Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1523 Union Ave Memphis, TN 38104

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Redevelopment opportunity with high traffic count on Union Avenue.

    Added:
    Nov 25, 2025
    Days on Market:
    129
    Last Refresh:
    Apr 2 at 1:13 am

    Property Features for 1523 Union Ave

    General Information

    Standard status
    Active

    Spaces For Lease

    at 1523 Union Ave Contact us

    We can help!

    Listing Contact
    Hurston Reed
    Hurston Reed

    Listing agent Hurston Reed License #297139

    Listing office The Shopping Center Group | Memphis

    Listing date Nov 25, 2025

    Source Tscg

    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 The Shopping Center Group | Memphis

    Overview

    Union Avenue Retail Redevelopment Opportunity

    This proposed redevelopment opportunity is located on Union Avenue, situated between Kimbrough Place and South Willett Street in Midtown Memphis, Tennessee. The site offers the potential for a 2,000 square foot retail building. The property features 100 feet of frontage on Union Avenue and a depth of 200 feet. Traffic counts on Union Avenue average 29,875 vehicles per day.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Midtown Framer & Art (Bike/Boat/Book/etc) Store Midtown Framer and Art (Bike/Boat/Book/etc) Store Custom Framing (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -90.011
    Latitude
    35.1358

    Nearby Similar for Lease

    • $1.00/mo

      Office and Warehouse Facility For Rent

      4,756 SF office and warehouse with yard and parking.
      231 South Parkway West, Memphis, TN 38109
      View Details
    • Sponsored
      Contact for pricing

      TN, Memphis - S Main Street

      107 Main St, Memphis, TN 38103
      View Details
    • Contact for pricing

      Southwind Office Center

      8295 Tournament Dr, Unit 150, Memphis, TN 38125
      View Details
    • Contact for pricing

      Triad center I

      6000 Poplar Ave, Unit 250, Memphis, TN 38119
      View Details
    • Contact for pricing

      Colonnade

      1661 International Dr, Unit 400, Memphis, TN 38120
      View Details
    • Contact for pricing

      Clark Tower

      5100 Poplar Ave, Unit 27TH, Memphis, TN 38137
      View Details
    • $4/mo

      Premier Memphis Office Space

      Flexible office spaces in a prime Memphis location.
      2851 Lamb Place, Memphis, TN 38118
      View Details
    • $19/mo

      Downtown Memphis Versatile Retail/Office Space

      Versatile space in downtown Memphis, ideal for retail or office.
      6 W GE Patterson, Memphis, TN 38103
      View Details
    • $15/mo

      Residential Style Office Buildings For Rent

      Two residential style office buildings for rent near Hwy 70.
      6555 Stage Road, Memphis, TN 38134
      View Details
    • $18/mo

      Cordova Office Space For Rent

      Remodeled 1,785 SF office space in Cordova, Tennessee.
      1147 Cully Road, Memphis, TN 38018
      View Details
    • $16/mo

      Downtown Memphis Modern Office Space

      Exceptional downtown Memphis office space with modern amenities for rent.
      460 Tennessee St, Memphis, TN 38103
      View Details
    • $24/mo

      Private Office Space Available

      Office space for lease with flexible configuration.
      1027 S Yates Rd, Memphis, TN 38119
      View Details

    FAQs

    What type of property is this?
    Retail space - Redevelopment opportunity with high traffic count on Union Avenue.
    Where is this retail space located?
    The property is located at 1523 Union Ave Memphis, TN.
    What are key features of this property?
    This property features: Rare Union Avenue redevelopment opportunity; High traffic count (29,875 AADT) on Union Avenue; Enjoy 100' Union Avenue frontage
    (901) 334-5708
    We can help!
    Listing Contact
    Hurston Reed
    Hurston Reed
    Real Estate License ID: 297139
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!