3717 Summer AveMemphis, TN 38122

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

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.

• 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

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

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