Union Avenue Commercial
For Sale
$4,070,660
400 Union Avenue, Memphis, TN 38103
Highly visible, accessible commercial building with controlled access parking.
Property Size16,525 SF
Price / SF$246.33
Days on Market196
Property Features for 400 Union Avenue
General Information
Standard status
Active
Size
16,525 SF
Property subtype
Office
Listing Agency:
CBRE | Memphis
Listed By:
Kelly Truitt · License #226088
(901) 290-1020
Source:
Cbre
Added: Mar 25
Changed: Sep 26
Last Checked: Oct 5 at 5:14PM
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 CBRE | Memphis
Investment Insights
Based on property information with market context.
Located on Union Avenue in downtown Memphis, the property at 400 Union Avenue features a three-level commercial building, with two levels above grade and one below. The property includes a large, controlled-access surface parking lot. The building, consisting of 16,525 square feet, underwent a complete renovation in 2016-2017 to accommodate a Class A recording studio and associated office space. The property is located within CBD zoning, offering potential for various commercial uses.
Key Highlights
- Highly visible and accessible location on Union Avenue in downtown Memphis.
- Controlled access surface parking lot.
- Fully renovated in 2016‑2017.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$252,833
Cap Rate
6.21%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,056,660
$5.1M
Cap Rate 7%
$3,611,900
$3.6M
Cap Rate 9%
$2,809,256
$2.8M
Market Conditions
NOI Build-Up for 16,525 SF
Gross rent
$396.6K $24.00/SF
− Vacancy
−$59.5K −$3.60/SF
EGI
$337.1K $20.40/SF
− OpEx
−$84.3K −$5.10/SF
NOI
$252.8K $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 Rate 5%
$5,056,660
Cap Rate 7%
$3,611,900
Cap Rate 9%
$2,809,256
Alternative Uses
Best Use
Office B
$3.61M
$3.16M – $4.21M
NOI $252,833 @ 7.0% cap · market cap 6.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.88M
$4.27M – $5.70M
NOI $341,869 @ 7.0% cap · market cap 8.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,053
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Memphis, TN
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Frequently Asked Questions
What type of property is this?
Office building - Highly visible, accessible commercial building with controlled access parking.
Where is this office building located?
The property is located at 400 Union Avenue Memphis, TN.
What is the asking price?
The asking price for this property is $4,070,660.
What are key features of this property?
This property features: Highly visible and accessible location on Union Avenue in downtown Memphis.; Controlled access surface parking lot.; Fully renovated in 2016‑2017.
