Leased Strip Center on Corner
For Sale
$1,250,000
6249 STAGE Rd, Bartlett, TN 38134
Commercial/Industrial, Bartlett, TN
Property Size6,256 SF
Price / SF$199.81
Days on Market26
Property Features for 6249 STAGE Rd
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
STAGE VILLAGE SHOPPING CENTER
Standard status
Active
Taxes and HOA fees
Tax Annual Amount
9057
Building Details
Year built
1991
Listing Agency:
Adaro Realty, Inc.
(901) 751-6675
Listed By:
Lisa Chou
(901) 634-6551
Added: Aug 5
Changed: Aug 20
Last Checked: Aug 30 at 6:06AM
MLS# 10227693
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.
This strip center contains +/- 6256 sq.ft. and is fully leased to long-term tenants. Built in 1991, the property occupies a corner parcel measuring nearly 1 acre and provides a multi-tenant retail configuration suited to continued commercial occupancy.
Stage Rd frontage places the center along a thoroughfare carrying approximately 28,208 vehicles (AADT) daily. The property also offers access to Kirby Whitten Rd, Germantown Pkwy, and I-40, with local and national brands in the surrounding commercial area.
Stage Rd frontage places the center along a thoroughfare carrying approximately 28,208 vehicles (AADT) daily. The property also offers access to Kirby Whitten Rd, Germantown Pkwy, and I-40, with local and national brands in the surrounding commercial area.
Key Highlights
- Fully leased +/- 6256 sq.ft. strip center with long‑term tenants
- Nearly 1 acre corner parcel
- Stage Rd frontage with approximately 28,208 vehicles (AADT) daily
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
$62,404
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
4.99%
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%
$1,248,080
$1.2M
Cap Rate 7%
$891,486
$891.5K
Cap Rate 9%
$693,378
$693.4K
Market Conditions
NOI Build-Up for 6,256 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
$93.8K $15.00/SF
− Vacancy
−$4.7K −$0.75/SF
EGI
$89.1K $14.25/SF
− OpEx
−$26.7K −$4.27/SF
NOI
$62.4K $9.98/SF
Area
Memphis, TN
Vacancy
5.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,248,080
Cap Rate 7%
$891,486
Cap Rate 9%
$693,378
Alternative Uses
Best Use
Retail
$891.5K
$780.1K – $1.04M
NOI $62,404 @ 7.0% cap · market cap 4.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.85M
$1.62M – $2.16M
NOI $129,424 @ 7.0% cap · market cap 10.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
28,208 VPD
Traffic count
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
857
Businesses Nearby
344k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 48%
Dining 24%
Groceries 16%
Apparel 4%
Kroger
Groceries
55,726 visits/mo
0.4 miles
McDonald's
Dining
33,310 visits/mo
0.3 miles
Five Below
Shops & Services
29,029 visits/mo
0.4 miles
Dollar Tree
Shops & Services
22,900 visits/mo
0.3 miles
Kroger Fuel Center
Shops & Services
22,208 visits/mo
0.4 miles
Demographics for 38134, TN
41,760
Population
15,685
Households
2.7
Avg Household Size
35
Median Age
21%
College-Educated
86%
High-School Grad
18.6 sq mi
ZIP Area
2,245
Density / Sq Mi
$61,172
Median Household Income
$39,185
Median Earnings
$1,147
Median Rent
$184,400
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Fully leased retail property with Stage Road frontage and convenient access to established regional corridors.
Where is this strip mall located?
The property is located at 6249 STAGE Rd Bartlett, TN.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Fully leased +/- 6256 sq.ft. strip center with long‑term tenants; Nearly 1 acre corner parcel; Stage Rd frontage with approximately 28,208 vehicles (AADT) daily
