1203 Shelby DrMemphis, TN 38116

Property Details for 1203 Shelby Dr

Year built

2022

Lot size

2.09 AC

Property size (Sq ft)

32,760 SF

Zone code

CMU-2

Property type

Retail properties

Property subtype

Retail space

APN

079-061- - -00215

APU

7906100215

Description

This exceptional investment opportunity presents a 32,400 square foot AutoZone ground lease in Memphis, Tennessee. The property boasts a 13.4-year remaining lease term (commencing May 1, 2023, and expiring April 30, 2038) with a credit-rated corporate guarantee from AutoZone, a Fortune 500 company headquartered in Memphis. The absolute NNN lease features built-in rent bumps of 8% every five years, ensuring consistent income growth. Located at 1203 E Shelby Dr, Memphis, TN 38116, this prime retail location benefits from high visibility, situated next to a new Starbucks and Foot Locker, with signalized access. The property's strategic location near Graceland, Memphis International Airport, and Interstate 55 ensures significant traffic and exposure. This AutoZone store is a high-performing mega-hub location, ranked in the top 2% nationwide, and offers a substantial 2.09-acre lot. The asking price is $2,796,000, representing a 5.15% cap rate and a price per square foot of $86.30. The property's strong tenant, prime location, and long-term lease make it an attractive investment with significant upside potential. The lease includes four, five-year renewal options. The current Net Operating Income (NOI) is $144,000. This is a rare opportunity to acquire a high-performing, long-term ground lease with a blue-chip tenant in a thriving Memphis submarket.

• CAP approach

  CAP return

  Valuation

  6%

  $6,938,689

  6.5%

  $6,404,944

  7%

  $5,947,448

• Comparable approach

  Method

  Valuation

  Relative Method

  $6,436,004

  Geo Method

  $6,436,004

• Alternative Use

  Use

  Valuation

  Residential

  $5,402,810

  Hospitality

  $4,948,945

  Educational

  $4,117,464

  Medical

  $4,259,070

  Retail

  $6,404,944

Location Insight

City

Memphis

County

Shelby

State

Tennessee

Latitude

35.0204

Longitude

-90.024

CBSA code

32820

CBSA name

MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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