147 Jefferson AveMemphis, TN 38103

Property Details for 147 Jefferson Ave

Year built

1954

Lot size

0.20 AC

Property size (Sq ft)

102,600 SF

Zone code

CBD

Property type

Office properties

Property subtype

Office buildings

APN

002-024- - -00013

APU

202400013

Description

This exceptional 101,200 square foot, 12-story office tower presents a compelling redevelopment opportunity in the heart of Downtown Memphis, Tennessee. Located at 147 Jefferson Avenue, this mixed-use property, built in 1954, sits on a 0.2-acre lot within the CBD zoning district. Currently vacant, the building is ideally suited for adaptive reuse into mixed-use, multifamily, or hospitality spaces, capitalizing on the area's burgeoning demand for housing and hospitality establishments. The asking price is $3,700,000, or $36.56 per square foot. A new roof is currently being installed, providing immediate value to the new owner. Furthermore, a nearby surface parking lot offering 90 spaces is available via a lease agreement. This prime location boasts excellent visibility and access on Jefferson Avenue, between BB King Boulevard and Second Street. The property is eligible for a Payment-In-Lieu-of-Tax abatement program, potentially freezing taxes at pre-development levels for up to 10 years. Partial seller financing is available for qualified buyers. Note that DMC approval is needed for closing, and current remediation efforts are underway to address a pending environmental court citation. This presents a unique chance to invest in a high-potential property within Memphis's strongest office campus, benefiting from the area's ongoing urbanization and strong job market.

• CAP approach

  CAP return

  Valuation

  6%

  $14,783,034

  6.5%

  $13,645,877

  7%

  $12,671,172

• Comparable approach

  Method

  Valuation

  Relative Method

  $7,998,696

  Geo Method

  $7,998,696

• Alternative Use

  Use

  Valuation

  Residential

  $16,920,888

  Hospitality

  $15,499,442

  Educational

  $12,895,354

  Medical

  $13,338,845

  Retail

  $20,059,440

Location Insight

City

Memphis

County

Shelby

State

Tennessee

Latitude

35.1466

Longitude

-90.0505

CBSA code

32820

CBSA name

MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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