6020 Shelby Oaks Drive
Multifamily Conversion Opportunity
Marketing description
80-Unit Apartment Redevelopment Opportunity
Bartlett, TN | Memphis MSA
Vacant 97-key hospitality asset
Year Built: 1985
Preliminary 80-unit apartment conversion concept
New roof installed and significant remediation performed
Existing elevator and common-area infrastructure in place
Asking Price: $2,000,000 I $25,000 per Proposed Units
Proforma NOI: $405,000
Projected Cash-on-Cash Return: 19.8%
Yield on Cost at Stabilization: 8.0% *
* All projections should be independently evaluated and verified
Investment highlights
• Significant Discount to Replacement Cost - Offered at $25,000 per proposed unit versus estimated New Construction costs of $175,000 - $195,000+/Unit
• Adaptive Reuse Economics - Existing structure, elevator, parking and common area infrastructure may reduce development costs versus ground-up construction
• Supply-Constrained Submarket - Bartlett, one of Memphis' most desirable suburbs has limited multifamily inventory, favorably demographic trends, and virtually no competing new supply beyond the final phase of The Westerly Apartments currently underway
• Differentiated Housing Product – Proposed studio and one-bedroom unit mix targets demand from workforce renters, young professionals, students, and single-person households in a market dominated by aging conventional apartment communities
• Clear Redevelopment Path – Following a 2022 exterior fire with no reported structural fire damage, substantial remediation was performed, a new roof was installed, preliminary conversion plans were prepared, and the Property remains active within the Neighborhood Preservation Act process supporting continued rehabilitation.
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