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3717 Summer AveMemphis, TN 38122

Prime East Memphis Restaurant, High Traffic Area

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional 2,714 square foot free-standing restaurant building presents a compelling investment opportunity in the thriving East Memphis market. Located at 3717 Summer Avenue in Shelby County, Tennessee, this property boasts a prime location surrounded by high-profile retailers including Chick-fil-A, Starbucks, Aldi, and Chipotle, ensuring high visibility and foot traffic. The building, originally constructed in 1979, underwent a complete renovation in 2023, presenting a modern and updated space ready for immediate occupancy. Currently leased under a triple-net (NNN) lease for 10 years, the property generates a strong net operating income (NOI) of $75,009.85, resulting in an attractive 6.80% capitalization rate. The 0.65-acre lot provides ample space and parking. The property benefits from exceptional traffic counts, with Summer Avenue boasting 24,197 average annual daily traffic (AADT) and Sam Cooper Boulevard showing 55,155 AADT. Its proximity to High Point Terrace, known for its high-value residential properties, further enhances its desirability. This turnkey restaurant investment offers a rare combination of strong financials, excellent location, and recent renovations, making it an ideal addition to any portfolio. The current tenant is Jeremiah's Italian Ice. The zip code is 38122.

Highlights

  • Jeremiah's Italian Ice currently leases the property.
  • Excellent location north of Memphis' High Point Terrace, a high-value residential area.
  • Strong retail synergy with nearby Chick-fil-A, Starbucks, Aldi, Chipotle, and other national brands.
  • High traffic counts on Summer Avenue (24,197 AADT) and Sam Cooper Boulevard (55,155 AADT).

Property Details for 3717 Summer Ave

Property type
Retail properties, Restaurants
Square Feet
2,714 SF
Year Built/Renovated
1979/2023
Lot Size (sq. ft)
28,314 SF

Location Insight

City
Memphis
County
Shelby
State
Tennessee
Latitude
35.1489916
Longitude
-89.9369646
3717 Summer Ave, Memphis, Tennessee

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3717 Summer Ave
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