11,730 SqFt
11,730 SqFt
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 11,730 sqft
Price per Sqft $59
Subdivision Campbell Land Est Nr
MLS Listing ID 3073539
HOA Y/N No
Year Built 1920
Annual Tax Amount $3,730
Lot Dimensions 100 X 144 IRR COR
Property Description
The existing structure is in shell condition and prepped for renovation and redevelopment. Purchase is supported by full signed and stamped architectural plans for an 8 unit buildout of 2 - 1Bed/1Bath ADA Units, 2 - 2 Bed/2 Bath Units, and 4 - 1 Bed/1Bath Units. The included adjacent parcel at 240 Airways Blvd, provides additional flexibility for parking, outdoor amenities, or future expansion, adding long-term value and optionality. A detailed investor package is available outlining the renovation scope, unit mix, projected rents, and operating assumptions.
Pro forma projections indicate monthly rents of approximately $8,800 at stabilization and a projected stabilized cap rate of roughly 8.7%. Once renovations are complete and the property is placed into service, investors may benefit from accelerated depreciation through a cost segregation study, further enhancing returns. New multifamily construction in this submarket has been minimal for over a decade, making well-located assets like this increasingly difficult to replace.
The property is located along Airways Blvd, an area benefiting from city-funded corridor improvements, with additional public and private investment underway throughout downtown Jackson. Regional housing demand continues to strengthen due to the Ford BlueOval City expansion, driving long-term employment and population growth in the surrounding area.
This offering is well-suited for cash buyers, value-add investors, or 1031 exchange purchasers seeking strong income potential, limited competition, and long-term upside in a growing West Tennessee market. Full investor materials available upon request.
Location
State TN
County Madison County
Zoning Commercial
Interior
Heating Central
Cooling Central Air
Flooring Other
Fireplace N
Exterior
Utilities Available Water Available
Amenities Available Sidewalks
View Y/N false
Roof Type Shingle
Private Pool false
Building
Story 2
Sewer Public Sewer
Water Public
Structure Type Brick,Frame,Vinyl Siding,Wood Siding
New Construction false
Schools
Elementary Schools Isaac Lane Technology Magnet Elementary
Middle Schools Jackson Career Technology Magnet Elementary
High Schools South Side High School
Others
Senior Community false
Special Listing Condition Standard
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Broker/Owner | License ID: 326049