243 Exchange AveMemphis, TN 38105

Property Details for 243 Exchange Ave

Year built

1940

Construction

FRAME

Lot size

0.10 AC

Property size (Sq ft)

1,822 SF

Zone code

MU

Property type

Office buildings

APN

001-043- - -00030

APU

104300030

Description

This exceptional 0.4-acre commercial land parcel presents a unique investment opportunity in the heart of Memphis, Tennessee. Located at 243 Exchange Avenue, this property boasts a highly desirable MU zoning designation, opening doors to a wide array of potential development projects. Currently functioning as a profitable paid parking lot with 63 surface spaces, the site offers immediate income potential while allowing for future expansion or redevelopment. Its strategic location just one block southwest of the intersection of North Lauderdale Street and Exchange Avenue places it within easy reach of numerous amenities and key transportation arteries. The property benefits from excellent interstate access, situated a mere 0.3 miles from I-40 and less than 2 miles from I-69, ensuring seamless connectivity throughout the region. Adding to its appeal, this land parcel is situated within an Opportunity Zone, providing potential tax advantages for investors. The surrounding area is vibrant, with close proximity to several government buildings, popular attractions, hotels, and a variety of retail establishments, creating a dynamic and thriving environment. This prime location and flexible zoning make this property an ideal choice for developers seeking a high-impact investment in a rapidly growing urban core. The existing parking lot provides a stable revenue stream while offering the flexibility to pursue a range of future development options.

• CAP approach

  CAP return

  Valuation

  6%

  $262,521

  6.5%

  $242,327

  7%

  $225,018

• Comparable approach

  Method

  Valuation

  Relative Method

  $142,043

  Geo Method

  $142,043

• Alternative Use

  Use

  Valuation

  Residential

  $300,486

  Hospitality

  $275,244

  Educational

  $228,999

  Medical

  $236,875

  Retail

  $356,221

Location Insight

City

Memphis

County

Shelby

State

Tennessee

Latitude

35.1496

Longitude

-90.0458

CBSA code

32820

CBSA name

MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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