199 Summitt StMemphis, TN 38104

Property Details for 199 Summitt St

Year built

1910

Construction

FRAME

Lot size

0.19 AC

Property size (Sq ft)

6,688 SF

Zone code

OG

Property type

Office buildings

APN

028-008- - -00005-C

APU

02800800005C

Description

This unique, 6,688-square-foot mixed-use property in Memphis' vibrant Midtown submarket presents a compelling investment opportunity. Located on Summit Street, just one block from Union Avenue and directly behind Midtown Fresh Market, this two-story, 1910 building offers a blend of traditional office, executive office, coworking, and creative office spaces. The upper level features four private offices, a conference room, a breakroom/kitchen, and two studio apartments—one fully renovated and ready for immediate occupancy, the other awaiting renovation. These apartments offer potential for long-term or short-term rentals. The lower level provides adaptable office/creative space, partially renovated and currently used as a visual marketing studio. The property sits on 0.187 acres and includes 10 parking spaces. Its prime location places it within blocks of Overton Square, the Cooper-Young district, and numerous cultural attractions, including Playhouse on the Square and Overton Park. The property is zoned CMU and benefits from significant recent investment in nearby hotels, apartments, and retail spaces along Union Avenue and Cooper Street. This is a rare chance to acquire a versatile property in a thriving, high-demand area. The building's character and location make it ideal for a variety of uses, offering strong potential for rental income and appreciation. The vacant 6,688 square feet provides flexibility for a single tenant or multiple occupants.

• CAP approach

  CAP return

  Valuation

  6%

  $963,635

  6.5%

  $889,509

  7%

  $825,973

• Comparable approach

  Method

  Valuation

  Relative Method

  $521,396

  Geo Method

  $521,396

• Alternative Use

  Use

  Valuation

  Residential

  $1,102,991

  Hospitality

  $1,010,334

  Educational

  $840,586

  Medical

  $869,495

  Retail

  $1,307,578

Location Insight

City

Memphis

County

Shelby

State

Tennessee

Latitude

35.1326

Longitude

-89.9895

CBSA code

32820

CBSA name

MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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