Two-Bay Medical Office
New
For Sale
$1,599,000
6225 GREENLEE Rd, Arlington, TN 38002
Commercial/Industrial, Arlington, TN
Property Size6,261 SF
Price / SF$255.39
Days on Market3
Property Features for 6225 GREENLEE Rd
General Information
Property type
Residential
Property subtype
Office
Subdivision
GREENLEE STREET OFFICES
Standard status
Active
Taxes and HOA fees
Tax Annual Amount
15006
Building Details
Year built
2019
Listing Agency:
Bascom Realty
(901) 867-7988
Listed By:
Glen Bascom
(901) 870-4023
Added: Aug 20
Last Checked: Aug 22 at 6:06PM
MLS# 10228798
Copyright © 2026 Memphis Area Association of Realtors®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 2019, this medical office property contains 6,261 square feet arranged across two bays. Suite 101 measures 3,056 square feet, while Suite 102 provides 3,205 square feet. The bays can be connected, allowing the property to function as a larger contiguous office or medical facility while retaining separate suite configurations. Both spaces are fully built out and ready for occupancy or leasing. The property is located at 6225 Greenlee Rd in Arlington, Tennessee, within Shelby County.
Key Highlights
- 6,261‑square‑foot medical office property built in 2019
- Two‑bay layout with suites that can be connected
- Suite 101 contains 3,056 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$74,640
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.67%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,492,800
$1.5M
Cap Rate 7%
$1,066,286
$1.1M
Cap Rate 9%
$829,333
$829.3K
Market Conditions
NOI Build-Up for 6,261 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$139.0K $22.20/SF
− Vacancy
−$14.6K −$2.33/SF
EGI
$124.4K $19.87/SF
− OpEx
−$49.8K −$7.95/SF
NOI
$74.6K $11.92/SF
Area
Shelby County, TN
Vacancy
10.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,492,800
Cap Rate 7%
$1,066,286
Cap Rate 9%
$829,333
Alternative Uses
Best Use
Healthcare Medical
$1.07M
$933.0K – $1.24M
NOI $74,640 @ 7.0% cap · market cap 4.67%
Second Best
Office B
$879.0K
$769.2K – $1.03M
NOI $61,533 @ 7.0% cap · market cap 3.85%
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,716 @ 7.0% cap · market cap 5.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
320
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 38002, TN
44,385
Population
15,448
Households
2.9
Avg Household Size
38
Median Age
47%
College-Educated
97%
High-School Grad
116.3 sq mi
ZIP Area
382
Density / Sq Mi
$115,478
Median Household Income
$56,917
Median Earnings
$1,695
Median Rent
$363,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Arlington Animal Clinic: Schoknecht Monica DVM — 6010 Airline Rd, Arlington, TN 38002
- Arlington Animal Clinic — 6010 Airline Rd, Arlington, TN 38002
- Arungton Animal Clinic — 11891 US-70, Arlington, TN 38002
Frequently Asked Questions
What type of property is this?
Medical Office Space - Built-out commercial space includes two separately configured suites that can be connected for a unified layout.
Where is this medical office space located?
The property is located at 6225 GREENLEE Rd Arlington, TN.
What is the asking price?
The asking price for this property is $1,599,000.
What are key features of this property?
This property features: 6,261‑square‑foot medical office property built in 2019; Two‑bay layout with suites that can be connected; Suite 101 contains 3,056 square feet
