021. All units feature two bedroom floorplans with Central Heat & Air, fully-furnished kitchens, and an onsite laundry facility.
Financial Summary (Actual - 2026) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2026) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $2,635,167 CAD | Building Class | B |
| Price Per Unit | $61,283 CAD | Lot Size | 1.76 AC |
| Sale Type | Investment | Building Size | 34,940 SF |
| Cap Rate | 9.10% | Average Occupancy | 86% |
| No. Units | 43 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1963/2021 |
| Property Subtype | Apartment | Parking Ratio | 1.72/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | RU-3 - Residential Urban-3 | ||
| Price | $2,635,167 CAD |
| Price Per Unit | $61,283 CAD |
| Sale Type | Investment |
| Cap Rate | 9.10% |
| No. Units | 43 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 1.76 AC |
| Building Size | 34,940 SF |
| Average Occupancy | 86% |
| No. Stories | 2 |
| Year Built/Renovated | 1963/2021 |
| Parking Ratio | 1.72/1,000 SF |
| Zoning | RU-3 - Residential Urban-3 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Tub/Shower
Site Amenities
- 24 Hour Access
- Courtyard
- Laundry Facilities
- Security System
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 43 | $1,248 CAD | 625 |
Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 06-0092-0-0015 | Total Assessment | $469,337 CAD (2025) |
| Land Assessment | $66,295 CAD (2025) | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $403,042 CAD (2025) | Tax Year | 2026 Payable 2026 |
Property Taxes
Parcel Number
06-0092-0-0015
Land Assessment
$66,295 CAD (2025)
Improvements Assessment
$403,042 CAD (2025)
Total Assessment
$469,337 CAD (2025)
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2026 Payable 2026
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2227 Airways Blvd
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