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    Freestanding Retail Redevelopment Building Title is generated by Realmo AI

    2029 Union Avenue, Memphis, TN 38104

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    New
    For Sale
    $525,000

    Freestanding retail building with redevelopment zoning and strong Union Ave traffic exposure near major Memphis entertainment and retailers.

    Type:Single Tenant or Freestanding Building
    Property size:
    7,094 SF
    Lot size:
    0.26 Acres
    Price / SF:
    $74/SF
    Added:
    Jun 2, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 3 at 2:59 am

    Property Features for 2029 Union Avenue

    General Information

    Standard status
    Active
    Size
    7,094 SF
    Lot size
    0.26 Acres
    Property subtype
    Single Tenant or Freestanding Building

    We can help!

    Listing Contact
    Robert Sloan
    Robert Sloan

    Listing agent Robert Sloan License #297139

    Listing office The Shopping Center Group | Memphis

    Listing date Jun 2, 2026

    Source Theshoppingcentergroup

    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

    HighLights

    • 7,094 SF freestanding retail building on a 0.263‑acre parcel
    • Zoned CMU‑3 with redevelopment potential
    • Located on Union Ave with 26,054 AADT traffic count
    • Within minutes of Overton Square, Playhouse on the Square, Circuit Playhouse, and Hattiloo Theatre
    • Area retailers include Home Depot, Kroger, The Fresh Market, Malco Theater, and CVS Pharmacy

    Overview

    This freestanding building offers 7,094 SF on a 0.263-acre parcel, presenting a straightforward option for retail or showroom users. The property is being offered for sale with redevelopment potential and is zoned CMU-3, making it an appealing consideration for investors and operators looking for flexibility.

    Situated on Union Avenue in Memphis, the asset benefits from high visibility with recorded traffic count of 26,054 AADT along Union Ave. It is also within minutes of local entertainment venues including Overton Square, Playhouse on the Square, Circuit Playhouse, and Hattiloo Theatre, supporting a retail-oriented environment.

    The tenant and shopper mix in the surrounding area includes well-known retailers and dining options such as Home Depot, Kroger, The Fresh Market, Malco Theater, CVS Pharmacy, Chipotle, Panera Bread, IHOP, Outback Steakhouse, Zaxby’s, Chick-fil-A, Five Guys, and others. For buyers, the CMU-3 zoning combined with redevelopment potential and a prominent retail frontage make the property a practical fit for retail concepts, showroom operations, or redevelopment-focused strategies.
    Location Intelligence

    Current Use by Public Records

    Showrooms

    Suggested Use

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

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

    Similar Places Nearby

    • RUG AND ROLL — 2186 Central Ave, Memphis, TN 38104
    • Erick Gill Carpet Store — 2155 Central Ave #57, Memphis, TN 38104
    • A Bath Haven — Memphis, TN 38104
    • RW Supply and Design — 574 Cooper St, Memphis, TN 38104

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -89.972964
    Latitude
    35.135557

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    FAQs

    What type of property is this?
    Showroom - Freestanding retail building with redevelopment zoning and strong Union Ave traffic exposure near major Memphis entertainment and retailers.
    Where is this showroom located?
    The property is located at 2029 Union Avenue Memphis, TN.
    What is the asking price?
    The asking price for this property is $525,000.
    What are key features of this property?
    This property features: 7,094 SF freestanding retail building on a 0.263‑acre parcel; Zoned CMU‑3 with redevelopment potential; Located on Union Ave with 26,054 AADT traffic count
    (901) 869-2720
    We can help!
    Listing Contact
    Robert Sloan
    Robert Sloan
    Real Estate License ID: 297139
    Learn More
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    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.

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