Pediatric Medical
For Sale
$3,573,863
2860 Covington Pike, Memphis, TN 38128
Established pediatric practice serving Memphis-area children and adolescents from a medical center built in 1997.
Property Size19,550 SF
Price / SF$182.81
Days on Market93
Property Features for 2860 Covington Pike
General Information
Standard status
Active
Size
19,550 SF
Property subtype
Single-Tenant Office Medical
Lease Type
Absolute Net
Site & Location
Neighborhood
Raleigh Cdc
Additional Details
Business Included
Yes
Amenities
Long-Term NNN Lease with Built-in Rent Growth
Credit-Quality Healthcare Tenant in an Essential Use
Truly Passive, Low-Management Investment
Building Details
Building Size
19,550 SF
Listing Agency:
Nashville Office
Listed By:
Jason Hernandez · License #License(s): CA: 01392646, TN: 377081
(615) 997-2834
Source:
Marcusmillichap
Added: Aug 3
Changed: Oct 26
Last Checked: Nov 1 at 2:19AM
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 Nashville Office
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Investment Insights
Based on property information with market context.
The subject property is associated with Raleigh Group, a pediatric medical provider serving the greater Memphis area. The practice delivers pediatric and adolescent care and is recognized as both a Patient-Centered Medical Home and an NCQA-recognized practice. Raleigh Group was founded in 1977 and operates two pediatric medical locations, including the subject property and a second location in Eads, Tennessee.
Located at 2860 Covington Pike in Memphis, Tennessee, the property sits within the Raleigh suburb of Memphis. The organization’s Memphis MSA footprint is concentrated in demographic corridors identified in the source information as supporting consistent patient volume and long-term pediatric care.
Located at 2860 Covington Pike in Memphis, Tennessee, the property sits within the Raleigh suburb of Memphis. The organization’s Memphis MSA footprint is concentrated in demographic corridors identified in the source information as supporting consistent patient volume and long-term pediatric care.
Key Highlights
- Pediatric and adolescent medical care provider
- Patient‑Centered Medical Home designation
- NCQA‑recognized practice
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$273,426
Cap Rate
7.65%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,468,520
$5.5M
Cap Rate 7%
$3,906,086
$3.9M
Cap Rate 9%
$3,038,067
$3.0M
Market Conditions
NOI Build-Up for 19,550 SF
Gross rent
$434.0K $22.20/SF
− Vacancy
−$69.4K −$3.55/SF
EGI
$364.6K $18.65/SF
− OpEx
−$91.1K −$4.66/SF
NOI
$273.4K $13.99/SF
Area
ZIP 38128
Vacancy
16.00%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,468,520
Cap Rate 7%
$3,906,086
Cap Rate 9%
$3,038,067
Alternative Uses
Best Use
Office B
$3.91M
$3.42M – $4.56M
NOI $273,426 @ 7.0% cap · market cap 7.65%
Second Best
Healthcare Medical
$3.33M
$2.91M – $3.88M
NOI $233,099 @ 7.0% cap · market cap 6.52%
Theoretical Best
Office A
$5.19M
$4.54M – $6.05M
NOI $363,161 @ 7.0% cap · market cap 10.16%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
454
Businesses Nearby
Explore this area
Business Placement
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Memphis, TN
Frequently Asked Questions
What type of property is this?
Medical center - Established pediatric practice serving Memphis-area children and adolescents from a medical center built in 1997.
Where is this medical center located?
The property is located at 2860 Covington Pike Memphis, TN.
What is the asking price?
The asking price for this property is $3,573,863.
What are key features of this property?
This property features: Pediatric and adolescent medical care provider; Patient‑Centered Medical Home designation; NCQA‑recognized practice
