3027 Covington PikeMemphis, TN 38128

Property Details for 3027 Covington Pike

Year built

2024

Lot size

1.19 AC

Property size (Sq ft)

2,234 SF

Property type

Retail properties

Property subtype

Other retail properties

Description

This exceptional investment opportunity presents a 2,234 square foot Starbucks located at 3027 Covington Pike, Memphis, TN 38128. The property sits on a 1.19-acre lot and boasts a new 10.5-year net lease (NN+) with a corporate guarantee from a credit-rated tenant. The lease commenced June 20, 2024, and expires December 31, 2034, offering a remaining term of 10 years with built-in rent bumps. The property features a strong 6.00% cap rate and a net operating income (NOI) of $186,000. This strategically positioned outparcel enjoys high visibility adjacent to The Home Depot, benefiting from over 42,799 vehicles daily traversing Covington Pike and Stage Road. The surrounding area is densely populated with retail establishments including McDonald's, Kroger, and other national brands, as well as several schools and Methodist North Hospital, ensuring consistent customer traffic. The property's proximity to major Memphis attractions like Graceland and Beale Street further enhances its appeal to both local residents and tourists. This is a rare opportunity to acquire a high-performing, investment-grade asset in a thriving market. The building was constructed in 2024. The asking price is $3,100,000 and is suitable for a 1031 exchange.

Location Insight

City

Memphis

County

Shelby

State

Tennessee

Latitude

35.2082

Longitude

-89.8952

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