Landmark Building Office
For Sale
$291,255
109 N Main, Memphis, TN 38103
Office suite in downtown Memphis with modern upgrades and amenities.
Property Size7,774 SF
Price / SF$323.62
Days on Market169
Property Features for 109 N Main
General Information
Standard status
Active
Size
7,774 SF
Class
B
Property subtype
Office
Building Details
Building Size
7,774 SF
Listing Agency:
Universal Commercial Real Estate LLC
(901) 503-5917
Listed By:
Darrell Cobbins · License #278933
(901) 503-5917
Source:
Universalcommercial
Added: Mar 6
Changed: Aug 22
Last Checked: Aug 22 at 4:35AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Universal Commercial Real Estate LLC
Investment Insights
Based on property information with market context.
Located in downtown Memphis, the Claridge House was originally constructed in the 1920s as a luxury hotel and renovated in 2004 into upscale residential and office condos. The property features an opulent lobby and a 900-square-foot rooftop deck with city skyline views. Building amenities include community WiFi, a gym, laundry room, roof deck, indoor pool, spa, and a club room. This office suite is situated in a landmark building on the Main Street trolley line. The space includes new paint, new carpet, large open workspaces and training rooms, a breakroom, and interior restrooms. It was built out for a federal government tenant in 2019 and includes tech upgrades, wiring, and keycard access. The suite offers views overlooking Civic Center Plaza and is near the City, Shelby County Building, Federal Building, and Downtown Memphis Commission. It is also located across Main Street from the upcoming redeveloped 100 N. Main Building. The location provides convenient access to AutoZone Park, FedExForum, and Beale Street Entertainment District, offering a mix of commercial, cultural, and entertainment establishments.
Key Highlights
- Prime downtown Memphis location with convenient access to AutoZone Park, FedExForum, and Beale Street.
- Located in a landmark building on the Main Street trolley line.
- Enjoy building amenities including a 900 sq ft rooftop deck, indoor pool, spa, gym, club room, laundry room, and community WiFi.
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
$13,770
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
4.73%
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%
$275,400
$275.4K
Cap Rate 7%
$196,714
$196.7K
Cap Rate 9%
$153,000
$153.0K
Market Conditions
NOI Build-Up for 900 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
$21.6K $24.00/SF
− Vacancy
−$3.2K −$3.60/SF
EGI
$18.4K $20.40/SF
− OpEx
−$4.6K −$5.10/SF
NOI
$13.8K $15.30/SF
Area
Memphis, TN
Vacancy
15.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$275,400
Cap Rate 7%
$196,714
Cap Rate 9%
$153,000
Alternative Uses
Best Use
Office B
$196.7K
$172.1K – $229.5K
NOI $13,770 @ 7.0% cap · market cap 4.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$266.0K
$232.7K – $310.3K
NOI $18,619 @ 7.0% cap · market cap 6.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,826
Businesses Nearby
Explore this area
Business Placement
Demographics for 38103, TN
14,739
Population
8,811
Households
1.7
Avg Household Size
35
Median Age
61%
College-Educated
95%
High-School Grad
2.7 sq mi
ZIP Area
5,459
Density / Sq Mi
$75,763
Median Household Income
$60,918
Median Earnings
$1,575
Median Rent
$380,900
Median Home Value
Market
Vacancy Rate% for Office in Memphis, TN
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Office suite in downtown Memphis with modern upgrades and amenities.
Where is this office units located?
The property is located at 109 N Main Memphis, TN.
What is the asking price?
The asking price for this property is $291,255.
What are key features of this property?
This property features: Prime downtown Memphis location with convenient access to AutoZone Park, FedExForum, and Beale Street.; Located in a landmark building on the Main Street trolley line.; Enjoy building amenities including a **900 sq ft rooftop deck, indoor pool, spa, gym, club room, laundry room, and community WiFi.**
