3550 Covington PikeMemphis, TN 38128

Property Details for 3550 Covington Pike

Year built

1984

Lot size

0.38 AC

Property size (Sq ft)

4,568 SF

Zone code

OG

Property type

Office properties

Property subtype

Office buildings

APN

087-011- -B-00022

APU

087011B00022

Description

This single-story, 4,600-4,700 square foot Class C office building in Memphis, Tennessee, presents a compelling investment opportunity. Located at 3550 Covington Pike, this property boasts a prime location just off a main road and near Methodist North Hospital, ensuring high visibility and accessibility. Built in 1984 and extensively renovated in 2021, the building features a multi-tenant layout comprising several suites, each with multiple offices, plus shared amenities including a break room, conference room, and restrooms. Improvements completed in 2021 include a new roof, AC units, updated plumbing, and upgraded electrical service (single-phase 600 amp). The 2022 repaving of the parking lot enhances the property's curb appeal. The building offers 4,200 square feet of net rentable space, currently at 25% occupancy. High-speed internet access is available via AT&T and Verizon fiber lines. This NNN lease property is priced at $325,000 and offers significant potential for increased rental income. The building's recent renovations and strategic location make it an attractive investment for both seasoned and new investors seeking a strong return on investment in the Memphis market.

• CAP approach

  CAP return

  Valuation

  6%

  $658,176

  6.5%

  $607,547

  7%

  $564,151

• Comparable approach

  Method

  Valuation

  Relative Method

  $356,121

  Geo Method

  $356,121

• Alternative Use

  Use

  Valuation

  Residential

  $753,359

  Hospitality

  $690,073

  Educational

  $574,132

  Medical

  $593,878

  Retail

  $893,095

Location Insight

City

Memphis

County

Shelby

State

Tennessee

Latitude

35.2236

Longitude

-89.8937

CBSA code

32820

CBSA name

MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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