1920 Florida St, Memphis, TN 38109

Washington Manor, a 164-unit multifamily property at 1920 Florida Street in Memphis, TN, presents a rare and strategic value-add opportunity in a submarket positioned for long-term growth. 71 units are currently occupied and producing income, while 93 are offline and ready for renovation—offering a clear, phased path to drive both NOI and asset value. The property sits minutes from Downtown Memphis and is surrounded by major blue-collar and skilled-trade employment drivers: the multi-billion-dollar expansion at St. Jude Children’s Research Hospital (bringing large support and facilities workforces in addition to clinical staff), FedEx’s global headquarters and World Hub, the emerging MUSK AI logistics/manufacturing tech corridor, AutoZone distribution operations, Methodist South Hospital, extensive regional warehousing networks, and Ford’s $5.6B BlueOval City EV and battery manufacturing mega-campus outside Memphis that’s projected to add 5,000+ new production and supplier jobs—all of which translate into sustained workforce housing demand within commutable distance.

Washington Manor’s strength lies in its scale, location, and alignment with a deep pool of working-class renters seeking quality, attainable housing near steady employment. Investors can capture post-renovation market rents through a disciplined repositioning strategy: bring the 93 down units back online, refresh existing occupied interiors over time, tighten operations, and stabilize at materially higher revenue. Memphis continues to see strong absorption in renovated workforce product as rising construction costs and capital headwinds slow new supply. With blue-collar job growth outpacing new housing deliveries, well-executed rehabs are leasing quickly and supporting rent growth across comparable vintage assets. Washington Manor offers immediate in-place income, substantial renovation-driven upside, and a scalable platform to participate in the continued economic expansion of Greater Memphis.