For Sale
$289,901

1616 Winchester RdMemphis, TN 38116

Prime Memphis location, high-cap rate investment.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional mixed-use property, located at 1616 Winchester Rd, Memphis, TN 38116, presents a rare investment opportunity. The 2,524 square foot building sits on a private gated lot and includes a detached three-car garage, offering ample parking (65 spaces). Currently operating at 100% occupancy with a month-to-month tenant, the property boasts a strong net lease structure (NNN) with a corporate guarantee and a credit-rated tenant. The current NOI is $24,000, yielding an 8.28% cap rate, while the pro-forma NOI is projected at $30,288, resulting in a 10.45% pro-forma cap rate. Renovated in 2015, the building features two offices and two bathrooms. Zoned for a variety of uses including retail, restaurant, office, and more, this versatile property offers significant upside potential. The asking price is $289,901 ($114.86/sq ft). The property is currently under-rented, with market rates closer to $12-15 per square foot. The lease commenced September 1, 2018, and is currently month-to-month, with the previous lease expiring May 8, 2024. This property is ideal for investors seeking a strong return in a prime Memphis location. Its proximity to the airport and major roadways adds to its appeal.

Highlights

  • Exceptional mixed-use property at 1616 Winchester Rd, Memphis, TN 38116.
  • 2,524 sq ft building on a gated lot with a detached three-car garage and 65 parking spaces.
  • 100% occupancy with a credit-rated corporate tenant on a NNN lease; current NOI $24,000 (8.28% cap rate), pro-forma NOI $30,288 (10.45% cap rate).
  • Renovated in 2015, featuring two offices and two bathrooms; zoned for retail, restaurant, and office uses.
  • Asking price: $289,901 ($114.86/sq ft); currently under-rented at $9.51/sq ft, market rate $12-15/sq ft.

Property Details for 1616 Winchester Rd

Property type
Retail properties, Restaurants
Square Feet
2,524 SF
Year Renovated
2015

Location Insight

City
Memphis
County
Shelby
State
Tennessee
Latitude
35.053817427404
Longitude
-90.010063652439
1616 Winchester Rd, Memphis, Tennessee

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
1616 Winchester Rd
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message