Hollywood Square Apartments
Turnkey Class A Renovation I 2020 Exhaustive Rehab
Marketing description
Turnkey Class A Renovation I 2020 Exhaustive Rehab
52 Residences
Midtown I Memphis MSA
Opportunity Zone | Offered Below Replacement Cost
$5,900,000 | $113K/Unit
Proforma NOI: $398,000 | Proforma Cap: 6.75%
Hollywood Square is a renovated 52-unit multifamily community in Midtown Memphis. Renovated in 2020, the property offers investors a turnkey opportunity at a price well below replacement cost and prior ownership basis, with additional upside through operational efficiencies and expense optimization.
Located between the Medical District, Downtown, and East Memphis, the property features modernized interiors, upgraded building systems, controlled-access parking, and convenient access to Midtown’s top dining, entertainment, and employment centers. Since renovation, Hollywood Square has maintained strong renter demand and stable 90%+ occupancy.
Investment highlights
Turnkey 2020 Renovation — Comprehensive 2020 rehab minimizes near-term capital expenditures
Basis Below Replacement Cost — Offered below prior ownership basis (- ~20%) and current replacement cost
Operational Upside — Underwritten on historical revenue with proven occupancy and operational restructuring supporting achievable NOI growth
Modern Interiors — All new kitchens and baths, quartz countertops, stainless appliances, in-unit washer/dryers
Midtown Infill Location — Centrally located between the Medical District, Downtown, and East Memphis employment corridors
Proven Renter Acceptance Post-Renovation — Originally well received following renovation with durable renter appeal and historically stable 90%+ occupancy
Opportunity Zone — OZ designation offering potential tax advantages for qualifying investors
Emerging Macro Tailwinds — Long-term demand supported by St. Jude expansion, Medical District investment, and growing AI/data infrastructure activity throughout Memphis
Continued Reinvestment in Immediate Micro-Location — Ongoing reinvestment within the surrounding corridor may create future opportunities to expand operational scale through additional multifamily acquisitions
Details Available Upon Request.
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