Welcome to
Discount Property Warehouse’s
Guide to Memphis Zip Codes!

Guide To Grading Memphis Zip Codes

While Memphis, Tennessee is considered one of the top cities for real estate investing in 2020 by various publications and websites, many investors don’t realize the staying power that purchasing investment property in Memphis carries due to the city’s growth. In addition to very robust rent vs. price per square foot ratios, which maximize your investing cash flow, Memphis has been proud to be honored in a variety of ways due to the reinvestment into both the tourism and civilian infrastructure. These redevelopment dollars allocated by City leadership has encouraged job growth as well as commercial expansion, bringing some of the top named manufacturers into the area like Nike, Amazon, and Electrolux, providing employment opportunities whilst bolstering investment opportunities.

All of these elements point to Memphis, Tennessee as being one of the most cost effective, economical, and successful cities for purchasing investment property for cash flow, appreciation, and equity pay down purposes. Additionally, these accolades demonstrate how the City of Memphis continues to grow and mature, making your long term investments in property within the city highly sustainable and potentially profitable.

Here are some recent media examples that show how Memphis continues to grow and strengthen as the ‘go to place’ for travel, tourism, work, and investing.

By WMCActionNews5.com Staff | January 22, 2019 at 1:06 PM CST – Updated January 22 at 4:16 PM

MEMPHIS, TN (WMC) – Memphis is the Best Overall Destination for 2019 according to TripSavvy.

The Bluff City was awarded the title based on the site’s analysis of over 60,000 hotels, restaurants and attractions around the world.

MEMPHIS, Tenn . — Three Memphis-headquartered companies were named to FORTUNE 100 Best Companies to Work For in 2019.

St. Jude Children’s Research Hospital (58), Methodist Le Bonheur Healthcare (88) and FedEx Corporation (95) all made this year’s list. St. Jude has been on the list since 2011, and both Methodist and FedEx have been on the list each year since 2017.

By WMCActionNews5.com Staff | March 26, 2019 at 1:23 PM CDT – Updated March 29 at 4:18 PM

MEMPHIS, TN (WMC) – Three Mid-South cities are among the best places to live in Tennessee.

Data website HomeSnacks named Germantown as the best city to live in the Volunteer State based on income, crime rates, and more. The city was also named as the third best place to raise a family in the state.

Collierville and Bartlett also made the top of the list coming in fourth and ninth.

1 https://www.wmcactionnews5.com/2019/01/22/memphis-named-best-overall-destination/
2 https://wreg.com/2019/02/14/three-memphis-companies-named-in-best-100-companies-to-work-for/
3 https://www.wmcactionnews5.com/2019/03/26/germantown-named-best-place-live-tennessee/

About this Guide

In this guide, you will find approximate ‘grade ranges’ for various ZIP codes in Shelby county. This was performed by surveying local investors here who have significant capital invested in the City of Memphis and County of Shelby. Note that you can, with great effectiveness, generate revenue in ANY ZIP Code. As always, it is the responsibility of the buyer to perform and all all due diligence before purchasing a property. As you ZIP Code ‘grade’ goes down your risk of crime, vandalism, theft, eviction, and vacancy go up commensurately. Remember, all investment, including in real estate and real assets, carry risk. Do not invest money you cannot afford to lose. Consult your financial planner or CPA for additional information.

Discount Property Warehouse is a licensed Tennessee real estate brokerage that is glad to help you with all of your project needs, from acquisition to tenant placement to construction support and monthly management. We offer turnkey properties and also help clients execute the ‘BRRRR’ strategy.

Contact us for more details on project management, property management, and investment home offerings.

38002—ARLINGTON

A+ area of town. A suburb of Memphis city still within Shelby County. The average list price sold in this area is 270k. This area is primarily owner occupants with a majority of the real estate tractions being retail sales to home owners. This is a great area for fixing and flipping.)

38004—ATOKA

B area of town. A suburb of Memphis city but within Shelby county and still a bit rural. Average list price of homes in this zip code is 238k. Another great area in the county to use the fix and flip retail strategy as most home sale transactions are to owner occupants. This area is about 40 minutes North of the city center and has a population of about 9,500.

38017—COLLIERVILLE

A+ area of town and highly desirable residential area. This area has one of the best school systems in the city. The town recently spent 103 Million to rebuild Collierville High School with cutting edge technologies and state of the art facilities. The average price of homes sold in the Collierville area is 364k. Finding deals in this area that will produce good cash flow is a challenge and retail flipping is a better strategy to use here.

