Vacant Freestanding Retail
For Sale
Contact for pricing
213 N Cleveland St, Memphis, TN 38104
Vacant freestanding retail building offering 5,675 SF of space in Midtown Memphis near major employment and medical institutions.
Property Size5,675 SF
Price / SF$140.09
Days on Market159
Property Features for 213 N Cleveland St
General Information
Standard status
Active
Size
5,675 SF
Property subtype
Retail
Zoning
CMU-3
Investment Type
Owner/User
Building Details
Year Built
1997
Buildings
1
Stories
1
Listing Agency:
Sands Investment Group
Listed By:
Lasha Kortava · License #GA 391027
(858) 212-7473
Source:
Crexi
Added: Apr 2
Changed: Aug 8
Last Checked: Jul 23 at 10:50AM
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 Sands Investment Group
Investment Insights
Based on property information with market context.
Sands Investment Group is pleased to present for sale a vacant freestanding retail property offering 5,675 SF at 213 N Cleveland St in Memphis, TN. The building is available for immediate occupancy and is well-suited for a retail operator seeking standalone premises.
The property is located in Midtown Memphis and benefits from close proximity to major employment centers and institutions, including Methodist University Hospital and the Memphis Medical District. This area supports a strong daytime population and consistent demand.
As a freestanding retail asset with available interior space, the property offers a straightforward platform for a variety of retail concepts, subject to applicable approvals and lease terms.
The property is located in Midtown Memphis and benefits from close proximity to major employment centers and institutions, including Methodist University Hospital and the Memphis Medical District. This area supports a strong daytime population and consistent demand.
As a freestanding retail asset with available interior space, the property offers a straightforward platform for a variety of retail concepts, subject to applicable approvals and lease terms.
Key Highlights
- Vacant freestanding retail building with 5,675 SF of space
- Built in 1997
- Located at 213 N Cleveland Street in Memphis, TN
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
$56,608
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
7.12%
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%
$1,132,160
$1.1M
Cap Rate 7%
$808,686
$808.7K
Cap Rate 9%
$628,978
$629.0K
Market Conditions
NOI Build-Up for 5,675 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
$85.1K $15.00/SF
− Vacancy
−$4.3K −$0.75/SF
EGI
$80.9K $14.25/SF
− OpEx
−$24.3K −$4.27/SF
NOI
$56.6K $9.98/SF
Area
Memphis, TN
Vacancy
5.00%
Lease Rate
$15.00 /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%
$1,132,160
Cap Rate 7%
$808,686
Cap Rate 9%
$628,978
Alternative Uses
Best Use
Retail
$808.7K
$707.6K – $943.5K
NOI $56,608 @ 7.0% cap · market cap 7.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.68M
$1.47M – $1.96M
NOI $117,404 @ 7.0% cap · market cap 14.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,746
Businesses Nearby
104k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 37%
Shops & Services 36%
Dining 25%
Electronics 2%
Kroger
Groceries
38,001 visits/mo
0.0 miles
McDonald's
Dining
18,930 visits/mo
0.1 miles
Burger King
Dining
7,309 visits/mo
0.1 miles
Family Dollar
Shops & Services
6,055 visits/mo
0.1 miles
BP
Shops & Services
5,682 visits/mo
0.1 miles
Demographics for 38104, TN
22,584
Population
14,315
Households
1.6
Avg Household Size
38
Median Age
52%
College-Educated
93%
High-School Grad
5.0 sq mi
ZIP Area
4,517
Density / Sq Mi
$56,452
Median Household Income
$48,300
Median Earnings
$1,073
Median Rent
$301,100
Median Home Value
Market
Vacancy Rate% for Retail in Memphis, TN
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Vacant freestanding retail building offering 5,675 SF of space in Midtown Memphis near major employment and medical institutions.
Where is this storefront property located?
The property is located at 213 N Cleveland St Memphis, TN.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Vacant freestanding retail building with 5,675 SF of space; Built in 1997; Located at 213 N Cleveland Street in Memphis, TN
