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The Pulse Apartments 57 N Somerville St 128 Unit Apartment Building $11,139,442 CAD ($87,027 CAD/Unit) Memphis, TN 38104
EXECUTIVE SUMMARY
ASSUMABLE LOAN! OPPORTUNITY ZONE!
SEE DOCUMENT PORTAL ON LISTING WEBSITE FOR LOAN ASSUMPTION DETAILS
**Financials available in document portal on property listing page linked here**
The Pulse Apartments presents a prime multifamily investment opportunity in Memphis’ growing Downtown/Medical District—a hub anchored by the VA Hospital, University of Tennessee Health Science Center, St. Jude Children’s Research Hospital, and the $13B St. Jude expansion. With over 30,000 medical jobs in the immediate area, this location ensures consistent rental demand.
The property has undergone significant recent improvements over the last few years:
100 of 128 units renovated
New elevators, chillers, and boilers
Upgraded common areas and community amenities
Additional income streams enhance NOI:
Parking lot revenue: $34,320/yr
Cell tower lease: $17,100/yr
Residents enjoy a full suite of amenities, including an outdoor pool, fitness center, pet park, resident lounge, secure gated parking, and on-site laundry facilities.
This is a rare opportunity to acquire a well-positioned asset with strong upside in one of Memphis’ most dynamic employment corridors.
SEE DOCUMENT PORTAL ON LISTING WEBSITE FOR LOAN ASSUMPTION DETAILS
**Financials available in document portal on property listing page linked here**
The Pulse Apartments presents a prime multifamily investment opportunity in Memphis’ growing Downtown/Medical District—a hub anchored by the VA Hospital, University of Tennessee Health Science Center, St. Jude Children’s Research Hospital, and the $13B St. Jude expansion. With over 30,000 medical jobs in the immediate area, this location ensures consistent rental demand.
The property has undergone significant recent improvements over the last few years:
100 of 128 units renovated
New elevators, chillers, and boilers
Upgraded common areas and community amenities
Additional income streams enhance NOI:
Parking lot revenue: $34,320/yr
Cell tower lease: $17,100/yr
Residents enjoy a full suite of amenities, including an outdoor pool, fitness center, pet park, resident lounge, secure gated parking, and on-site laundry facilities.
This is a rare opportunity to acquire a well-positioned asset with strong upside in one of Memphis’ most dynamic employment corridors.
DATA ROOM Click Here to Access
- Offering Memorandum
PROPERTY FACTS
| Price | $11,139,442 CAD | Lot Size | 1.73 AC |
| Price Per Unit | $87,027 CAD | Building Size | 122,171 SF |
| Sale Type | Investment | Average Occupancy | 70% |
| No. Units | 128 | No. Stories | 9 |
| Property Type | Multifamily | Year Built | 1957 |
| Property Subtype | Apartment | Parking Ratio | 1.86/1,000 SF |
| Apartment Style | Mid-Rise | Opportunity Zone |
Yes
|
| Building Class | B | ||
| Zoning | RMH | ||
| Price | $11,139,442 CAD |
| Price Per Unit | $87,027 CAD |
| Sale Type | Investment |
| No. Units | 128 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 1.73 AC |
| Building Size | 122,171 SF |
| Average Occupancy | 70% |
| No. Stories | 9 |
| Year Built | 1957 |
| Parking Ratio | 1.86/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RMH |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Disposal
- Storage Space
- Heating
- Kitchen
- High Speed Internet Access
- Refrigerator
- Oven
- Tub/Shower
- Wi-Fi
- Grill
- Freezer
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Fitness Center
- Laundry Facilities
- Picnic Area
- Gated
- Gameroom
- Grill
- Laundry Service
- Pet Play Area
- Storage Space
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 24 | - | 288 - 322 |
| 1+1 | 80 | - | 506 - 554 |
| 2+1 | 16 | - | 625 |
| 2+2 | 8 | - | 728 |
PROPERTY TAXES
| Parcel Number | 01-8062-0-0008C | Improvements Assessment | $2,258,867 CAD |
| Land Assessment | $187,261 CAD | Total Assessment | $2,446,129 CAD |
PROPERTY TAXES
Parcel Number
01-8062-0-0008C
Land Assessment
$187,261 CAD
Improvements Assessment
$2,258,867 CAD
Total Assessment
$2,446,129 CAD
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The Pulse Apartments | 57 N Somerville St
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