1723 Union AveMemphis, TN 38104

Property Details for 1723 Union Ave

Year built

1994

Lot size

0.41 AC

Property size (Sq ft)

834 SF

Zone code

CMU-3

Property type

Retail properties

Property subtype

Drive through restaurants

APN

016-041- - -00003

APU

1604100003

Description

This exceptional redevelopment opportunity presents a vacant, 834-square-foot quick-service restaurant (QSR) building situated on a 0.4-acre lot in Memphis, Tennessee. Located at 1723 Union Avenue, this single-story, single-tenant property boasts two drive-thrus, thirteen parking spaces (including one ADA space), and an outdoor seating area. Previously occupied by Backyard Burger, the property offers significant value-add potential for owner-users or investors seeking to lease at competitive market rates (CoStar estimates $18-22/NNN retail). The property enjoys high visibility and significant traffic exposure (approximately 44,681 vehicles per day) due to its prominent location on a hard corner across from a Kroger supermarket and along a bustling retail corridor. Its "CH" Highway Commercial District zoning allows for a wide range of retail uses. The property benefits from its proximity to numerous national and regional retailers, including Starbucks, Dunkin', Home Depot, Bass Pro Shops, Wendy's, Walgreens, KFC, FedEx, and UPS. Furthermore, its location near major medical facilities—University of Tennessee Health Science Center, Le Bonheur Children's Hospital, Methodist University Hospital, and Regional One Health—and the Overton Square entertainment district enhances its appeal. Strong demographics within a 3-mile radius include a population of approximately 105,000 with an average household income of $73,000. This property is being offered via an absolute $1 auction with no reserve, presenting a unique chance to acquire a valuable asset significantly below replacement cost. The property was built in 1994 and is available for occupancy on October 1, 2024.

• CAP approach

  CAP return

  Valuation

  6%

  $176,644

  6.5%

  $163,056

  7%

  $151,409

• Comparable approach

  Method

  Valuation

  Relative Method

  $163,847

  Geo Method

  $163,847

• Alternative Use

  Use

  Valuation

  Residential

  $137,544

  Hospitality

  $125,990

  Educational

  $104,822

  Medical

  $108,427

  Retail

  $163,056

Location Insight

City

Memphis

County

Shelby

State

Tennessee

Latitude

35.1352

Longitude

-90.0043

CBSA code

32820

CBSA name

MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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