1246 Lamar AveMemphis, TN 38104

  • Retail properties
  • 8,320 SF
For Sale
$1,385,000 View listing

Property Details for 1246 Lamar Ave

Year built
2011
Lot size
0.86 AC
Property size (Sq ft)
8,320 SF
Zone code
CMU-3
Property type
Retail properties
Property subtype
Retail space
APN
015-001- - -00080
APU
1500100080

Description

This fee-simple, 8,320 square foot Dollar Tree storefront in Memphis, TN, presents a compelling investment opportunity. The property, built in 2011, sits on a 0.86-acre lot and boasts a 7.21% cap rate with a Net Net lease in place. The current lease, commencing February 1, 2011, and expiring January 31, 2029, offers a remaining term of 4.2 years, followed by three 5-year renewal options with attractive rent increases. The tenant, Dollar Tree Stores, Inc., holds an investment-grade credit rating (BBB/Baa2) and guarantees the lease. The property enjoys exceptional visibility and high traffic counts, situated near the intersection of US Highway 51 and Lamar Avenue (US Route 78), and seconds from Interstate 69. Its strategic location benefits from proximity to major retailers, schools, universities, and a densely populated residential area, including a strong customer base within a 3-mile radius (approx. 105,000 people with an average household income of $80,045). The property's 2023 reported sales were $1,964,080, resulting in a 19.67 sales-to-rent ratio. The asking price is $1,385,000, generating a net operating income (NOI) of $99,840. This property offers a stable, high-yield investment with significant growth potential.

1246 Lamar Ave, Memphis, Tennessee

Location Insight

City
Memphis
County
Shelby
State
Tennessee
Latitude
35.1287
Longitude
-90.0202
CBSA code
32820
CBSA name
MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2022
$18,696
$34,880
$272,040
$306,920
-
$87,200
$680,100
$767,300

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