The Marine Residence
360 Metal Museum Dr., Memphis TN 38106
The Offering
- Asking Price $9,970,000
- Number of Units 71
- Price per Unit $140,423
- Number of Buildings 2
- Number of Stories 4
- Year Built/Renovated 1884-1937 / 2020
- Land Area 3.21 ac
Riverfront Luxury Conversion with 110-Basis-Point NOI Upside
The Marine Residence
71 Luxury Apartments
Historic Landmark Conversion
Voted "Best Apartment Complex 2024", "Best Adaptive Reuse Property", & "Best of the South"
Potential Future Condo Exit
ASK PRICE: $9,970,000 or $140,400/Unit
Actual Proforma*
In-Place NOI: $736,600 $853,000
Cap Rate: 7.4% 8.5%
Cash on Cash: 9.0% 14.3%
*per market rents
The Marine Residence represents a 2020 adaptive reuse of a National Register landmark, fully transformed into luxury multifamily residences with new systems, finishes, and amenities. Now a stabilized, turnkey investment at 90%+ occupancy and rising, the property offers clear mark-to-market upside, with potential to achieve an 8.5% Cap Rate and 14.3% Cash-on-Cash return as rents align with market levels.
Set along the Mississippi River on the southern edge of Downtown, The Marine combines a premier location near major employers and cultural destinations with the tranquility of a gated, park-like environment—driving above-average resident retention.
A 20-year PILOT tax abatement through 2039 enhances long-term cash flow relative to market peers. At its current basis and irreplaceable riverfront location, the asset is virtually impossible to replicate, while its condo-conversion design provides exit flexibility.
Untapped revenue potential includes view premiums for river-facing units, paid parking, and activation of the courtyard and lounge—with big-screen TV—as a rentable party or event space.
Positioned within a metro undergoing over $15 billion in Downtown and Medical District investment and a surge of multi-billion-dollar AI and tech development, The Marine offers investors exposure to both stable income and early-stage appreciation in one of Memphis’ most dynamic growth cycles.
Floor Plans
5865 Ridgeway Center Pkwy Ste 300, Memphis, TN 38120
Phone 901-767-1998
TN Company License #256220
MS Company License #C-21186
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