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5 Best Places to Invest in Memphis, Tennessee

Looking for some of the best places to invest in Memphis?

Home of the blues and the birthplace of Rock ‘N’ Roll, Memphis, Tennessee is renowned for more than just its ties to Elvis Presley. Its connection to music, culture, and food keeps the city growing year after year.

With a near 50/50 split between renters and owners, Memphis is a great city for investors of all kinds, whether you’re looking to fix and flip or rent out long-term.

On average, homes in Memphis are priced lower than that of median property prices in America. This, combined with the city’s steady rental rates, make Memphis an investor’s paradise.

So whether you’re looking into Memphis for its famous BBQ and vibrant nightlife, or you’re looking to invest from out of state, we’ve got some suggestions on where to start your search. In this article, we’ll list the best places to invest in Memphis and cover what type of properties, neighborhoods, and price ranges you can expect there.

Germantown

Where is it located?

First up on our list is the neighborhood known as Germantown in Memphis, Tennessee. Located about 26 minutes east of the city center, Germantown is regarded as one of the best neighborhoods in the area.

Located near a wide variety of parks, schools, and dining options, this neighborhood is perfect for families looking to settle down a bit outside the city.

What types of properties are available there?

While the properties available in Germantown are largely A-class, single-family homes, the affordability of Memphis still rings true in this neighborhood.

Given the quality of the homes, the properties here are priced just above average for the city.

What other benefits are there?

Great public schools are an added benefit for residents of the area. The fact that many of the schools rank highly statewide is a huge draw for families looking to relocate out of the heart of the city and into the suburbs.

Additionally, there is a heavy focus on community in the area. With consistent community events organized by the town every month, residents are sure to feel right at home here and are likely to stay for longer periods of time.

Mud Island

Where is it located?

A bit closer to the heart of the city lies Mud Island. Famous for its location on a peninsula in the Mississippi river, this neighborhood is only five short minutes from downtown.

Mud Island has all the advantages of close proximity to the city center, but its geographic location on the waterfront gives it a completely different feel to that of downtown.

What types of properties are available there?

The properties on Mud Island are mostly B-class, single-family homes that are priced slightly above average for the city.

However, there’s a range of properties and prices available and there’s an even mix of renters and owners in the area. The mix of renters and owners and its proximity to downtown make it an ideal area for residents (and investors) looking for a quick and easy commute to the city.

What other benefits are there?

One of the greatest benefits to residents of Mud Island are the parks and rec options available.

Home to the Mississippi Riverwalk and iconic Memphis sign, as well as the Mud Island Dog Park, this neighborhood is perfect for residents of all kinds. Those looking for quick and convenient access to the city without sacrificing the proximity to an expansive greenbelt will be especially pleased.

Cooper-Young

Where is it located?

Near the vibrant city center, with proximity to plenty of bars, coffee shops, and entertainment options, lies the neighborhood of Cooper-Young.

This neighborhood, around ten minutes from the heart of Memphis, is ideal for young professionals looking to keep their commute short while enjoying access to a multitude of activities and urban conveniences.

What types of properties are available there?

The properties in Cooper-Young are mostly B-class, single-family homes, however there is also a large number of duplexes and condos available in the area.

Prices in Cooper-Young are priced average for Memphis and, given the area’s rental rates are above average for the city, this means solid returns for any investors looking to take the leap into the Memphis rental market.

What other benefits are there?

Residents of the Cooper-Young neighborhood are also in close proximity to the famous Liberty Park, which hosts a variety of large outdoor events, such as Bluff City Fair, every year.

The area is also central to a few of Memphis’s universities, ensuring high demand for investors looking to purchase rental units.

Hickory Hill

Where is it located?

A bit further outside the city,  23 minutes to be exact, is the East Memphis neighborhood known as Hickory Hill.

This suburban area is great for both families and young professionals looking for a little more room, while still maintaining easy access to the conveniences of the city.

What types of properties are available there?

Many of the properties in Hickory Hill are C-class, single-family homes. The prices in Hickory Hill are lower than what is average for Memphis, making this an open opportunity for investors looking to see good returns on a property.

Given the distance from the urban city center, Hickory Hill property sizes are above average for a suburb, making it an ideal place for potential investors looking to build an accessory dwelling unit (ADU) for some extra cash flow.

What other benefits are there?

Residents of Hickory Hill also enjoy the expansive community center and its many regular events, as well as the Hickory Ridge Mall. There are multiple green spaces throughout Hickory Ridge for residents to access as well.

Central Gardens

best places to invest in Memphis

Where is it located?

Closing out our list is the historic neighborhood of Central Gardens.

Just eight minutes from the heart of the city, Central gardens is known for its beautiful historic homes that give the area a particularly charming feel.

The neighborhood is also about ten minutes away from Memphis International Airport, making it the closest to this landmark on our list.

What types of properties are available there?

Properties in this area are B-class, single-family homes that are priced higher than average for Memphis.

Given the historic charm of the houses in Central Gardens, the area remains sought after by residents looking for a strong neighborhood feel, without the long commute.

Single-family homes mean this area is great for both families as well as young professionals.

What other benefits are there?

Central Gardens is also known for its proximity to Overton Park, which houses the Memphis Aquarium and Zoo, a golf course, and a variety of greenspaces for residents to explore.

There are also plenty of shops and dining in the area, making it the perfect place for residents looking to keep their circle small when it comes to commuting to work and leisure activities.

Final Thoughts: Best Places to Invest in Memphis

Memphis has no shortage of neighborhoods, suburbs, and neighboring cities to choose from when it comes to beginning your search for an investment property. All of them bring something unique to the table in terms of culture, property value, and access to the city.

There’s plenty of options from A-class, single-family homes (for investors looking to buy in Memphis’s most desirable areas) all the way to affordable C-class properties (ideal for investors looking to turn a high profit).

To get the best feel for where you’d like to invest, it always helps to talk to an expert who has boots-on-the-ground knowledge and knows each neighborhood like the back of their hand.

Our Memphis team is always happy to help and answer any questions you might have.

If you’d like to learn more about the Memphis market as a whole, including population insight, renal market trends, and more, download our Memphis Market Deep Dive.

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