3119 3Rd StMemphis, TN 38109

Property Details for 3119 3Rd St

Year built

1968

Lot size

1.04 AC

Property size (Sq ft)

11,760 SF

Zone code

CMU-3

Property type

Retail properties

Property subtype

Strip malls

APN

050-127- - -00004

APU

5012700004

Description

This exceptional commercial property, located at 3119 South Third Street in Memphis, Tennessee, presents a unique ground lease opportunity. The 1.04-acre lot houses a 11,760 square foot retail strip center, currently entirely vacant, offering significant potential for redevelopment or lease to multiple tenants. Built in 1968, the Class C building provides a substantial footprint for a variety of retail uses. The entire space is available, with no minimum divisible unit size, allowing for complete flexibility in tenant selection and lease structuring. The property's location in Shelby County, zip code 38109, offers excellent visibility and accessibility. The expansive 11,760 square feet of vacant space presents a blank canvas for a new business venture or a strategic expansion for an existing one. This is an ideal opportunity for investors or developers seeking a prime location in a growing Memphis market. The property's size and location make it suitable for a wide range of retail concepts. The ground lease structure offers a unique investment opportunity with potential for long-term growth and return. This property is ready for immediate occupancy and offers significant upside potential. Contact us today to learn more about this exciting opportunity.

• CAP approach

  CAP return

  Valuation

  6%

  $2,490,812

  6.5%

  $2,299,211

  7%

  $2,134,981

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,310,360

  Geo Method

  $2,310,360

• Alternative Use

  Use

  Valuation

  Residential

  $1,939,470

  Hospitality

  $1,776,544

  Educational

  $1,478,064

  Medical

  $1,528,897

  Retail

  $2,299,211

Location Insight

City

Memphis

County

Shelby

State

Tennessee

Latitude

35.0635

Longitude

-90.0597

CBSA code

32820

CBSA name

MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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