This 20 unit has all 2 bedroom units. The property has a long-established rental history and scheduled rents of approximately $15,500 per month . Located minutes from Memphis International Airport and major FedEx and UPS employment hubs, the property is positioned near some of Memphis' most significant employment activity. The retiring owner is ready to make a deal and has reduced the price to generate serious activity. This is an opportunity for an experienced investor
Whitehaven, located between the Mississippi state line and Memphis International Airport, is a historic and residential Memphis neighborhood with a landmark mansion and a broad, commercial corridor. The neighborhood’s character concentrates around Elvis Presley Boulevard at E. Raines Road, where souvenir shops, barbecue counters, and tour traffic cluster beside everyday storefronts. Graceland and the adjacent Elvis Presley’s Memphis anchor the area’s cultural gravity. Ranch-style houses and mid-century brick homes line wide streets, while larger parcels and mature trees soften the edges. Southland Park and T.O. Fuller State Park add green space for walks and weekend routines. Major arterials like U.S. 51 keep the geography oriented toward the river, the airport, and South Memphis.
Provided by Walk Score and Local Logic
Property details
Interior
Exterior
Finance
Interior features
Two-story building
Tile floors
Bedrooms
Twenty 2-bedroom units
Bathrooms
Each unit is 1 bathroom
Kitchen
Refrigerator
Range/Oven (freestanding)
Laundry & utility
No on-site laundry listed
Flooring
Tile
Heating & cooling
Central heating
Central cooling
Electric hot water
Exterior features
Asphalt/blacktop parking
Home design
Apartment building
Built in 1969
Brick and shake/shingle exterior
Parking
Asphalt/blacktop parking area
Construction
Slab foundation
Composition roof
Utilities
Electric water heating
Central heating and cooling
Financial info
20 total units with 100% occupancy
Gross potential annual rent: $204,000
Actual annual rent: $204,000
Average annual utilities: $10,609
Annual insurance expense: $16,401
Annual operating expenses: $63,125
Operating expense categories include insurance, repairs/maintenance, some utilities, taxes, and trash collection
Leases: monthly and yearly
Tenant pays: contact listing agent for details
Existing financing: clear; new financing: contact listing agent
Other
Leasable area: 15,500 (reported)
Land area reported: 36,205 sq. ft.
Electricity and solar
View estimated energy costs and solar savings for this home
Memphis Area Association of Realtors(R) MLS #10231572
Oct 1, 2026
Listed
$1,538,000
Memphis Area Association of Realtors(R) MLS #9985442
Jun 30, 2017
Sold
$360,000
Oct 21, 2016
Price Changed
$380,000
Sep 2, 2016
Price Changed
$350,000
Sep 1, 2016
Listed
$300,000
This quiet complex has changed management and thye are working on filling the existing units. The several units currently rented bring about $4200 per month. Call for showings. No showings without Letter of Intent and Proof of Funds
Public Records
Jul 27, 1998
Sold
$330,000
Public Records
Jun 18, 1997
Sold
$220,000
Year
Property tax
Land + Additions
Assessment*
2025
$8,513 (+6.1%)
$26,080 + $135,440
$161,520
2024
$8,021 (+8.1%)
$26,080 + $135,440
$161,520
2023
$7,420
$26,080 + $95,720
$121,800
2022
$7,420 (−1.2%)
$26,080 + $95,720
$121,800
2021
$7,507 (+17.1%)
$26,080 + $95,720
$121,800
2020
$6,411
$26,080 + $95,720
$121,800
2019
$6,411
$26,080 + $62,400
$88,480
2018
$6,411 (+76.3%)
$26,080 + $62,400
$88,480
2017
$3,637 (+18.4%)
$26,080 + $62,400
$88,480
2016
$3,072
$26,080 + $62,400
$88,480
2014
$3,072
$26,080 + $44,240
$70,320
Public record
Public record
Zoning
Beds
1
Baths
1
Stories
—
Lot width
431 ft.
Lot depth
—
Lot size
0.83 Acres
Year renovated
—
Finished Sq. Ft.
—
Unfinished Sq. Ft.
—
Total Sq. Ft.
15,500
Year built
1969
Style
Multi-Family (5+ Unit)
County
Shelby County
APN
078032 00001C
Parking Spaces
—
Basement
—
Accessible
—
HOA Dues
—
Garage
—
Features
—
Last updated by owner on Jul 14, 2026.
RU-3
Residential Urban-3 District
Residential development in the RU-3 District allows a variety of housing types including single-family detached (conventional, side yard house, Cottage), single-family attached (semi-attached, two-family, townhouse), and multifamily (large home, stacked townhouse, apartment). New RU-3 districts are generally located in an infill or redevelopment location where similar lot sizes are part of the original fabric of development. Additionally, RU-3 districts should have a shared street network with and are generally located at least 500 ft from a CMU-1, CMU2, CMU-3, or CBD district or are within 500 ft of an arterial.
Permitted uses
Include but are not limited to:
Religious facility
Housing-Single unit
Housing-Multiple units
Housing-Senior
Infrastructure
Educational/school
Fire house
Police station
Recreation
Park & open space
Climate risks
1/10 Flood Factor
Minimal risk of a flood reaching the building in the next 30 years
1/10 Fire Factor
Unlikely to be in a wildfire in next 30 years
6/10 Heat Factor
7 days above 108° expected this year, 21 days in 30 years
4/10 Wind Factor
18% chance of strong winds in next 30 years
2/10 Air Factor
2 unhealthy days expected this year, 2 days in 30 years
Provided by First Street
Historical weather
Memphis, TN • 38116
Average low and high temperatures (°F)
47
30
57
38
71
50
77
58
79
63
88
72
92
76
89
72
88
68
77
57
65
49
54
40
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Sun exposure
95/ 100
Exceptional sunlight
Sunscore
This home ranks in the top 11% for direct sun exposure in Memphis. There appears to be minimal shading by surrounding buildings, terrain, and vegetation.
10.9 hrs
7.5 hrs
JuneDecember
Provided by Shadowmap
Redfin Estimate for 3721 Millbranch Rd
There isn’t enough information to generate an accurate estimate at this time. Learn More