Retail Storefront
For Sale
Contact for pricing
5149 WHEELIS DR, Memphis, TN 38117
For sale retail storefront building offering a dedicated commercial space in Memphis.
Property Size6,450 SF
Price / SF$155.04
Days on Market55
Property Features for 5149 WHEELIS DR
General Information
Standard status
Active
Size
6,450 SF
Total Parking Spaces
32
Property subtype
Retail, Office, Mixed Use
Zoning
CMU-1
Building Details
Year Built
1954
Year Renovated
2007
Buildings
1
Stories
1
Units
1
Listing Agency:
Michael Lightman Realty Company
(901) 767-5240
Listed By:
Adam Lightman · License #TN
Source:
Crexi
Added: Jun 18
Changed: Aug 8
Last Checked: Aug 10 at 8:09AM
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 Michael Lightman Realty Company
Investment Insights
Based on property information with market context.
This for-sale retail storefront property totals 6,450 square feet, presented as a single retail asset suited to businesses seeking a dedicated commercial location. The offering is structured around the existing retail footprint, providing space for a retail operation that requires storefront-oriented presence.
The property is located at 5149 Wheelis Dr in Memphis, Tennessee (38117). As a retail property and space, it is positioned for tenant use consistent with neighborhood retail activity, with access and frontage expected to support day-to-day customer traffic. Prospective buyers or tenants should review site-specific access details during due diligence.
Because this is a purpose-built retail storefront asset, it may fit users looking for a straightforward retail footprint without the need to start from a non-retail shell. Potential buyers should evaluate the space layout and condition for their intended concepts, as well as any lease, ownership, or operational requirements that may apply to the 6,450-square-foot configuration. For brokers and tenants, the next step is confirming build-out needs and verifying how the available retail space aligns with their operating requirements.
The property is located at 5149 Wheelis Dr in Memphis, Tennessee (38117). As a retail property and space, it is positioned for tenant use consistent with neighborhood retail activity, with access and frontage expected to support day-to-day customer traffic. Prospective buyers or tenants should review site-specific access details during due diligence.
Because this is a purpose-built retail storefront asset, it may fit users looking for a straightforward retail footprint without the need to start from a non-retail shell. Potential buyers should evaluate the space layout and condition for their intended concepts, as well as any lease, ownership, or operational requirements that may apply to the 6,450-square-foot configuration. For brokers and tenants, the next step is confirming build-out needs and verifying how the available retail space aligns with their operating requirements.
Key Highlights
- Retail storefront building with 6,450 SF of dedicated commercial space
- Built in 1954
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
$64,339
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
6.43%
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%
$1,286,780
$1.3M
Cap Rate 7%
$919,129
$919.1K
Cap Rate 9%
$714,878
$714.9K
Market Conditions
NOI Build-Up for 6,450 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
$96.8K $15.00/SF
− Vacancy
−$4.8K −$0.75/SF
EGI
$91.9K $14.25/SF
− OpEx
−$27.6K −$4.27/SF
NOI
$64.3K $9.98/SF
Area
Memphis, TN
Vacancy
5.00%
Lease Rate
$15.00 /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%
$1,286,780
Cap Rate 7%
$919,129
Cap Rate 9%
$714,878
Alternative Uses
Best Use
Retail
$919.1K
$804.2K – $1.07M
NOI $64,339 @ 7.0% cap · market cap 6.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.91M
$1.67M – $2.22M
NOI $133,438 @ 7.0% cap · market cap 13.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,405
Businesses Nearby
543k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 30%
Shops & Services 23%
Dining 20%
Apparel 13%
Kroger
Groceries
53,016 visits/mo
0.4 miles
T.J. Maxx
Apparel
52,314 visits/mo
0.4 miles
Five Below
Shops & Services
50,404 visits/mo
0.4 miles
Whole Foods Market
Groceries
45,459 visits/mo
0.3 miles
Kroger
Groceries
44,806 visits/mo
0.4 miles
Demographics for 38117, TN
27,138
Population
12,045
Households
2.3
Avg Household Size
40
Median Age
60%
College-Educated
95%
High-School Grad
9.4 sq mi
ZIP Area
2,887
Density / Sq Mi
$93,688
Median Household Income
$52,596
Median Earnings
$1,353
Median Rent
$287,500
Median Home Value
Market
Vacancy Rate% for Retail in Memphis, TN
Questions? Ask Rey
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- L & Jay Productions — 4948 William Arnold Rd, Memphis, TN 38117
Frequently Asked Questions
What type of property is this?
Storefront property - For sale retail storefront building offering a dedicated commercial space in Memphis.
Where is this storefront property located?
The property is located at 5149 WHEELIS DR Memphis, TN.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Retail storefront building with 6,450 SF of dedicated commercial space; Built in 1954
