610 Minor RdMemphis, TN 38111

Property Details for 610 Minor Rd

Year built

1964

Lot size

0.92 AC

Property size (Sq ft)

15,000 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This 15,000 square foot shopping center in Memphis, TN, presents a compelling value-add investment opportunity. Located on a 0.917-acre lot at 610-626 Minor Rd, this single-story, 1964-built property currently boasts 73% occupancy across five units. The property features a strong NOI of $124,062, yielding an 8.28% cap rate, with a pro-forma NOI of $164,583 and a pro-forma cap rate of 10.98%. The asking price is $1,499,000, translating to $99.93 per square foot. Recent improvements include a new roof (2020) and a recently built-out 4,000 square foot space, previously occupied by Southern Animal Hospital (a $495,000 build-out), now available for immediate lease. The property is zoned commercial and benefits from its location in a vibrant University of Memphis neighborhood, providing a strong retail synergy with existing tenants offering essential in-person services. This presents a chance for an investor to capitalize on the existing tenant base and secure market-rate leases for the vacant space, significantly increasing the property's profitability. The property's strong location and potential for increased occupancy make it an attractive investment prospect.

Location Insight

City

Memphis

County

Shelby

State

Tennessee

Latitude

35.1146

Longitude

-89.9442

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