38018—CORDOVA

A to B area. Cordova is a highly desirable area of town to live and work. There is abundant shopping and restaurants in the area. Most notably is the Wolf chase Galleria which is minutes away! Cordova has a great mix of owner occupants who still buy and sell in the area as well as rental property. With an average home sell price of 171k and 38 days on market it is one of the hotter residential areas in Memphis. Many of the neighborhoods close to Germantown Parkway has experienced investor saturation so the further east you go in the zip the better. This area is ideal for long term buy and hold deals as well as retail flips.

38053—MILLINGTON

B to D Area. Although this area is a more rural it is a great place to invest. Home to the Millington naval base, Millington has seen slow but continuous economic and population growth over the years. The area is attractive to those employed by the naval base and those who would like to escape the hustle and bustle of the city. With more than 7500 employees the base is the big economic driver in the area. Millington is great for cash flow because of the rent to price ratio you can achieve in the area. Millington can range in grade because some areas are highly desirable while other can be run down and dilapidated. With an average home sales price of 147k, Millington is perfect for investing as the barrier to entry is much lower.

38016—CORDOVA

A to B area. Cordova is a highly desirable area of town to live and work. There is abundant shopping and restaurants in the area. Most notably is the Wolf chase Galleria which is minutes away! Cordova has a great mix of owner occupants who still buy and sell in the area as well as rental property. With an average home sell price of 171k and 38 days on market it is one of the hotter residential areas in Memphis. Many of the neighborhoods close to Germantown Parkway has experienced investor saturation so the further east you go in the zip the better. This area is ideal for long term buy and hold deals as well as retail flips.

38028—EADS

A+ area of town. A suburb of Memphis city still within Shelby County. Eads is about 30 minutes North east from the city center. This area is full of new construction and builders are developing and building on the available land. The average list price sold in this area is 445k. This area is primarily owner occupants with a majority of the real estate tractions being retail sales to home owners. This is a great area for new construction.

38103—DOWNTOWN

A to D area. The Downtown area can be rather tricky in Memphis. Traditionally the downtown area has been an area marked with low income families, high crime and blight. In recent years the downtown area has been specifically identified as an area the city wants to revitalize. More amenities have moved downtown from eateries, shops and even a movie theatre. As redevelopment occurs in the downtown area this can be very attractive to invest who have the capital to invest and the willingness to wait for the appreciation. There are high priced condos in the heart of town and less then 1 mile away you can find
dilapidated homes that are boarded up. One must exercise caution if investing here.

38104—MIDTOWN

A+ to B- area of town that has experienced some explosive growth in the past few years. This is a very trendy area. Lot of young working professionals make up the demographic here. There is a plethora of
restaurants, shops, breweries and small businesses in the area. Home prices have sky rocketed as the average sales price of homes in the area has grown to 240k, which represents over 20% growth in a few
short years. Average days on market for single family homes in the area is 44, while multifamily properties with 5 or more units have an average of 7 days on market. This is a great are for multifamily properties and is highly competitive. Although this is a great area
the entire zip is not created equal. Areas to be cautious of in the 38104 zip include Annesdale Park,Crosstown (although this area is experiencing some revitalization), anything south of Southern. You should try and stay east of Cleveland. It is not that these
areas are bad but they do not have the same demand and therefore the value may be drastically different.You can have sales comparables .3 miles away withradically different values.

38018—CORDOVA

A to B area. Cordova is a highly desirable area of town to live and work. There is abundant shopping and restaurants in the area. Most notably is the Wolf chase Galleria which is minutes away! Cordova has a great mix of owner occupants who still buy and sell in the area as well as rental property. With an average home sell price of 171k and 38 days on market it is one of the hotter residential areas in Memphis. Many of the neighborhoods close to Germantown Parkway has experienced investor saturation so the further east you go in the zip the better. This area is ideal for long term buy and hold deals as well as retail flips.

38053—MILLINGTON

B to D Area. Although this area is a more rural it is a great place to invest. Home to the Millington naval base, Millington has seen slow but continuous economic and population growth over the years. The area is attractive to those employed by the naval base and those who would like to escape the hustle and bustle of the city. With more than 7500 employees the base is the big economic driver in the area. Millington is great for cash flow because of the rent to price ratio you can achieve in the area. Millington can range in grade because some areas are highly desirable while other can be run down and dilapidated. With an average home sales price of 147k, Millington is perfect for investing as the barrier to entry is much lower.

