Four-Tenant NNN Retail
New
For Sale
$524,285
2094 Frayser Blvd, Memphis, TN 38127
A fully occupied, multi-tenant retail property with a net-leased structure and four separate occupants.
Property Size2,950 SF
Price / SF$177.72
Days on Market2
Property Features for 2094 Frayser Blvd
General Information
Standard status
Active
Size
2,950 SF
Class
B
Property subtype
Office
Occupancy
100%
Net Operating Income
$44,564
Building Details
Building Size
2,950 SF
Year Built
1954
Tenancy
Multi
Listing Agency:
NAI Saig Company - Memphis
(901) 590-9997
Listed By:
James McCraw, CCIM · License #TN #340992
Source:
Naiglobal
Added: Aug 19
Changed: Aug 20
Last Checked: Aug 20 at 8:00AM
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 2,950 SF retail strip center contains four tenant spaces and is reported as 100% occupied. The property is offered with an NNN lease structure and was built in 1954.
The center is located at the intersection of Frayser Blvd and Overton Crossing in Memphis, Tennessee. Its address is 2094 Frayser Blvd, Memphis, TN 38127.
The center is located at the intersection of Frayser Blvd and Overton Crossing in Memphis, Tennessee. Its address is 2094 Frayser Blvd, Memphis, TN 38127.
Key Highlights
- 2,950 SF retail strip center
- 100% occupied with 4 tenants
- NNN lease structure
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$34,568
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.59%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$691,360
$691.4K
Cap Rate 7%
$493,829
$493.8K
Cap Rate 9%
$384,089
$384.1K
Market Conditions
NOI Build-Up for 2,950 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$53.1K $18.00/SF
− Vacancy
−$3.7K −$1.26/SF
EGI
$49.4K $16.74/SF
− OpEx
−$14.8K −$5.02/SF
NOI
$34.6K $11.72/SF
Area
ZIP 38127
Vacancy
7.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$691,360
Cap Rate 7%
$493,829
Cap Rate 9%
$384,089
Alternative Uses
Best Use
Retail
$493.8K
$432.1K – $576.1K
NOI $34,568 @ 7.0% cap · market cap 6.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$782.8K
$685.0K – $913.3K
NOI $54,799 @ 7.0% cap · market cap 10.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
302
Businesses Nearby
95k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 67%
Shops & Services 32%
Electronics 1%
Popeyes Louisiana Kitchen
Dining
15,517 visits/mo
0.1 miles
MAPCO Mart
Shops & Services
13,218 visits/mo
0.0 miles
Burger King
Dining
9,670 visits/mo
0.2 miles
Family Dollar
Shops & Services
8,736 visits/mo
0.1 miles
Taco Bell
Dining
8,146 visits/mo
0.1 miles
Demographics for 38127, TN
40,679
Population
17,560
Households
2.3
Avg Household Size
33
Median Age
11%
College-Educated
83%
High-School Grad
37.8 sq mi
ZIP Area
1,076
Density / Sq Mi
$37,768
Median Household Income
$31,790
Median Earnings
$1,104
Median Rent
$82,500
Median Home Value
Market
Vacancy Rate% for Retail in Memphis, TN
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Strip mall - A fully occupied, multi-tenant retail property with a net-leased structure and four separate occupants.
Where is this strip mall located?
The property is located at 2094 Frayser Blvd Memphis, TN.
What is the asking price?
The asking price for this property is $524,285.
What are key features of this property?
This property features: 2,950 SF retail strip center; 100% occupied with 4 tenants; NNN lease structure
