Automotive Dealership with Service
2420 COVINGTON PIKE, Memphis, TN 38128
For Sale
Contact for pricing
Showroom space, executive offices and customer parking are paired with a dedicated service area.
Property Size16,303 SF
Price / SF$168.68
Days on Market29
Property Features for 2420 COVINGTON PIKE
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Corner Location
Pylon Signage
Traffic Count
Automotive
Service Bays
Automotive Uses
Additional Details
Real Estate Included
Amenities
pylon signage
showroom
executive offices
customer parking
Listing Agency:
Myers Commercial Real Estate
Listed By:
Melanie Myers Bland · License TN #288335
Source:
Crexi
Added: Oct 12
Changed: Nov 8
Last Checked: Nov 8 at 5:58PM
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 Myers Commercial Real Estate
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 16,303-SF automotive property combines a customer-facing showroom and executive offices with an eight-bay service and garage area. Customer parking and pylon signage are also part of the site, supporting both sales and service functions.
The property occupies a corner parcel on Covington Pike in Memphis, within an automotive-focused commercial corridor. The location records 39,697 vehicles per day.
The property occupies a corner parcel on Covington Pike in Memphis, within an automotive-focused commercial corridor. The location records 39,697 vehicles per day.
Key Highlights
- 16,303 SF automotive dealership property
- Eight‑bay service and garage area
- Showroom with executive offices
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$171,010
Cap Rate
6.22%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,420,200
$3.4M
Cap Rate 7%
$2,443,000
$2.4M
Cap Rate 9%
$1,900,111
$1.9M
Market Conditions
NOI Build-Up for 16,303 SF
Gross rent
$264.1K $16.20/SF
− Vacancy
−$19.8K −$1.22/SF
EGI
$244.3K $14.99/SF
− OpEx
−$73.3K −$4.50/SF
NOI
$171.0K $10.49/SF
Area
ZIP 38128
Vacancy
7.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,420,200
Cap Rate 7%
$2,443,000
Cap Rate 9%
$1,900,111
Alternative Uses
Best Use
Retail
$2.44M
$2.14M – $2.85M
NOI $171,010 @ 7.0% cap · market cap 6.22%
Second Best
Industrial
$1.16M
$1.01M – $1.35M
NOI $81,003 @ 7.0% cap · market cap 2.95%
Theoretical Best
Office A
$4.33M
$3.79M – $5.05M
NOI $302,845 @ 7.0% cap · market cap 11.01%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
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Current Use
Lease Details
8
Service bays
39,697 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
537
Businesses Nearby
171k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 54%
Shops & Services 31%
Dining 16%
Sam's Club
Superstores
91,729 visits/mo
0.4 miles
Sam's Club Gas Station
Shops & Services
33,176 visits/mo
0.4 miles
McDonald's
Dining
21,333 visits/mo
0.4 miles
Dollar General
Shops & Services
7,555 visits/mo
0.1 miles
Exxon
Shops & Services
5,412 visits/mo
0.2 miles
Demographics for 38128, TN
43,197
Population
18,388
Households
2.3
Avg Household Size
32
Median Age
15%
College-Educated
85%
High-School Grad
23.6 sq mi
ZIP Area
1,830
Density / Sq Mi
$43,166
Median Household Income
$32,429
Median Earnings
$1,150
Median Rent
$123,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Properties on Market for Automotive properties in Memphis
Vacancy Rate% for Retail in Memphis, TN
Similar Off Market Nearby
- Enterprise Rent-A-Car — 2019 Covington Pike, Memphis, TN 38128
- Enterprise Truck Rental — 2001 Covington Pike, Memphis, TN 38128
- U-Haul Neighborhood Dealer — 5145 Raleigh Lagrange Rd Ste 101, Memphis, TN 38134
Frequently Asked Questions
What type of property is this?
Automotive property - Showroom space, executive offices and customer parking are paired with a dedicated service area.
Where is this automotive property located?
The property is located at 2420 COVINGTON PIKE Memphis, TN.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: 16,303 SF automotive dealership property; Eight‑bay service and garage area; Showroom with executive offices
