119 Court AveMemphis, TN 38103

Property Details for 119 Court Ave

Year built

1917

Lot size

0.06 AC

Property size (Sq ft)

15,046 SF

Zone code

CBD

Property type

Office properties

Property subtype

Office buildings

APN

002-016- - -00001

APU

201600001

Description

This exceptional five-story, 15,455-square-foot office building, located at 119 S Ct Ave in Memphis, Tennessee's Central Business District (CBID), presents a unique investment opportunity. Built in 1917, this historic brick and limestone structure boasts significant character and overlooks Court Square Park. The property currently features a mix of office, retail, and shell space. The first and second floors underwent complete renovations in 2005 and have served as a bank branch and offices, including a drive-through and drop box. These floors are ready for immediate occupancy. The third and fourth floors are in shell condition, offering significant potential for renovation into additional commercial space or residential units. Major building systems have been updated, including a new roof, insulation, and boiler installed in 2004, and a new hot water pump within the last five years. The 0.062-acre lot provides ample space for this prominent building. The asking price is $1,500,000, translating to $97.06 per square foot. This property offers a blend of historic charm and modern functionality, making it an ideal investment in the heart of Memphis. The permitted zoning allows for a variety of uses, maximizing the potential return on investment.

• CAP approach

  CAP return

  Valuation

  6%

  $2,167,890

  6.5%

  $2,001,129

  7%

  $1,858,192

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,172,986

  Geo Method

  $1,172,986

• Alternative Use

  Use

  Valuation

  Residential

  $2,481,400

  Hospitality

  $2,272,950

  Educational

  $1,891,067

  Medical

  $1,956,104

  Retail

  $2,941,660

Location Insight

City

Memphis

County

Shelby

State

Tennessee

Latitude

35.1454

Longitude

-90.0519

CBSA code

32820

CBSA name

MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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