Kimball Cabana Apartments 2856 Kimball Ave 226 Unit Apartment Building $7,695,009 CAD ($34,049 CAD/Unit) Memphis, TN 38114

**Located within a QCT (Qualified Census Tract) - Great opportunity for LIHTC**
The property presents a unique investment opportunity, with a 9.3-acre multifamily property located along Kimball Avenue in Memphis, TN. This community features 29 two-story apartment buildings and a dedicated single-story community building, originally constructed in 1964 and poised for a transformative repositioning.
The property comprises 226 total residential units, including 176 two-bedroom units and 50 one-bedroom units. With a strong unit mix, this asset is well-suited for modern upgrades to maximize rental income and long-term value. Additionally, there is an open pad of land on the property, providing the opportunity to construct another building and increase the unit count.
The property features convenient access via three asphalt-paved driveways, including two entrances along Kimball Avenue and one on Haynes Street. Residents enjoy the convenience of 364 on-site parking spaces, providing ample parking availability for every unit and enhancing overall accessibility.
This is an exceptional value-add opportunity for investors seeking to revitalize and reposition a sizable multifamily asset in a well-established Memphis neighborhood. With substantial rehabilitation, this property has the potential to deliver strong returns through increased occupancy and operational efficiency.
Memphis continues to face a significant shortage of affordable housing options, with many working families and individuals struggling to find quality, reasonably priced rental units. This shortage has been amplified by rising rents, creating a critical demand for well-maintained, affordable multifamily communities.
Kimball Cabana is uniquely positioned to help address this urgent need. With its diverse unit mix, the property can serve as a vital resource for low- and moderate-income households seeking safe, affordable, and comfortable homes. Renovating and repositioning this community will not only unlock its value-add potential for investors but also contribute meaningfully to expanding Memphis’s affordable housing inventory—supporting local economic stability and community revitalization efforts.