3196 Austin Peay HwyMemphis, TN 38128

Property Details for 3196 Austin Peay Hwy

Year built

1974

Lot size

1.17 AC

Property size (Sq ft)

2,618 SF

Zone code

CMU-2

Property type

Drive through restaurants

APN

085-027- - -00022

APU

8502700022

Description

This exceptional 2,642-square-foot quick-service restaurant (QSR) presents a remarkable investment opportunity in Memphis, Tennessee. Located at 3196 Austin Peay Highway, this single-tenant property sits on a 1.17-acre lot (50,965 square feet) and boasts a highly desirable drive-thru. Built in 1974, the building features 38 parking spaces, ensuring ample customer convenience. The property benefits from exceptional visibility and accessibility, situated on a six-lane roadway with excellent ingress and egress, and prominent pylon signage. Daily traffic counts exceed 28,000 vehicles, further enhanced by its proximity to major retailers including Aldi, McDonald's, KFC, Little Caesars, Papa Johns, Checkers, and Krystal, contributing to a combined daily traffic count of over 37,000 vehicles. The property's strategic location offers direct frontage traffic of 27,903 AADT and easy access from Interstate 40. Zoned CMU-2, this property is available for lease under NNN terms, commencing March 1, 2025, at a rate of $21.54 per square foot annually. The property's tax rate is $4.88 per square foot. This location offers unparalleled exposure and potential for significant returns. The property's address is 3196 Austin Peay Hwy, Memphis, TN 38128, with the cross street being Coleman Rd. The APN is 08-5027-0-0022. This is a one-story building in the North Memphis submarket.

• CAP approach

  CAP return

  Valuation

  6%

  $435,007

  6.5%

  $401,545

  7%

  $372,863

• Comparable approach

  Method

  Valuation

  Relative Method

  $212,263

  Geo Method

  $212,263

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $786,838

  Mixed-Use / Specialty

  $398,584

  Hospitality / Lodging

  $290,436

  Office

  $394,622

  Institutional / Educational

  $413,819

  Residential Income

  $484,169

  Multifamily

  $589,167

  Automotive / Energy

  $354,702

  Parking / Income-Based Land

  $123,915

  Restaurant / Food Service

  $204,041

  Healthcare / Senior Housing

  $410,309

Location Insight

City

Memphis

County

Shelby

State

Tennessee

Latitude

35.2119

Longitude

-89.9174

CBSA code

32820

CBSA name

MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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