2926 Lamar AveMemphis, TN 38114

Property Details for 2926 Lamar Ave

Year built

2006

Lot size

9.56 AC

Property size (Sq ft)

64,835 SF

Zone code

CMU-3

Property type

Retail properties

Property subtype

Strip malls

APN

059-016- -A-00002

APU

059016A00002

Description

This exceptional 64,800 square foot shopping center in Memphis, Tennessee, presents a compelling investment opportunity. Built in 2006, the single-story, one-building property sits on a 9.55-acre lot and boasts a strong 87.41% occupancy rate. The asking price is $6,330,000, representing a compelling 8.50% capitalization rate and a price per square foot of $97.69. The property generates a Net Operating Income (NOI) of $538,040. Located at 2926 Lamar Ave, Memphis, TN 38114, this strategically positioned center benefits from high visibility and traffic counts exceeding 140,000 vehicles per day due to its proximity to I-240. The property features ample parking (4.49 spaces per 1,000 sq ft) and is zoned CMU-1: Commercial Mixed Use. The tenant roster includes a mix of national brands, many of whom have occupied the space for over 13.5 years on average, providing stability and long-term income potential. The strong demographics of the surrounding area, with a population exceeding 95,000 within a 3-mile radius and an average household income nearing $76,000, further enhance the investment appeal. Value-add opportunities exist through potential lease rate adjustments and possible outlot development. The property's superior curb appeal and limited recent construction in the immediate area solidify its position as a premier retail destination along Lamar Avenue. APN: 0590160A000020.

• CAP approach

  CAP return

  Valuation

  6%

  $13,732,293

  6.5%

  $12,675,963

  7%

  $11,770,537

• Comparable approach

  Method

  Valuation

  Relative Method

  $12,737,432

  Geo Method

  $12,737,432

• Alternative Use

  Use

  Valuation

  Residential

  $10,692,649

  Hospitality

  $9,794,409

  Educational

  $8,148,833

  Medical

  $8,429,084

  Retail

  $12,675,963

Location Insight

City

Memphis

County

Shelby

State

Tennessee

Latitude

35.0891

Longitude

-89.9631

CBSA code

32820

CBSA name

MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].