Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Residential Lot in Memphis Title is generated by Realmo AI

    1338 WILLIE MITCHELL, Memphis, TN 38106

    View on Map
    Claim this Listing
    New
    For Sale
    Contact for pricing

    Land - Memphis, TN

    Lot size:
    0.16 Acres
    Added:
    May 12, 2026
    Days on Market:
    2
    Last Refresh:
    May 13 at 4:06 am

    Property Features for 1338 WILLIE MITCHELL

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    R
    Standard status
    Active
    Lot size
    0.16 Acres

    Taxes and HOA fees

    Tax Annual Amount
    65

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Crystal Mitchell

    Listing agent Crystal Mitchell

    Listing office Renshaw Company, REALTORS 5865 Ridgeway Ctr. Pkwy, #101, Memphis, TN

    Listing date May 12, 2026

    MLS# 10221373 Listing URL

    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.

    HighLights

    • Convenient location in Memphis.
    • Easy access to shopping.
    • Easy access to dining.
    • Easy access to major roadways.
    • Vacant residential lot.
    • Opportunity to build.

    Overview

    This vacant residential lot in Memphis presents a building opportunity. The property is conveniently located with easy access to shopping, dining, and major roadways. The lot size is 0.16 acres. The zoning is R. Intended use is residential.
    Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -90.0375
    Latitude
    35.1032

    Nearby Similar for Sale

    • $1,550,000
      13,455 SF

      Memphis Light Industrial/Manufacturing Opportunity

      Versatile flex/warehouse space in Memphis, suitable for various business operations.
      6735 WHITTEN, Memphis, TN 38133
      View Details
    • $765,000

      Memphis Commercial Property For Sale

      Commercial property with potential for medical or office space.
      804 S HIGHLAND, Memphis, TN 38111
      View Details
    • $450,000

      Corner Lot Commercial Space

      3600 SF commercial space on corner lot near I-240.
      3880 LAMAR, Memphis, TN 38118
      View Details
    • $160,000

      Adaptable Commercial Property in Memphis

      Versatile commercial property suitable for various business types or investment.
      3402 PARK, Memphis, TN 38111
      View Details
    • $699,000

      Memphis Commercial Space on Lamar

      High-traffic commercial space suitable for restaurant, retail, or entertainment.
      2802 LAMAR, Memphis, TN 38114
      View Details
    • $525,000

      Memphis Commercial Land For Sale

      3.55 acre commercial land parcel in Memphis, Tennessee.
      4104 AUSTIN PEAY, Memphis, TN 38128
      View Details
    • $50,000

      Versatile Commercial Property in Memphis

      Commercial property suitable for restaurant, retail, or entertainment venue.
      1172 N HOLLYWOOD, Memphis, TN 38108
      View Details
    • $85,000

      North Memphis Commercial Opportunity

      Retail or office space with potential residential conversion.
      3240 N WATKINS, Memphis, TN 38127
      View Details
    • $925,000

      Downtown Memphis Development Opportunity

      Prime 0.8 acre development site near Beale Street.
      386 E PONTOTOC, Memphis, TN 38126
      View Details
    • $373,000

      Memphis Fourplex in Vollintine-Evergreen

      Well-maintained fourplex in historic Vollintine-Evergreen, near V&E Greenline.
      1736 TUTWILER, Memphis, TN 38107
      View Details
    • $375,000

      Memphis Office Building For Sale

      Office building with over 4800 square feet available.
      4359 STAGE, Memphis, TN 38128
      View Details
    • $1,800

      Memphis Commercial Office and Medical Building

      Office and medical building with suites available for lease.
      5158 STAGE, Memphis, TN 38134
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Vacant residential lot, convenient location, build opportunity.
    Where is this residential land & home lot located?
    The property is located at 1338 WILLIE MITCHELL Memphis, TN.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: Convenient location in Memphis.; Easy access to shopping.; Easy access to dining.
    (901) 864-2650
    We can help!
    Listing Contact
    Crystal Mitchell
    Real Estate License ID: 346815
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1338 WILLIE MITCHELL, Memphis, TN 38106
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!