Memphis remains a hidden treasure when it comes to investing in real estate - both commercial and residential. Memphis is well known as the main distribution center not only for the southeast but as a world caliber distribution and transportation hub. This is due to the city's unique geographical location that includes the second largest freight and cargo airport in the world and it is the third largest inland trucking capital due to the many major freeways and highways that intersect at Memphis. Memphis also boasts four rail and highway bridges crossing the mighty Mississippi River as well as abundant waterway access to the interior of the country. All considered, Memphis may be the largest overall distribution center in the world. But that is far from the full picture of Memphis that makes it a great location for all types of real estate investing.
Although distribution is key to business in Memphis, there is much more that attracts investment dollars. The Memphis area employs more than 55,500 in the bioscience industry. Besides the many universities and colleges that call Memphis home, it is also one the country's major medical hubs that include major hospitals and medical research centers such as:
When it comes to commercial real estate investing, warehouses are important to Memphis' distribution capability and capacity. Not only does Memphis have more than 15 million square feet of available warehouse space, it also has one of the nation's lowest lease rates for that space.
Life in Memphis is good. Not only for the weather but CNN Money Magazine ranks the city number one on its home affordability index for retirees. Memphis continues on a steady growth cycle in job creation, new development, and property values. With 722,000 residents, Memphis ranks as the 18th largest city in the U.S. Yet, it has a relatively low cost of housing with a medium price of about $99,000.
What's important to residential investors is that almost 50% of the population rents rather than owns. While vacancy rates across the country remain very low, Memphis continues to remain below the national average. With over 48% of the cities population renting, the opportunity to keep an investment property occupied with a quality tenant remains high.
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Author bio: Brian Kline has been investing in real estate for more than 30 years and writing about real estate investing for seven years. He also draws upon 25 plus years of business experience including 12 years as a manager at Boeing Aircraft Company. Brian currently lives at Lake Cushman, Washington. A vacation destination, a few short miles from a national forest in the Olympic Mountains with the Pacific Ocean a couple of miles in the opposite direction.