Walmart Shadow Center For
For Sale
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5339 Elvis Presley Boulevard, Memphis, TN 38116
Retail and medical center shadow-anchored by Walmart, Memphis, Tennessee.
Property Size19,200 SF
Price / SF$200.52
Days on Market90
Property Features for 5339 Elvis Presley Boulevard
General Information
Standard status
Active
Size
19,200 SF
Property subtype
Retail
Occupancy
100%
Net Operating Income
$308,275
Building Details
Year Built
2005
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Memphis
(678) 808-2780
Listed By:
William Davis · License #MS B-15586
Source:
Crexi
Added: May 14
Changed: Aug 8
Last Checked: Aug 9 at 6:22AM
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 Marcus & Millichap - Memphis
Investment Insights
Based on property information with market context.
This commercial property, listed for sale, is a Walmart shadow center with 19,200 square feet of retail and medical space. The property is currently 70% occupied by medical tenants. The average tenant tenure is 14+ years. The property is located on Elvis Presley Boulevard in Memphis, Tennessee.
Key Highlights
- Walmart Shadow Center Location
- High Cap Rate: 8.00%
- Strong Medical Tenant Base: 70% Medical
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
$224,986
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
5.84%
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%
$4,499,720
$4.5M
Cap Rate 7%
$3,214,086
$3.2M
Cap Rate 9%
$2,499,844
$2.5M
Market Conditions
NOI Build-Up for 19,200 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
$345.6K $18.00/SF
− Vacancy
−$24.2K −$1.26/SF
EGI
$321.4K $16.74/SF
− OpEx
−$96.4K −$5.02/SF
NOI
$225.0K $11.72/SF
Area
ZIP 38116
Vacancy
7.00%
Lease Rate
$18.00 /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%
$4,499,720
Cap Rate 7%
$3,214,086
Cap Rate 9%
$2,499,844
Alternative Uses
Best Use
Retail
$3.21M
$2.81M – $3.75M
NOI $224,986 @ 7.0% cap · market cap 5.84%
Second Best
Healthcare Medical
$2.73M
$2.38M – $3.18M
NOI $190,771 @ 7.0% cap · market cap 4.96%
Theoretical Best
Office A
$4.71M
$4.12M – $5.50M
NOI $329,712 @ 7.0% cap · market cap 8.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
280
Businesses Nearby
8k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 81%
Shops & Services 13%
Electronics 6%
Church's Chicken
Dining
6,439 visits/mo
0.3 miles
Marathon
Shops & Services
1,060 visits/mo
0.3 miles
Metro by T-Mobile
Electronics
447 visits/mo
0.2 miles
Demographics for 38116, TN
39,107
Population
18,526
Households
2.1
Avg Household Size
35
Median Age
21%
College-Educated
88%
High-School Grad
19.6 sq mi
ZIP Area
1,995
Density / Sq Mi
$44,663
Median Household Income
$31,593
Median Earnings
$1,035
Median Rent
$125,800
Median Home Value
Market
Vacancy Rate% for Retail in Memphis, TN
Questions? Ask Rey
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Similar Off Market Nearby
- Quick-Tag — Walmart Supercenter, 5255 Elvis Presley Blvd, Memphis, TN 38116
Frequently Asked Questions
What type of property is this?
Shopping center - Retail and medical center shadow-anchored by Walmart, Memphis, Tennessee.
Where is this shopping center located?
The property is located at 5339 Elvis Presley Boulevard Memphis, TN.
What is the asking price?
The asking price for this property is $3,850,000.
What are key features of this property?
This property features: Walmart Shadow Center Location; High Cap Rate: 8.00%; Strong Medical Tenant Base: 70% Medical
