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    Freestanding Restaurant Opportunity Title is generated by Realmo AI

    3081 Covington Pike, Memphis, TN 38128

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    Freestanding restaurant building on 1.2 acres in a high-traffic retail corridor with strong adjacency to major brands.

    Type:Single Tenant or Freestanding Building
    Property size:
    5,762 SF
    Lot size:
    1.20 Acres
    Added:
    Jun 1, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 3 at 3:29 am

    Property Features for 3081 Covington Pike

    General Information

    Standard status
    Active
    Size
    5,762 SF
    Lot size
    1.20 Acres
    Property subtype
    Single Tenant or Freestanding Building

    Spaces For Lease

    at 3081 Covington Pike Contact us

    We can help!

    Listing Contact
    Shawn Massey, CCIM, CRRP, ALC

    Listing agent Shawn Massey, CCIM, CRRP, ALC License #372782

    Listing office The Shopping Center Group | Memphis

    Listing date Jun 1, 2026

    Source Theshoppingcentergroup

    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 The Shopping Center Group | Memphis

    HighLights

    • 5,762 SF freestanding restaurant building
    • Situated on 1.2 acres
    • Located in a retail corridor adjacent to Captain D's and Taco Bell
    • Surrounded by major retailers including Home Depot, Burlington, Marshalls, CVS, Walgreens, and Starbucks
    • Close to retailers such as Piccadilly, AutoZone, Dollar General, and Subway
    • High traffic area with Covington Pike at 36,474 AADT and Stage Rd at 29,667 AADT

    Overview

    This freestanding restaurant totals 5,762 square feet and sits on approximately 1.2 acres, offering a dedicated stand-alone format for food service concepts. The site’s size provides room to support day-to-day restaurant operations while maintaining direct identity and visibility within the shopping area.

    The property is positioned adjacent to well-known QSR and retail users, including Captain D’s and Taco Bell, with additional nearby regional and value retailers listed such as Home Depot, Burlington, Marshalls, Aaron’s, CVS, Walgreens, Starbucks, Piccadilly, AutoZone, Dollar General, and Subway. It also benefits from documented traffic volumes along Covington Pike (36,474 AADT) and Stage Rd (29,667 AADT), supporting consistent passing demand.

    This location is well suited for operators seeking a freestanding footprint in a dense commercial mix where quick-service and retail traffic patterns can drive customers. Given the established tenant environment and strong roadway access, the building should appeal to restaurants looking to trade on visibility and convenience while maintaining independence in their layout and customer flow.
    Location Intelligence

    Current Use by Public Records

    Conventional restaurants

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -89.8951177
    Latitude
    35.2096353

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    FAQs

    What type of property is this?
    Conventional restaurant - Freestanding restaurant building on 1.2 acres in a high-traffic retail corridor with strong adjacency to major brands.
    Where is this conventional restaurant located?
    The property is located at 3081 Covington Pike Memphis, TN.
    What are key features of this property?
    This property features: 5,762 SF freestanding restaurant building; Situated on 1.2 acres; Located in a retail corridor adjacent to Captain D's and Taco Bell
    (901) 252-1039
    We can help!
    Listing Contact
    Shawn Massey, CCIM, CRRP, ALC
    Real Estate License ID: 372782
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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