1249 Shelby DrMemphis, TN 38116

Property Details for 1249 Shelby Dr

Year built

2002

Lot size

1.22 AC

Property size (Sq ft)

1,088 SF

Zone code

CMU-2

Property type

Retail properties

Property subtype

Banks

APN

079-061- - -00201

APU

7906100201

Description

This exceptional investment opportunity presents a brand-new, 10,000-square-foot Foot Locker store in Memphis, Tennessee. Located at 1249 E Shelby Dr, 38116, this single-tenant, net-lease property boasts a corporate guarantee and a remaining lease term of 9.8 years, expiring August 31, 2034. The lease commenced August 19, 2024, and includes two, five-year renewal options with a 10% rent increase every five years. The asking price is $3,795,000, representing a price per square foot of $379.50 and a 6.85% cap rate. The property generates a net operating income (NOI) of $260,000 annually, reflecting a 100% occupancy rate. Built in 2024, this strategically located retail space sits on a 1.25-acre lot and benefits from its relocation from the adjacent Southland Mall, showcasing Foot Locker's commitment to the Memphis market. The property enjoys high visibility and convenient access, situated near recently developed Starbucks and AutoZone locations, less than two miles from Interstate 55. Its proximity to Graceland and Memphis International Airport (MEM), a major cargo airport and FedEx World Hub, further enhances its appeal. This investment offers a strong tenant, a long-term lease, and a prime location within a densely populated Memphis submarket with limited competition, making it an attractive addition to any portfolio. The property's location within a 5-mile radius of over 83,000 employees and a daytime population exceeding 165,000 underscores its significant market potential.

• CAP approach

  CAP return

  Valuation

  6%

  $230,442

  6.5%

  $212,716

  7%

  $197,522

• Comparable approach

  Method

  Valuation

  Relative Method

  $213,748

  Geo Method

  $213,748

• Alternative Use

  Use

  Valuation

  Residential

  $179,434

  Hospitality

  $164,361

  Educational

  $136,746

  Medical

  $141,449

  Retail

  $212,716

Location Insight

City

Memphis

County

Shelby

State

Tennessee

Latitude

35.0206

Longitude

-90.0226

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].