Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Restaurant Building with Drive-Thru Title is generated by Realmo AI

    869 S Third St, Memphis, TN 38106

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Freestanding 2,718 SF restaurant with drive-thru for lease.

    Property size:
    2,718 SF
    Added:
    Mar 6, 2026
    Days on Market:
    78
    Last Refresh:
    Apr 6 at 1:18 am

    Property Features for 869 S Third St

    General Information

    Standard status
    Active
    Size
    2,718 SF

    Spaces For Lease

    at 869 S Third St Contact us

    We can help!

    Listing Contact
    Hurston Reed
    Hurston Reed

    Listing agent Hurston Reed License #349528

    Listing office TSCG The Shopping Center Group Memphis

    Listing date Mar 6, 2026

    Source Tscg

    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 TSCG The Shopping Center Group Memphis

    HighLights

    • Freestanding restaurant building with drive‑thru in Downtown Memphis.
    • 2,718 SF available for lease.
    • Ample parking available for customers.
    • High traffic count on South Third Street (14,794 AADT).
    • Located near E.H. Crump Boulevard.
    • Close to Ghost River Brewery, Family Dollar, Captain D's, Taco Bell, and T‑Mobile.

    Overview

    A 2,718 square foot freestanding restaurant building is available for lease. The property includes a drive-thru and ample parking. It is located on South Third Street, just south of the intersection with E.H. Crump Boulevard in Downtown Memphis, Tennessee. Area retailers include Ghost River Brewery, Family Dollar, Captain D's, Taco Bell, and T-Mobile. The traffic count on South Third Street is 14,794 AADT. Please do not engage or disturb the existing operators.
    Property Profile Location Intelligence

    Current Use by Public Records

    KFC Restaurant

    Suggested Use

    Real Estate Agency Law Firm Restaurant 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
    -90.0552
    Latitude
    35.1238

    Nearby Similar for Lease

    • Sponsored
      $129-$4,634/Mo
      11-1,292 SF

      TN, Memphis - S Main Street

      107 Main St, Memphis, TN 38103
      View Details
    • $129-$6,406/Mo
      11-1,292 SF

      Southwind Office Center

      8295 Tournament Dr, Unit 150, Memphis, TN 38125
      View Details
    • $129-$5,426/Mo
      11-1,292 SF

      Triad center I

      6000 Poplar Ave, Unit 250, Memphis, TN 38119
      View Details
    • $129-$4,616/Mo
      11-1,292 SF

      Colonnade

      1661 International Dr, Unit 400, Memphis, TN 38120
      View Details
    • $129-$3,868/Mo
      11-1,292 SF

      Clark Tower

      5100 Poplar Ave, Unit 27TH, Memphis, TN 38137
      View Details
    • $1.00 SF/Yr
      4,756 SF

      Office and Warehouse Facility For Rent

      4,756 SF office and warehouse with yard and parking.
      231 South Parkway West, Memphis, TN 38109
      View Details
    • $1,728/Mo
      1,728 SF

      East Memphis Office Space Available

      1,728 SF office space in East Memphis for lease.
      Duplicate of 668 Colonial Rd, Memphis, TN 38117
      View Details
    • $15 SF/Yr
      3,479 SF

      Residential Style Office Buildings For Rent

      Two residential style office buildings for rent near Hwy 70.
      6555 Stage Road, Memphis, TN 38134
      View Details
    • $18 SF/Yr
      1,257 SF

      Office/Medical Space For Lease

      Office/Medical space available for lease with ample parking.
      2715 Kirby Rd, Memphis, TN 38119
      View Details
    • $19 SF/Yr
      3,330 SF

      Downtown Memphis Versatile Retail/Office Space

      Versatile space in downtown Memphis, ideal for retail or office.
      6 W GE Patterson, Memphis, TN 38103
      View Details
    • $17 SF/Yr
      1,662 SF

      Medical Office Space For Lease

      1,662 SF medical office space available for lease.
      4913 Raleigh Common Dr, Memphis, TN 38128
      View Details
    • $129-$3,336/Mo
      11-1,292 SF

      TN, Memphis - Union Avenue

      1331 And, Unit 10TH, Memphis, TN 38104
      View Details

    FAQs

    What type of property is this?
    Restaurant - Freestanding 2,718 SF restaurant with drive-thru for lease.
    Where is this restaurant located?
    The property is located at 869 S Third St Memphis, TN.
    What are key features of this property?
    This property features: Freestanding restaurant building with drive‑thru in Downtown Memphis.; 2,718 SF available for lease.; Ample parking available for customers.
    (901) 334-5708
    We can help!
    Listing Contact
    Hurston Reed
    Hurston Reed
    Real Estate License ID: 349528
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    869 S Third St, Memphis, TN 38106
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!