Flex Space with Fenced
For Sale
Contact for pricing
3166 BROAD AVE, Memphis, TN 38112
Flex property includes a two-story office area and multiple dry storage buildings with gated, fenced yard and grade-level plus dock-high loading.
Property Size6,912 SF
Lot Size1.31 Acres
Price / SF$108.36
Days on Market136
Property Features for 3166 BROAD AVE
General Information
Standard status
Active
Size
6,912 SF
Lot size
1.31 Acres
Property subtype
Office, Industrial
Zoning
CMU-1
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Outdoor Storage
Yes
Building Details
Year Built
1969
Buildings
2
Stories
2
Units
1
Listing Agency:
Crye-Leike Commercial Memphis
Listed By:
Eric Fuhrman · License #TN 291774
Source:
Crexi
Added: Apr 24
Changed: Aug 21
Last Checked: Sep 1 at 5:37PM
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.
This flex space for sale features a versatile two-story office/flex building and substantial on-site storage improvements. The compound includes a 40’ x 80’ dry storage facility plus two additional covered storage structures, providing space for equipment and materials. Loading is designed for practical operations, with both grade-level and dock-high access.
The property is situated on a fenced, fully gated site with security monitoring. It is positioned inside the I-240 loop at 3166 Broad Avenue in Memphis, TN.
With office and multiple storage components on a single secured yard, the layout is suited to uses that need dedicated workspace alongside dependable covered and dry storage.
The property is situated on a fenced, fully gated site with security monitoring. It is positioned inside the I-240 loop at 3166 Broad Avenue in Memphis, TN.
With office and multiple storage components on a single secured yard, the layout is suited to uses that need dedicated workspace alongside dependable covered and dry storage.
Key Highlights
- 1.31‑acre light industrial compound at 3166 Broad Avenue with gated, fenced, security‑monitored yard
- Two‑story office/flex building totaling 6,912 SF (Year built: 1969)
- 40’ x 80’ dry storage facility plus two additional covered storage structures
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
$68,309
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
9.12%
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%
$1,366,180
$1.4M
Cap Rate 7%
$975,843
$975.8K
Cap Rate 9%
$758,989
$759.0K
Market Conditions
NOI Build-Up for 6,912 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
$116.1K $16.80/SF
− Vacancy
−$11.0K −$1.60/SF
EGI
$105.1K $15.20/SF
− OpEx
−$36.8K −$5.32/SF
NOI
$68.3K $9.88/SF
Area
Memphis, TN
Vacancy
9.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
35.00%
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%
$1,366,180
Cap Rate 7%
$975,843
Cap Rate 9%
$758,989
Alternative Uses
Best Use
Warehouse
$1.22M
$1.07M – $1.42M
NOI $85,329 @ 7.0% cap · market cap 11.39%
Second Best
Industrial
$1.00M
$878.4K – $1.17M
NOI $70,271 @ 7.0% cap · market cap 9.38%
Theoretical Best
Office A
$2.04M
$1.79M – $2.38M
NOI $142,995 @ 7.0% cap · market cap 19.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
584
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 38112, TN
16,970
Population
7,425
Households
2.3
Avg Household Size
32
Median Age
38%
College-Educated
85%
High-School Grad
4.8 sq mi
ZIP Area
3,535
Density / Sq Mi
$52,639
Median Household Income
$29,576
Median Earnings
$969
Median Rent
$206,900
Median Home Value
Market
Vacancy Rate% for Industrial in Memphis, TN
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex property includes a two-story office area and multiple dry storage buildings with gated, fenced yard and grade-level plus dock-high loading.
Where is this flex space located?
The property is located at 3166 BROAD AVE Memphis, TN.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: 1.31‑acre light industrial compound at 3166 Broad Avenue with gated, fenced, security‑monitored yard; Two‑story office/flex building totaling 6,912 SF (Year built: 1969); 40’ x 80’ dry storage facility plus two additional covered storage structures
