Buying a Condo in Downtown Memphis: What to Know

Buying a condo in Downtown Memphis is a different experience from buying a house in the suburbs. You are choosing a building as much as a home, and the building's finances, rules and parking arrangement matter almost as much as the view. The good news is that Tennessee law gives buyers access to a lot of information. Here is how to use it, along with a look at what the downtown condo landscape actually includes.

The kinds of condo buildings downtown

The Downtown Memphis Commission's residential directory lists about two dozen condo properties, nearly all in the 38103 zip code. They fall into a few broad groups.

Converted landmarks in the core. The Goodwyn at 127 Madison Avenue was built in 1908 as a bank building and converted to condos in 2006; it has 24 residences across 18 stories. The Shrine Building at 66 Monroe Avenue was built in 1923 as the headquarters of the Al Chymia Shrine and became 75 condos in 2005. Claridge House at 109 North Main Street is the former Hotel Claridge, built in 1924.

Warehouse lofts. Paperworks Lofts at 408 South Front Street began life as a 1914 warehouse and became 53 condos in 2001. Buildings like this tend to have exposed brick, timber and tall ceilings.

Purpose-built towers on the bluff. Waterford Plaza at 200 Wagner Place dates to 1983 and has about 214 units on 16 stories, with indoor and outdoor pools. River Tower at South Bluffs, at 655 Riverside Drive, was built in 1975 and has about 153 units on 14 stories.

One note as you browse: not every downtown building with "lofts" or a historic name is a condo. Number 10 Main, for example, is an apartment building. If ownership is your goal, confirm that a building is deeded as condominiums.

HOA dues and what they cover

Monthly dues vary a great deal from one downtown building to the next, largely because they cover different things. In some towers the dues include water and sewer, parking and building insurance. Listings for at least one riverfront tower describe dues that cover all utilities. In smaller conversions, dues may cover little beyond the exterior, common areas and reserves.

So when you compare two condos, compare the total monthly picture: dues, plus whatever utilities and parking you pay separately. MLGW provides electricity, gas and water in Memphis, and whether you have your own meter depends on the building.

Read the Tennessee resale certificate

Under the Tennessee Condominium Act, a condo association must provide resale information within 10 business days of a request from an owner, a purchaser or a lender. The law spells out what goes in it, and it is the single most useful document in a condo purchase. It includes:

• The master deed, bylaws and rules
• The current budget, balance sheet and income statement
• The amount held in reserves and any reserve study
• The unit's current monthly assessment, plus any special assessments and unpaid balances
• A summary of the association's insurance coverage and deductibles
• Any judgments or pending lawsuits involving the association
• Minutes from the last 24 months of meetings

The minutes are often where you learn the most. If the board has been discussing a roof, an elevator or a facade project, it will show up there before it shows up as a special assessment. Older buildings are not a concern in themselves; what you want to see is an association that plans ahead and funds its reserves.

It is also wise to ask your lender early whether the building meets the requirements for your loan type, since condo approval is separate from your personal approval, and to ask your insurance agent how an owner's policy works alongside the building's coverage.

Parking, rental rules and taxes

Parking. Downtown parking can be deeded with the unit, assigned by the association, leased, or handled through a nearby public garage. Ask which applies, how many spaces come with the unit and whether there is a separate fee.

Rental rules. Since July 2023, the City of Memphis has required a license to operate or advertise a short-term rental. Separately, each condo association sets its own rules on leasing, and some limit or prohibit short-term rentals altogether. If renting the unit is part of your thinking, read both the city requirement and the building's documents before you write an offer.

Property taxes. Downtown owners pay City of Memphis and Shelby County property tax. For 2026, the Shelby County Trustee lists the city rate at about $2.58 and the county rate at about $2.70 per $100 of assessed value, with residential property assessed at 25 percent of appraised value.

Everyday life in Downtown Memphis

For groceries, South Point Grocery is on Webster Avenue on the south end of downtown, and Cordelia's Market is on Harbor Bend Road in Harbor Town. The Main Street trolley line has been out of service since August 2024; in August 2026 MATA said it expected to return several trolleys to service this fall, so check the current status if the trolley matters to your routine.

There is also a good deal changing nearby. The Memphis Art Museum, the new riverfront home of the Brooks, is scheduled to open on December 6, 2026. The 100 North Main redevelopment is under construction, with completion projected for 2030. Projects like these affect views, traffic and street life, so it is worth walking the blocks around any building you are considering at different times of day.

If you would like help comparing buildings or reading through a set of condo documents, I am glad to sit down and go through them with you. No pressure and no obligation. Reach out any time a question comes up.

Kelly Day, SRES, SRS, AHWD, PSA, RENE
Multi Million Dollar Club
Broker Lic # 365811
simpliHOM
901-289-9227
855-856-9466
[email protected]
https://memphishouselistings.com