Freestanding Office
For Sale
$599,000
2004 Exeter, Memphis, TN 38138
Standalone office condominium units with signage availability and flexible owner-occupant or investor use.
Property Size2,000 SF
Lot Size0.21 Acres
Price / SF$299.50
Days on Market48
Property Features for 2004 Exeter
General Information
Standard status
Active
Size
2,000 SF
Class
B
Lot size
0.21 Acres
Property subtype
Office
Additional Details
Asking Price
$599,000
Amenities
Signage Available
Building Details
Building Size
2,000 SF
Year Built
1984
Listing Agency:
NAI Saig Company - Memphis
Listed By:
Brian Califf, CCIM · License #TN #299669
(901) 830-0421
Source:
Naiglobal
Added: Aug 20
Changed: Sep 26
Last Checked: Oct 5 at 5:35PM
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 NAI Saig Company - Memphis
Investment Insights
Based on property information with market context.
This freestanding office property provides 2,000 SF of commercial space within a condominium configuration. The building was constructed in 1984, and signage is available for the occupants.
The property encompasses 0.21 acres and is presented for sale with potential suitability for an owner occupant or investor. Its standalone format offers a distinct office presence separate from a larger multi-tenant building.
The property encompasses 0.21 acres and is presented for sale with potential suitability for an owner occupant or investor. Its standalone format offers a distinct office presence separate from a larger multi-tenant building.
Key Highlights
- 2,000 SF freestanding office property
- Office condominium configuration
- Signage available
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,600
Cap Rate
5.11%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$612,000
$612.0K
Cap Rate 7%
$437,143
$437.1K
Cap Rate 9%
$340,000
$340.0K
Market Conditions
NOI Build-Up for 2,000 SF
Gross rent
$48.0K $24.00/SF
− Vacancy
−$7.2K −$3.60/SF
EGI
$40.8K $20.40/SF
− OpEx
−$10.2K −$5.10/SF
NOI
$30.6K $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%
$612,000
Cap Rate 7%
$437,143
Cap Rate 9%
$340,000
Alternative Uses
Best Use
Office B
$437.1K
$382.5K – $510.0K
NOI $30,600 @ 7.0% cap · market cap 5.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$591.1K
$517.2K – $689.6K
NOI $41,376 @ 7.0% cap · market cap 6.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,676
Businesses Nearby
Explore this area
Business Placement
Demographics for 38138, TN
25,837
Population
10,747
Households
2.4
Avg Household Size
45
Median Age
69%
College-Educated
98%
High-School Grad
11.9 sq mi
ZIP Area
2,171
Density / Sq Mi
$130,125
Median Household Income
$72,810
Median Earnings
$1,716
Median Rent
$393,600
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 - Standalone office condominium units with signage availability and flexible owner-occupant or investor use.
Where is this office units located?
The property is located at 2004 Exeter Memphis, TN.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 2,000 SF freestanding office property; Office condominium configuration; Signage available