38105—DOWNTOWN

A to D area. The Downtown area can be rather tricky in Memphis. Traditionally the downtown area has been an area marked with low income
families, high crime and blight. In recent years the downtown area has been specifically identified as an area the city wants to revitalize.
More amenities have moved downtown from eateries, shops and even a movie theatre. As redevelopment occurs in the downtown area
this can be very attractive to invest who have the capital to invest and the willingness to wait for the appreciation. There are high priced condos in the heart of town and less then 1 mile away
you can find dilapidated homes that are boarded up. One must exercise caution if investing here..

38106—BELLEVUE/MCLEMORE (SOUTH
MIDTOWN)

D to F area most of the homes in this area are run down. Many boarded up homes. The area is marked with high crime, high vandalism, high vacancy and low property values. Management of assets in this area becomes crucial as most companies will not manage in these areas.
38106 ranks as the 5th poorest zip code in the state of Tennessee and 2nd poorest zip in the city. Average list price of homes in the area is
28k.

38107—NORTH MEMPHIS

A to D This is another area in Memphis that is very street to street. Some areas are excellent and some areas are very distressed and run down. Areas close to Rhodes college have
properties worth 300k or more and values can drop significantly as you push westward. East of Watkins serves as a good boundary to get the higher values in the zip. The rents can range
dramatically in this area as well. The properties closer to the College will demand the higher rents.

38108—KINGSBURY

C to F area of town. Cash flow on paper in these areas seems high but is rarely ever realized. There are decent parts of this zip that would yield higher cash flows but the area is more distressed then not. The Nut Bush area offers a unique range of opportunities that vary from street to street. This has historically been a rough area of town and you must be ready to deal with the challenges that come with investing in low income areas. 38108 ranks as the 3rd poorest zip code in Memphis and ranks 6th in the state. The average sale price of homes is 39k.

38109—WHITEHAVEN / WESTWOOD

A- to C- area. This area can range depending on where you are in the zip. Blue-collar working-class neighborhoods and represents some of the bread and butter type returns you will find in the Memphis area. Great rent to price ratio and higher cash flows. Still a good amount of retail activity in the area, so investors can exit properties by selling to the retail market. Average sales price in the area is 65k but can range up to low 100s.

38111—UNIVERSITY OF MEMPHIS AREA

A to D This area also offers a wide range of grades because it is very specific to the location. The closer you are to the University of Memphis the better. Neighborhoods around the main campus are A areas. These properties make for great rentals. You will experience very low vacancy as you will rent to students and or faculty and staff of the University. East of Greer and North of Southern is really the sweet spot for the University area. As you cross these boundaries the area tends to get a little rougher. The extreme west and south perimeters of the zip code are the worst areas. The average sales price for homes in the area is 180k.

38112—HIGHLAND HEIGHTS/HOLLYWOODJACKSON

B to D This area has parts that are great and redeveloping and also has areas that are distressed. We have seen in recent years a gentrification of this area. Broad street runs parallel to Sam Cooper and dramatically changed in a few short years. There are restaurants, small businesses, breweries and shops. This area has become quite trendy and draws the young hipster millennial crowd. There have been several new construction projects in the area and Binghamton is one of the neighborhoods that has experienced this growth. Also, within the zip is the Memphis zoo and homes around the zoo also do well. The average sales price of homes in the area has risen to 160k.

38114—ORANGE MOUND

C+ to F Bordered by Airways Blvd. on the West side, highland street on the east, northern boundary is Sothern Avenue, southern boundary Lamar Avenue. Good mixture of homes, lower income in most cases. Lamar avenue intersects on the Southern border with many logistical and trucking hubs, very busy treet. The average home sale price 72k with an average of 73 days on market.

