1562 Two PlMemphis, TN 38116
- Mixed-use properties
- 44,416 SF
Property Details for 1562 Two Pl
- Year built
- 1977
- Lot size
- 3.33 AC
- Property size (Sq ft)
- 44,416 SF
- Zone code
- EMP
- Property type
- Mixed-use properties
- Property subtype
- Other industrial properties
- APN
- 078-003- -A-00074
- APU
- 078003A00074
Description
This Memphis, TN industrial property offers a compelling investment opportunity. Two buildings totaling 68,040 square feet are fully occupied by six diverse tenants, ensuring stable income. The property boasts 15 loading docks and 15 dock-high doors, with 20-foot ceilings. Located in the Southwest Industrial submarket, it benefits from convenient access to I-55 and I-40 interstates, placing it within two miles of Memphis International Airport and the FedEx World Hub. Individual utility metering down to 7,500 square foot bays provides flexible leasing options. The property underwent renovations in 2022 and enjoys 3-5% annual rent bumps. The limited supply of small-bay industrial space in Memphis positions this asset for continued growth and strong future returns. This stabilized, multi-tenant, NNN-leased property presents a value-add opportunity with a current NOI of $307,000. The property's location and features make it highly attractive to a wide range of tenants, ensuring long-term stability and potential for appreciation.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $7,935,556
- 6.5%
- $7,325,128
- 7%
- $6,801,905
-
Comparable approach
- Method
- Valuation
- Relative Method
- $5,367,140
- Geo Method
- $5,367,140
-
Alternative Use
- Use
- Valuation
- Residential
- $7,325,128
- Hospitality
- $6,709,778
- Educational
- $5,582,456
- Medical
- $5,774,446
- Retail
- $8,683,821
Location Insight
- City
- Memphis
- County
- Shelby
- State
- Tennessee
- Latitude
- 35.0592
- Longitude
- -90.0111
- CBSA code
- 32820
- CBSA name
- MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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