1616 Winchester RdMemphis, TN 38116

Property Details for 1616 Winchester Rd

Year built

1987

Lot size

0.78 AC

Property size (Sq ft)

2,643 SF

Zone code

EMP

Property type

Specialty properties

Property subtype

Other specialty properties

APN

078-004- - -00045

APU

7800400045

Description

This exceptional mixed-use property, located at 1616 Winchester Rd, Memphis, TN 38116, presents a rare investment opportunity. The 2,524 square foot building sits on a private gated lot and includes a detached three-car garage, offering ample parking (65 spaces). Currently operating at 100% occupancy with a month-to-month tenant, the property boasts a strong net lease structure (NNN) with a corporate guarantee and a credit-rated tenant. The current NOI is $24,000, yielding an 8.28% cap rate, while the pro-forma NOI is projected at $30,288, resulting in a 10.45% pro-forma cap rate. Renovated in 2015, the building features two offices and two bathrooms. Zoned for a variety of uses including retail, restaurant, office, and more, this versatile property offers significant upside potential. The asking price is $289,901 ($114.86/sq ft). The property is currently under-rented, with market rates closer to $12-15 per square foot. The lease commenced September 1, 2018, and is currently month-to-month, with the previous lease expiring May 8, 2024. This property is ideal for investors seeking a strong return in a prime Memphis location. Its proximity to the airport and major roadways adds to its appeal.

• Alternative Use

  Use

  Valuation

  Residential

  $435,886

  Hospitality

  $399,269

  Educational

  $332,187

  Medical

  $343,612

  Retail

  $516,736

Location Insight

City

Memphis

County

Shelby

State

Tennessee

Latitude

35.0542

Longitude

-90.0099

CBSA code

32820

CBSA name

MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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