3717 Summer AveMemphis, TN 38122

  • Retail properties
  • 2,714 SF
For Sale

Property Details for 3717 Summer Ave

Year built
1979
Lot size
0.62 AC
Property size (Sq ft)
2,714 SF
Zone code
CMU-3
Property type
Retail properties
Property subtype
Drive through restaurants
APN
044-093- - -00001-C
APU
04409300001C

Description

This exceptional 2,714 square foot free-standing restaurant building presents a compelling investment opportunity in the thriving East Memphis market. Located at 3717 Summer Avenue in Shelby County, Tennessee, this property boasts a prime location surrounded by high-profile retailers including Chick-fil-A, Starbucks, Aldi, and Chipotle, ensuring high visibility and foot traffic. The building, originally constructed in 1979, underwent a complete renovation in 2023, presenting a modern and updated space ready for immediate occupancy. Currently leased under a triple-net (NNN) lease for 10 years, the property generates a strong net operating income (NOI) of $75,009.85, resulting in an attractive 6.80% capitalization rate. The 0.65-acre lot provides ample space and parking. The property benefits from exceptional traffic counts, with Summer Avenue boasting 24,197 average annual daily traffic (AADT) and Sam Cooper Boulevard showing 55,155 AADT. Its proximity to High Point Terrace, known for its high-value residential properties, further enhances its desirability. This turnkey restaurant investment offers a rare combination of strong financials, excellent location, and recent renovations, making it an ideal addition to any portfolio. The current tenant is Jeremiah's Italian Ice. The zip code is 38122.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $574,835
    6.5%
    $530,617
    7%
    $492,716
  • Comparable approach

    Method
    Valuation
    Relative Method
    $533,190
    Geo Method
    $533,190
  • Alternative Use

    Use
    Valuation
    Residential
    $447,595
    Hospitality
    $409,995
    Educational
    $341,111
    Medical
    $352,842
    Retail
    $530,617
3717 Summer Ave, Memphis, Tennessee

Location Insight

City
Memphis
County
Shelby
State
Tennessee
Latitude
35.1489
Longitude
-89.937
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
$11,111
$44,600
$137,800
$182,400
-
$111,500
$344,500
$456,000

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