Updated 5+ Days Ago
Highlights
Pet Friendly
Location
5140 Wheelis Dr, Memphis, TN 38117, USA
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Property Overview
Colonial Apartments earns a strong Zumper Expert Rating of 8.3, reflecting excellent value, standout amenities, and a highly convenient location with solid trustworthiness. It also stands out for its large two-bedroom layout, top-tier value per square foot, and walkable access to nearby restaurants, mixed-use spaces, and public transportation, making it a strong option for renters seeking convenience and everyday accessibility.
This summary uses Zumper’s proprietary data. “Zumper Expert Ratings,” “Things you’ll love,” and “Great for” are based on our internal analyses of market trends and renter insights.
Things you’ll love
More space
Great for
Social life
Floor plans
| CA2/2DN | 2 bed | 2 bath | 1,500 sqft | $1,235–$1,250 /mo | 2 units available | Large 2 bedroom available - 1500 sqft - downstairs |
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Amenities for Colonial Apartments
Building
| Cats OK | Dogs OK |
Units, floor plans, amenities, dimensions, details, availability, and prices may be approximate and subject to change. Please contact a community representative for more information.
Policies and fees
Applicants
Applicants
One-time.
Contact Property
REQUIRED FEES
Security Deposit
One-time. Refundable.
Contact Property
Dog Policy
Allowed
Limit1
Cat Policy
Allowed
Limit1
Questions about this property’s policies and fees?
Building details
Property details
| Units | 40 |
|---|
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About Colonial Apartments
Large 2 bedroom available - 1500 sqft - downstairs
Zumper Expert Rating
Our expert rating is based on a weighted average score of property attributes that renters care about most: price, amenities, location, quality, and trust.
8.3
/10
Very GoodWith a solid 8.3 out of 10 overall, Colonial Apartments is a great option for renters. While some aspects, like Quality, might not be as distinguished as other properties nearby, Colonial Apartments has a number of attractive features—namely its Price— so you can be assured your rent will come with a high standard of living.
Price·10A score that weighs the cost and location of the property, which we calculate by comparing rent prices of recent units to the median price of nearby rentals, adjusting for overall quality and features.
Colonial Apartments offers an excellent balance between price and value. It's priced competitively for its amenities, location, and other key features. Compared to the median price per bedroom in the area, this property is less than, or about the same as, nearby rentals, so residents can expect great value without too many compromises on their desired standard of living.
Amenities·8A score based on the amenities offered at this property compared to other rentals in the area. We consider the quantity, quality, and popularity of features both on site and within the units.
With multiple in-demand amenities, Colonial Apartments is committed to enhancing the renting experience. And while it may have fewer total conveniences and features than similar rentals nearby, it remains a top choice for renters wanting an specific standard of living.
Location·9A score based on proximity and ease of access to shops, restaurants, schools, and public transportation while considering the desirability of the area.
Colonial Apartments is exceptional when it comes to location and conveniences. Communication with management or leasing staff is usually quick and easy and they often use advanced scheduling and communication tools to streamline the process. The location of this property offers easy access to popular points of interest in the area and options for getting around.
Quality·6A score based on what makes the property stand out, such as luxury features, unique offerings, age of the building, and our ability to verify the accuracy of these details.
While Colonial Apartments does not have many hallmark characteristics to highlight, it has some qualities and features that will resonate with a broad range of renters.
Trustworthiness·7A score based on the accuracy, completeness, recency, and usefulness of the information provided by this property, so you can trust that what you see is what you get.
Colonial Apartments provides some information about the features available in the community and its apartments, making it a reliable option for prospective renters. Renters should ask additional questions about amenities and non-negotiable items they are looking for.
Colonial Apartments is great for:
Property highlights
We compared every listing in the surrounding area to determine which amenities are most common. If a building lacks an amenity that most others in the area have, it is a con. If a building has an amenity most others in the area do not, it is a pro. Similarly, price, schools, and size are calculated relative to the size, price, and distance to schools of the other properties nearby.How Colonial Apartments compares to other nearby properties.
Positives
- More space
- The 2-bedroom is 50 sqft larger than other listings nearby
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Rent trends in Memphis
2-bedroom apartments at Colonial Apartments cost about 29% more than the average rent price for 2-bedroom apartments in Memphis.
Median rents as of Sep 26 2026.
Memphis
| Month | Median Rent |
|---|---|
| October 2024 | $1,149 |
| November 2024 | $1,148 |
| December 2024 | $1,172 |
| January 2025 | $1,220 |
| February 2025 | $1,211 |
| March 2025 | $1,196 |
| April 2025 | $1,217 |
| May 2025 | $1,225 |
| June 2025 | $1,210 |
| July 2025 | $1,195 |
| August 2025 | $1,194 |
| September 2025 | $1,158 |
| October 2025 | $1,159 |
| November 2025 | $1,183 |
| December 2025 | $904 |
| January 2026 | $858 |
| February 2026 | $1,202 |
| March 2026 | $1,203 |
| April 2026 | $1,193 |
| May 2026 | $1,187 |
| June 2026 | $1,204 |
| July 2026 | $1,185 |
| August 2026 | $1,116 |
| September 2026 | $1,106 |
Affordability calculator
Can I afford to live at 5140 Wheelis Dr?
Bedrooms
2 bedroomsRent-to-income ratio
30%
Slide to adjust the percentage of your monthly income you are willing to spend on rent.
The general rule of thumb is to spend around 30% or less of your income on rent.
Recommended income
$49,400/yr
With your selected rent-to-income ratio, you'd ideally want to make $49,400 annually to afford this 2-bedrooms monthly rent price of $1,235.
For more information on rent affordability, visit our rent calculator.
Schools near Colonial Apartments
Avon School
310 avon rd
memphis, TN, 38117
K-12Public
University of Memphis - University Campus School
535 zach curlin
memphis, TN, 38152
K-5Public
A-
Parkway Village Elementary School
3000 claudette rd
memphis, TN, 38118
PK, K-5Public
C-
Shrine School
4259 forest view dr
memphis, TN, 38118
PK, K-12Public
Riverdale Elementary School
7391 neshoba rd
germantown, TN, 38138
PK, K-8Public
A
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Internet available near Colonial Apartments
Getting around Memphis near 5140 Wheelis Dr
Walking
6/10
Grab your reusable bags–many shops and stores are within walking distance.
Driving
9/10
Commuting is easy with multiple accessible routes and plenty of parking.
Cycling
5/10
More spots are within biking distance and some roads are cyclist-friendly.
Transit
1/10
FYI, there are little to no public transit options within walking distance.
Points of interest for 5140 Wheelis Dr, Memphis
Groceries
8/10
Wide variety of groceries within a few minutes' walk
Shopping
8/10
Wide variety of shops within a short drive, including some within walking distance
Cafes
6/10
Variety of cafés within a short drive
Restaurants
8/10
Wide variety of restaurants within a short drive, including some within walking distance
Primary schools
8/10
At least one elementary school within a 10-minute walk
High schools
8/10
At least one high school within a 10-minute walk
Parks
6/10
Large amount of park space nearby
Nightlife
5/10
Variety of bars within a short drive
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