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    Former Walgreens on Summer Avenue Title is generated by Realmo AI

    3502 Summer Ave, Memphis, TN 38122

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    Former Walgreens available on Summer Avenue in Memphis, Tennessee.

    Type:Retail
    Property size:
    14,392 SF
    Lot size:
    1.88 Acres
    Price / SF:
    $138/SF
    Added:
    Aug 25, 2024
    Days on Market:
    647
    Last Refresh:
    May 12 at 10:42 pm

    Property Features for 3502 Summer Ave

    General Information

    Standard status
    Active
    Size
    14,392 SF
    Lot size
    1.88 Acres
    Property subtype
    Retail

    We can help!

    Listing Contact
    Melanie Myers Bland

    Listing agent Melanie Myers Bland License #TN 288335

    Listing office Myers Commercial Real Estate

    Listing date Aug 25, 2024

    Source Crexi

    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 Myers Commercial Real Estate

    HighLights

    • Excellent positioning on the hard corner of Summer and Highland
    • Expansive 1.88 AC
    • Former Walgreens location
    • Existing drive thru
    • Wide open floor plan
    • Located in Memphis, Tennessee

    Overview

    The former Walgreens property, situated at 3502 Summer Avenue in Memphis, Tennessee, is available for sale. The property is positioned on the corner of Summer Avenue and Highland, and includes an expansive 1.88-acre lot. The building has a total area of 14,392 square feet and features an existing drive-thru and an open floor plan.

    Local Financial Insights For Specialty Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $241.8k $16.80
    − Vacancy −$10.9k −$0.76
    EGI $230.9k $16.04
    − OpEx −$57.7k −$4.01
    NOI $173.2k $12.03
    14,392 SF · lease $16.80/SF/yr · vacancy 4.50% · expense 25.00%

    Alternative Uses

    Best Use
    Specialty Retail
    $2.47M
    $2.16M – $2.89M (±1% cap)
    NOI $173,179 @ 7.0% cap · market cap 8.70%
    Second Best
    Retail
    $2.05M
    $1.79M – $2.39M (±1% cap)
    NOI $143,560 @ 7.0% cap · market cap 7.21%
    Theoretical Best
    Office A
    $4.25M
    $3.72M – $4.96M (±1% cap)
    NOI $297,742 @ 7.0% cap · market cap 14.96%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Amani P. Johnsonsinghbarnett, ... Physician Highland Square Shopping Center & Mall Western Union Bank COVID-19 Drive-Thru Testing ... Medical Clinic

    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.

    Similar Places Nearby

    • James K. Mc Donald, RPh — 3423 Summer Ave, Memphis, TN 38122

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -89.9440405
    Latitude
    35.1500635

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    FAQs

    What type of property is this?
    Drug store - Former Walgreens available on Summer Avenue in Memphis, Tennessee.
    Where is this drug store located?
    The property is located at 3502 Summer Ave Memphis, TN.
    What is the asking price?
    The asking price for this property is $1,990,000.
    What are key features of this property?
    This property features: Excellent positioning on the hard corner of Summer and Highland; Expansive 1.88 AC; Former Walgreens location
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Melanie Myers Bland
    Real Estate License ID: TN 288335
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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.

    More about this property
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