38115—HICKORY HILL

B+ to C+ Originally centered around what is known as ‘The Hickory Hill Mall’, now essentially defunct, Hickory Hill offers a significant amount of newer build neighborhoods. Centered near the intersection of Kirby Road and Raines Road, homes have featured mild appreciation and command high rents. Crime can be problematic – beware of what neighborhoods and flow through foot traffic is prevalent at or near your subject investment property. This offers single family, multi unit, and uniquely, some fee simple townhouse projects as well. The average home sale price 82k with an average of 65 days on market

38116—WHITEHAVEN

B+ to C- Located starting off Millbranch Road, and centered near Brooks Avenue and Elvis Presley Drive(Graceland). A Major tourist hub, Elvis Presley’s house at Graceland and the surrounding support cafes, shops, and infrastructure have kept this community thriving. Homes can range well about 100k and as low as the teens depending on condition, price, and location. Good buy and hold area, experience mild appreciation, as are most solid ZIP codes in Memphis. The average home sale price 83k with an average of 47 days on market.

38117—EAST MEMPHIS/LAURELWOOD

A+ to B Extremely desirable area which centers around poplar/Mendenhall intersection, bordering as far south as Quince Road and as far North as Walnut Grove Road. Most investment property is found in the Colonial Acres/Yorkshire area which ends easterly at White Station Road and Westerly at Getwell. Very good area for investment purposes, but pricing is very high per square foot. Hard to meet the 1 % rule(or exceed) in this location. The average ome sale price 242k with an average of 38 days on market.

38118—AIRPORT

B+ to D Located in what’s most popularly known as Parkway Village, and a small outcropping known as ‘Capleville’, this area centers near the intersection and Getwell Road and Raines, with Parkway Village centering around Perkins Road and American Way. A great mix of homes, and many non – owner residents find employment at major logistical hubs like Fed Ex and the Airport Transit Authority, TSA, etc. The average home sale price 56k with an average of 46 days on market.

38119—EAST MEMPHIS

A+ to B- Centering near South Perkins Road and Park Avenue, this ZIP Code borders the Germantown Area.High price per square foot homes and lots of retail activity. Rental homes are usually six figures, difficult to meet or exceed the 1% rule, area is extremely stable, great investment area if you can find available property where your numbers work. The average home sale price 218k with an average of 39 days on market.

38120—EAST MEMPHIS

A + to A Shady Grove, Ridgeway Loop area off Poplar Avenue and centering around Shady Grove and 240/Poplar Interchange. Million Dollar homes and estates North of Poplar on streets like Sweetbriar, etc. Gated communities. Not suitable for investment purposes generally speaking due to high price and low ROI. The average home sale price 366k with an average of 42 days on market.

38122—BERCLAIR

B – to D+ An excellent Zip Code for investment purposes, ending at the 240 interstate and White Station road on the east border, and Highland street on the west border, Chelsea extended on the north, and southerly border at Summer Avenue(or slightly South of Summer.) A great mix of single family and ulti family. Grahamwood Optional Elementary School is a big draw here for many residents with young children. Tons of shops and strip centers for convenience. Can meet or exceed the 1% rule here. The average home sale price 112k with an average of 34 days on market.

38125—EAST HICKORY HILL

A+ to B- This ZIP code spills deep into Southeast Memphis, ending on the easterly Border at Hack’s Cross Road. Lots of shops and malls, median prices here are well into the 100k range. Biotech and medical residents shelter here due to the proximity of hospitals, research firms, and close proximity to Germantown. Lots of professionals. This is where FedEx world headquarters is located. The average home sale price 166k with an average of 45 days on market.

38126—SOUTHEAST DOWNTOWN (CRUMP BOULEVARD)

C- to F Traditionally considered one of the lowest income Zip Codes in the US, nestled east if Annesdale Park and the Mississippi River. Very low election of homes, many unsuitable for habitation due to blight. Not recommended for investment purposes. The average home sale price 36k with an average of 86 days on market.

38127—FRAYSER

C + to F One of the Northernmost Memphis Zip Codes. This area offers some great neighborhoods for investment purposes at attractive price ranges. In the right location/borough with good management in place you can make profitable investments and meet or exceed the 1% rule. Crime stats show high activity in the areas of Davy Crockett Golf Course and Hawkins Mill Road Area. Buyer beware and consult with a local Realtor or management company before making ANY investment. The average home sale price 40k with an average of 78 days on market.

38128—RALEIGH

B+ to C – Another Northern Zip code, this was once anchored by a massive mall called The Raleigh Springs Mall, now demolished and the subject of a reconstruction project. Many strip centers and shopping still remain, though another anchor building, the Raleigh Kmart, has long since closed also. An excellent area for investment, this borough’s proximity to the 240 interchange allows many Memphis residents to work throughout the city with ease. Homes can exceed 100k range but many affordable investment homes can be found here in the sub 100k range. The average home sale price 74k with an average of 49 days on market.

