Office Building with Automotive
For Sale
$279,000
4359 STAGE Rd, Memphis, TN 38128
Commercial/Industrial, Memphis, TN
Property Size4,800 SF
Price / SF$58.13
Days on Market300
Property Features for 4359 STAGE Rd
General Information
Property type
Residential
Property subtype
Office
Subdivision
RALEIGH
Standard status
Active
Taxes and HOA fees
Tax Annual Amount
3062
Building Details
Year built
1966
Listing Agency:
The Peyton Co., Inc., REALTORS
(901) 345-5555
Listed By:
Michelle Shelton
(901) 644-8285
Added: Nov 11, 2025
Changed: Aug 19
Last Checked: Sep 7 at 8:06PM
MLS# 10209546
Copyright © 2026 Memphis Area Association of Realtors®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This office building, constructed in 1966, offers over 4,800 square feet for commercial repositioning. The property is currently used for a rental car business, providing an established automotive-related configuration for an owner or purchaser considering office, service, or related commercial operations.
The sale also includes 2896 Cela Rd, situated directly behind 4359 Stage Rd in Memphis, Tennessee. The combined offering provides the main commercial building together with the additional included address.
The sale also includes 2896 Cela Rd, situated directly behind 4359 Stage Rd in Memphis, Tennessee. The combined offering provides the main commercial building together with the additional included address.
Key Highlights
- Over 4,800 square feet of commercial building area
- Constructed in 1966
- Currently used for a rental car business
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
$23,849
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
8.55%
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%
$476,980
$477.0K
Cap Rate 7%
$340,700
$340.7K
Cap Rate 9%
$264,989
$265.0K
Market Conditions
NOI Build-Up for 4,800 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
$37.4K $7.80/SF
− Vacancy
−$3.4K −$0.70/SF
EGI
$34.1K $7.10/SF
− OpEx
−$10.2K −$2.13/SF
NOI
$23.8K $4.97/SF
Area
ZIP 38128
Vacancy
9.00%
Lease Rate
$7.80 /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%
$476,980
Cap Rate 7%
$340,700
Cap Rate 9%
$264,989
Alternative Uses
Best Use
Office B
$959.0K
$839.2K – $1.12M
NOI $67,133 @ 7.0% cap · market cap 24.06%
Second Best
Retail
$719.3K
$629.4K – $839.2K
NOI $50,350 @ 7.0% cap · market cap 18.05%
Theoretical Best
Office A
$1.27M
$1.11M – $1.49M
NOI $89,165 @ 7.0% cap · market cap 31.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
454
Businesses Nearby
Explore this area
Business Placement
Demographics for 38128, TN
43,197
Population
18,388
Households
2.3
Avg Household Size
32
Median Age
15%
College-Educated
85%
High-School Grad
23.6 sq mi
ZIP Area
1,830
Density / Sq Mi
$43,166
Median Household Income
$32,429
Median Earnings
$1,150
Median Rent
$123,900
Median Home Value
Market
Vacancy Rate% for Office in Memphis, TN
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Existing automotive rental operations occupy a configurable commercial building with additional included property behind the main address.
Where is this office building located?
The property is located at 4359 STAGE Rd Memphis, TN.
What is the asking price?
The asking price for this property is $279,000.
What are key features of this property?
This property features: Over 4,800 square feet of commercial building area; Constructed in 1966; Currently used for a rental car business
