Innovative Property Investment Solutions
Looking For Investors In A 150 Unit Reposition in 3000 Barron, Memphis, TN 38114
Barronbrook
3000 Barron, Memphis, TN 38114
Price:$1,300,000No. Units:190Building Size:132,056 SFPrice/Unit:$6,842.11Property Type:MultifamilyProperty Sub-type:Garden/Low-RiseProperty Use Type:InvestmentDistressed:YesOccupancy:35%Year Built:1965
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Last Verified 7/21/2009
Listing ID 16322181
Highlights
Offers investors a great opportunity to create value to a multifamily asset that can stabilize with a proper repositioning plan.
REO lender is providing financing for this asset. For select purchasers, a 5-yr mortgage is provided at 7.0% interest & 75%LTV to reposition the prop.
There may be the ability to receive a property tax abatement through a PILOT (Payment-in-Lieu-of-Taxes) program.
Barronbrook enjoys immediate access to I-240, the expressway surrounding the city, giving residents many employment options.
Barronbrook is located in close proximity to Memphis' transportation and logistics hub.
Description
Barronbrook Apartments is a 190-unit apartment community located in the East Winchester submarket of Memphis, TN. Built in 1965, the property consists of one and two bedroom garden style units. Apartments range in size from 575 square feet to 756 square feet, and average 695 square feet. Amenities include a laundry facility and a playground.
Strategically located in the northern section of the East Winchester submarket of Memphis, Barronbrook is situated near major employment centers and area retail. The property is in close proximity to Memphis International Airport, the busiest cargo airport in the world for 16 consecutive years. The airport has a $28.6 billion annual impact on the Memphis region and is responsible for one of every three jobs in the city. Immediately surrounding Barronbrook is over 130-million square feet of distribution space, representing a large sector of the employment base in this submarket.
3000 Barron, Memphis, TN 38114
Price:$1,300,000No. Units:190Building Size:132,056 SFPrice/Unit:$6,842.11Property Type:MultifamilyProperty Sub-type:Garden/Low-RiseProperty Use Type:InvestmentDistressed:YesOccupancy:35%Year Built:1965
Find Out More...
Last Verified 7/21/2009
Listing ID 16322181
Highlights
Offers investors a great opportunity to create value to a multifamily asset that can stabilize with a proper repositioning plan.
REO lender is providing financing for this asset. For select purchasers, a 5-yr mortgage is provided at 7.0% interest & 75%LTV to reposition the prop.
There may be the ability to receive a property tax abatement through a PILOT (Payment-in-Lieu-of-Taxes) program.
Barronbrook enjoys immediate access to I-240, the expressway surrounding the city, giving residents many employment options.
Barronbrook is located in close proximity to Memphis' transportation and logistics hub.
Description
Barronbrook Apartments is a 190-unit apartment community located in the East Winchester submarket of Memphis, TN. Built in 1965, the property consists of one and two bedroom garden style units. Apartments range in size from 575 square feet to 756 square feet, and average 695 square feet. Amenities include a laundry facility and a playground.
Strategically located in the northern section of the East Winchester submarket of Memphis, Barronbrook is situated near major employment centers and area retail. The property is in close proximity to Memphis International Airport, the busiest cargo airport in the world for 16 consecutive years. The airport has a $28.6 billion annual impact on the Memphis region and is responsible for one of every three jobs in the city. Immediately surrounding Barronbrook is over 130-million square feet of distribution space, representing a large sector of the employment base in this submarket.
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