38131—AIRPORT

This is the actual airport ZIP code, no homes available here. All airport and warehousing property

38132—AIRPORT

This is the actual airport ZIP code, no homes available here. All airport and warehousing property

38133—BARTLETT

A+ to B+ North of Cordova and in the ultra – northeast corner of Bartlett, this Zip is on the easterly side of Memphis exiting towards Nashville. Mostly subdivisions, new developments, ‘spec’ homes, and suburbs, an excellent housing area with commensurate pricing. Purchasing here is less of a classic Memphis cash flow play and more of an appreciation play. The average home sale price 190k with an average of 34 days on market.

38134—BARTLETT

A+ to B- This ZIP code comprises Bartlett and East Memphis near Sycamore View Road. Great single family, shopping, suburbs, and the Bartlett township offers city property taxes that are traditionally lower than the City of Memphis tax authority. Bartlett schools are highly sought after. Investors are advised to consult the school bussing and zoning map to determine whether you are in the Bartlett or Shelby County Consolidated school district. Both carry advantages. The average home sale price 129k with an average of 31 days on market.

38135—EAST MEMPHIS, BARTLETT

A+ to B- This ZIP code comprises Bartlett and East Memphis near Sycamore View Road. Great single family, shopping, suburbs, and the Bartlett township offers city property taxes that are traditionally lower than the City of Memphis tax authority. Bartlett schools are highly sought after. Investors are advised to consult the school bussing and zoning map to determine whether you are in the Bartlett or Shelby County Consolidated school district. Both carry advantages. This ZIP Code is on the Bartlett township north side extending into Lakeland and Arlington. The average home sale price 179k with an average of 27 days on market.

38138—GERMANTOWN

A+ to A- City of Germantown proper. New developments, restaurants, a new Whole Foods and Trader Joe’s went in recently. 250k – 1 MM dollar homes, Germantown schools which is a division of Shelby County Consolidated Schools. Investors looking for A homes are wise to look here, heavy appreciation is in effect at the time of this writing. The average home sale price 323k with an average of 42 days on market.

38139—GERMANTOWN

A+ to A- City of Germantown, carries East to the border of Collierville township. New developments, restaurants, a new Whole Foods and Trader Joe’s went in recently. 250k – 1 MM dollar homes, Germantown schools which is a division of Shelby County Consolidated Schools. Investors looking for A homes are ise to look here, heavy appreciation is in effect at the time of this writing. The average home sale price 450k with an average of 54 days on market.

38141—HICKORY HILL

A- To B- This area, nestled near the old Hickory Hill Mall, features significant shops, restaurants, and amenities. Mostly single-family dwellings, there is some multi family dwelling and also townhome type residential real estate. It is possible to meet or exceed the 1 percent rule here but be careful when buying as appreciation and market value increase has been occurring significantly in the past few years. An investor needs to be extremely careful to not pay more than market value. The average home sale price 82k with an average of 34 days on market.

A AREA

  • 38002 — Arlington
  • 38004 — Atoka
  • 38017 — Collierville
  • 38104 — Midtown
  • 38120 — East Memphis
  • 38133 — Bartlett
  • 38134 — Bartlett
  • 38135 — Bartlett
  • 38138 — Germantown
  • 38139 — Germantown

B AREA

  • 38016 — Cordova
  • 38018 — Cordova
  • 38053 — Millington
  • 38117 — East Memphis/Laurelwood
  • 38119 — East Memphis
  • 38125 — East Hickory Hill
  • 38141 — Hickory Hill
  • 38111 — University of Memphis area

C AREA

  • 38109 — Whitehaven
  • 38111 — University of Memphis area
  • 38115 — Hickory Hill
  • 38116 — Whitehaven
  • 38118 — Airport
  • 38122 — Berclair
  • 38128 — Raleigh

D AREA

  • 38107 — North Memphis
  • 38112 — Highland Heights/ Hollywood-Jackson
  • 38127 — Frayser

F AREA

  • 38106 — Bellevue/McLemore (South Midtown)
  • 38114 — Orange Mound
  • 38126 — Southeast Downtown (Crump Boulevard)

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