409 Main StMemphis, TN 38103

  • Retail properties
  • 34,969 SF
For Sale
$3,500,000 View listing

Property Details for 409 Main St

Year built
1910
Lot size
0.19 AC
Property size (Sq ft)
34,969 SF
Zone code
SM
Property type
Retail properties
Property subtype
Retail space
APN
002-105- - -00003
APU
210500003

Description

This exceptional 35,000 square foot, three-story building at 409 S Main St in Memphis, Tennessee, presents a unique investment opportunity. Originally constructed in 1910, this Class B retail property sits on a 0.195-acre lot and is currently vacant. The building boasts a rich history, previously housing the successful Lucky Cowboy bar and lounge. The basement, with its eclectic décor and furniture (available separately), once held 110 people and features restrooms. The first floor includes a brand-new, full commercial kitchen, perfect for restaurant use or venue expansion, along with multiple restrooms. The second floor offers a blank canvas for adaptable design and potential event space expansion. The third floor is a fully functioning wedding venue, comfortably accommodating 250 people (220 seated), complete with a caterer's kitchen, bridal suite, groom's suite, and attached restrooms. This turnkey operation generates revenue from scheduled venue rentals. The asking price is $3,500,000, translating to $100 per square foot. This property offers significant potential for a variety of uses and substantial returns. The building's prime location in downtown Memphis ensures high visibility and accessibility. This is a rare chance to acquire a historic property with significant existing infrastructure and immediate revenue potential.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $7,406,564
    6.5%
    $6,836,828
    7%
    $6,348,483
  • Comparable approach

    Method
    Valuation
    Relative Method
    $6,869,982
    Geo Method
    $6,869,982
  • Alternative Use

    Use
    Valuation
    Residential
    $5,767,120
    Hospitality
    $5,282,651
    Educational
    $4,395,104
    Medical
    $4,546,258
    Retail
    $6,836,828
409 Main St, Memphis, Tennessee

Location Insight

City
Memphis
County
Shelby
State
Tennessee
Latitude
35.1355
Longitude
-90.0587
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
$63,390
$63,120
$977,480
$1,040,600
-
$157,800
$2,443,700
$2,601,500

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