3294 Poplar AveMemphis, TN 38111

Property Details for 3294 Poplar Ave

Year built

2022

Lot size

0.88 AC

Property size (Sq ft)

3,026 SF

Zone code

CMU-1

Property type

Car washes

APN

044-048- - -00018-C

APU

04404800018C

Description

Exceptional investment opportunity: a fee-simple Zips Car Wash in Memphis, TN. This 3,041 square foot facility, built in 2021, sits on a 0.88-acre lot at 3294 Poplar Ave, 38111. The property boasts a strong 7.50% cap rate, generating a net operating income (NOI) of $280,915. Secured by a corporate guarantee, the NNN lease commenced September 1, 2022, and has a remaining term of 17.9 years, extending to September 30, 2042. Annual rent increases of 2.00% are built into the lease, providing consistent growth. Four five-year tenant renewal options exist, potentially extending the lease term to 40 years. The asking price is $3,745,534, translating to $1,231.68 per square foot. This property is eligible for 15-year accelerated depreciation and bonus depreciation, further enhancing its investment appeal. The tenant, Zips Car Wash, benefits from recent significant investment from Atlantic Street Capital, bolstering its financial stability and long-term prospects. This is a rare opportunity to acquire a high-performing, long-term leased asset in a prime Memphis location.

• CAP approach

  CAP return

  Valuation

  6%

  $640,918

  6.5%

  $591,617

  7%

  $549,358

• Comparable approach

  Method

  Valuation

  Relative Method

  $594,486

  Geo Method

  $594,486

• Alternative Use

  Use

  Valuation

  Residential

  $499,051

  Hospitality

  $457,128

  Educational

  $380,325

  Medical

  $393,405

  Retail

  $591,617

Location Insight

City

Memphis

County

Shelby

State

Tennessee

Latitude

35.1301

Longitude

-89.9521

CBSA code

32820

CBSA name

MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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