Forrest Cove 3609 Forrest Ave Immeuble residentiel 38 lots 1 911 015 € (50 290 €/Lot) Memphis, TN 38122

FORREST COVE APARTMENTS
3609 Forrest Ave. | East Memphis, TN 38122
Occupancy: 73%
Proforma Cap Rate: 8.25%
Proforma Cash Flow: 6.6%

Available Individually or as a Portfolio Purchase with the 26-Unit Shady Oaks Apartments

INVESTMENT HIGHLIGHTS

HIDDEN GEM WITH VALUE-ADD UPSIDE
· 20+ year hold with minimal rent escalation—a compelling opportunity for value enhancement and income growth via gradual mark-to-market approach or light cosmetic upgrades
· 1986 construction with full-sized washer and dryer in hallway closet
· Well-maintained with all-brick exteriors
· Robust historic operations with near-term upside

RARE EAST MEMPHIS OPPORTUNITY
· Sought-after East Memphis location offering strong demographics and tenant appeal
· Along the Summer Avenue commercial corridor, a rapidly growing hub of big-box retailers including Lowe's, Kroger, Aldi's, TJ Maxx, Ross, Big Lots, AutoZone, Public Storage, and a range of dining options like Chipotle, Starbucks, Papa John’s, Subway, and Baskin-Robbins. Many local businesses and services add economic vitality and foot traffic in the area.
· Prime access to the I-240/Poplar White-Collar employment hub, home to 110,000+ jobs
· Just 5 miles from Baptist Memorial Hospital campus, the flagship facility of Baptist's 21,000-employee regional health system, which is surrounded by a dense cluster of medical clinics and health care providers

MEMPHIS ECONOMIC BOOM – The Digital Delta
Memphis' Core Industries of Logistics and Health Care are getting a boost from two Emerging Sectors:
· Automotive + EV Manufacturing are contributing over $10+ Billion in regional investment (Ford Motor, Daimler Paccar, Blue River Steel)
· Artificial Intelligence: xAI’s $12 Billion expansion into Memphis—backed by $20–$50 Billion in projected investment —places the city at the forefront of AI innovation. Just in May 2025, Google announced plans to expand its AI capabilities with a $10 Billion data center in West Memphis.
Over 15,000+ new jobs have already been announced across the City's core and emerging industry sectors. Suppliers who follow suit as tech companies expand their AI systems are expected to bring thousands of additional tech jobs, accelerating economic growth and creating demand for housing and a spike in rents.
In 2024, the Memphis MSA eclipsed $100 Billion for the first time in Gross Regional Product. Newly dubbed "The Digital Delta", Memphis is emerging as a strong market for multifamily investment.