114 Tillman StMemphis, TN 38111

Property Details for 114 Tillman St

Year built

2002

Lot size

0.19 AC

Property size (Sq ft)

1,650 SF

Zone code

CMU-1

Property type

Retail properties

Property subtype

Other individual retail properties

APN

044-012- - -00014

APU

4401200014

Description

This exceptional mixed-use property, located at 114 & 118 Tillman St in Memphis, Tennessee, presents a compelling investment opportunity. The property consists of two buildings totaling 1,650 to 3,000 square feet on a 0.75-acre lot, zoned CMU-1 (Commercial Mixed Use-1). Built in 2002 and extensively renovated in 2021, the buildings are in excellent condition. The property boasts a strong Net Operating Income (NOI) of $72,271, yielding an attractive 11.95% cap rate. The asking price is $605,000, translating to a land value of $101 per square foot. The property features a 100% ownership structure and was fully occupied as of May 17, 2022. This owner/user investment is ideal for those seeking a stable, high-return asset in a desirable Midtown Memphis location. The property's location offers excellent visibility and access to significant traffic. The buildings are single-story structures. This is a rare opportunity to acquire a well-maintained, high-performing mixed-use property in a thriving Memphis neighborhood.

• CAP approach

  CAP return

  Valuation

  6%

  $349,476

  6.5%

  $322,593

  7%

  $299,551

• Comparable approach

  Method

  Valuation

  Relative Method

  $324,158

  Geo Method

  $324,158

• Alternative Use

  Use

  Valuation

  Residential

  $272,120

  Hospitality

  $249,260

  Educational

  $207,381

  Medical

  $214,514

  Retail

  $322,593

Location Insight

City

Memphis

County

Shelby

State

Tennessee

Latitude

35.1347

Longitude

-89.9624

CBSA code

32820

CBSA name

MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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