Two-Building Strip
For Sale
$3,100,000
2235 Kirby Whitten Rd, Memphis, TN 38133
Built in 1999 with access to I-40 through Whitten Road.
Property Size24,250 SF
Days on Market157
Property Features for 2235 Kirby Whitten Rd
General Information
Standard status
Active
Size
24,250 SF
Class
C
Property subtype
Retail - Street Retail
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Building Size
24,250 SF
Year Built
1999
Buildings
2
Listing Agency:
NAI Saig Company
(901) 526-3100
Listed By:
Daniel L. McPhail
Source:
Commercialcafe
Added: Mar 27
Changed: Aug 30
Last Checked: Aug 30 at 12:32AM
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
Investment Insights
Based on property information with market context.
This strip mall includes two buildings constructed in 1999. The property is located at 2235 Kirby Whitten Rd in Memphis, Tennessee, with access to I-40 via Whitten Road. The offering is presented as an investment sale.
Key Highlights
- Two‑building strip mall property
- Constructed in 1999
- Access to I‑40 via Whitten Road
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
$246,538
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
7.95%
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%
$4,930,760
$4.9M
Cap Rate 7%
$3,521,971
$3.5M
Cap Rate 9%
$2,739,311
$2.7M
Market Conditions
NOI Build-Up for 24,250 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
$387.0K $15.96/SF
− Vacancy
−$34.8K −$1.44/SF
EGI
$352.2K $14.52/SF
− OpEx
−$105.7K −$4.36/SF
NOI
$246.5K $10.17/SF
Area
Memphis, TN
Vacancy
9.00%
Lease Rate
$15.96 /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%
$4,930,760
Cap Rate 7%
$3,521,971
Cap Rate 9%
$2,739,311
Alternative Uses
Best Use
Industrial
$3.52M
$3.08M – $4.11M
NOI $246,538 @ 7.0% cap · market cap 7.95%
Second Best
Retail
$3.46M
$3.02M – $4.03M
NOI $241,894 @ 7.0% cap · market cap 7.80%
Theoretical Best
Office A
$7.17M
$6.27M – $8.36M
NOI $501,684 @ 7.0% cap · market cap 16.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
538
Businesses Nearby
Explore this area
Business Placement
Demographics for 38133, TN
22,482
Population
8,336
Households
2.7
Avg Household Size
37
Median Age
33%
College-Educated
91%
High-School Grad
13.0 sq mi
ZIP Area
1,729
Density / Sq Mi
$82,485
Median Household Income
$46,522
Median Earnings
$1,449
Median Rent
$234,800
Median Home Value
Market
Vacancy Rate% for Industrial 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 - Built in 1999 with access to I-40 through Whitten Road.
Where is this strip mall located?
The property is located at 2235 Kirby Whitten Rd Memphis, TN.
What is the asking price?
The asking price for this property is $3,100,000.
What are key features of this property?
This property features: Two‑building strip mall property; Constructed in 1999; Access to I‑40 via Whitten Road
