Bartlett Retail Building For
For Sale
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2936 Kirby Whitten Rd, Bartlett, TN 38134
Retail building in established Bartlett trade area with high visibility.
Property Size5,513 SF
Price / SF$245.78
Days on Market440
Property Features for 2936 Kirby Whitten Rd
General Information
Standard status
Active
Size
5,513 SF
Property subtype
Retail
Listing Agency:
Crye-Leike Commercial Memphis
Listed By:
Wilson W. McCloy · License #324376
Source:
Crexi
Added: May 29, 2025
Changed: Aug 8
Last Checked: Aug 10 at 3:08PM
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 Crye-Leike Commercial Memphis
Investment Insights
Based on property information with market context.
Located just off the lighted intersection of Kirby Whitten Road and Stage Road, this property is adjacent to a Kroger outparcel and Chick-Fil-A. It features 170 feet of road frontage and high visibility in a prime servicing location within Bartlett. Situated in the established alpha trade area of Bartlett, the property is surrounded by national retailers. The $200 million Union Depot project, which commenced in 2024, is located nearby and is expected to increase the population and amenities in the immediate area. The building has a replacement cost well under $100 per square foot. This 5,513 square foot property presents an opportunity for an owner-user. Site plans and as-built drawings are available.
Key Highlights
- Prime location adjacent to Kroger and Chick‑Fil‑A.
- High visibility with 170' of road frontage on a lighted intersection.
- Significant future growth potential due to the $200M Union Depot project starting in 2024.
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
$54,992
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
4.06%
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%
$1,099,840
$1.1M
Cap Rate 7%
$785,600
$785.6K
Cap Rate 9%
$611,022
$611.0K
Market Conditions
NOI Build-Up for 5,513 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
$82.7K $15.00/SF
− Vacancy
−$4.1K −$0.75/SF
EGI
$78.6K $14.25/SF
− OpEx
−$23.6K −$4.27/SF
NOI
$55.0K $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%
$1,099,840
Cap Rate 7%
$785,600
Cap Rate 9%
$611,022
Alternative Uses
Best Use
Retail
$785.6K
$687.4K – $916.5K
NOI $54,992 @ 7.0% cap · market cap 4.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.63M
$1.43M – $1.90M
NOI $114,053 @ 7.0% cap · market cap 8.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,085
Businesses Nearby
323k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 42%
Shops & Services 26%
Groceries 25%
Apparel 5%
Kroger
Groceries
56,142 visits/mo
0.2 miles
Chick-fil-A
Dining
52,993 visits/mo
0.1 miles
Aldi
Groceries
25,992 visits/mo
0.1 miles
Starbucks
Dining
20,368 visits/mo
0.1 miles
Goodwill
Apparel
17,014 visits/mo
0.4 miles
Demographics for 38134, TN
41,760
Population
15,685
Households
2.7
Avg Household Size
35
Median Age
21%
College-Educated
86%
High-School Grad
18.6 sq mi
ZIP Area
2,245
Density / Sq Mi
$61,172
Median Household Income
$39,185
Median Earnings
$1,147
Median Rent
$184,400
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Retail building in established Bartlett trade area with high visibility.
Where is this retail space located?
The property is located at 2936 Kirby Whitten Rd Bartlett, TN.
What is the asking price?
The asking price for this property is $1,355,000.
What are key features of this property?
This property features: Prime location adjacent to Kroger and Chick‑Fil‑A.; High visibility with 170' of road frontage on a lighted intersection.; Significant future growth potential due to the $200M Union Depot project starting in 2024.
