Corner Mixed-Use
For Sale
Contact for pricing
538 S CTR ST, Collierville, TN 38017
Remodeled in 2023 and zoned General Commercial for multiple use options.
Property Size2,523 SF
Lot Size0.75 Acres
Price / SF$197.78
Days on Market60
Property Features for 538 S CTR ST
General Information
Standard status
Active
Size
2,523 SF
Total Parking Spaces
12
Lot size
0.75 Acres
Property subtype
Retail, Office, Mixed Use
Zoning
General Commercial
Site & Location
Corner Location
Yes
Highway Access
Yes
Building Details
Year Built
1982
Year Renovated
2023
Buildings
1
Stories
1
Units
1
Listing Agency:
Crye-Leike Commercial Memphis
Listed By:
Cathy Anderson · License #TN TN
Source:
Crexi
Added: Aug 20
Changed: Oct 1
Last Checked: Oct 16 at 8:17AM
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
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Investment Insights
Based on property information with market context.
This 2,523-square-foot mixed-use property supports a live/work arrangement and is currently configured for pet grooming and boarding with an owner residence upstairs. The upper apartment includes a living area, kitchen, two bedrooms, and a large bathroom with laundry space. Improvements completed in 2023 include interior painting, landscaping, and drainage work.
The property occupies a corner at Center Street and Starlight Drive in Collierville, near the Collierville Town Square and Highway 72, with access to I-385. At least 12 off-street parking spaces are available. The 0.746-acre parcel carries General Commercial zoning, which allows multiple uses, including live/work applications.
The property occupies a corner at Center Street and Starlight Drive in Collierville, near the Collierville Town Square and Highway 72, with access to I-385. At least 12 off-street parking spaces are available. The 0.746-acre parcel carries General Commercial zoning, which allows multiple uses, including live/work applications.
Key Highlights
- 2,523‑square‑foot mixed‑use property with live/work configuration
- 0.746‑acre corner parcel at Center Street and Starlight Drive
- General Commercial zoning allows multiple uses, including live/work
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,545
Cap Rate
5.12%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$510,900
$510.9K
Cap Rate 7%
$364,929
$364.9K
Cap Rate 9%
$283,833
$283.8K
Market Conditions
NOI Build-Up for 2,523 SF
Gross rent
$45.4K $18.00/SF
− Vacancy
−$4.5K −$1.80/SF
EGI
$40.9K $16.20/SF
− OpEx
−$15.3K −$6.07/SF
NOI
$25.5K $10.13/SF
Area
Shelby County, TN
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$510,900
Cap Rate 7%
$364,929
Cap Rate 9%
$283,833
Alternative Uses
Best Use
Mixed Use
$364.9K
$319.3K – $425.8K
NOI $25,545 @ 7.0% cap · market cap 5.12%
Second Best
Office B
$354.2K
$310.0K – $413.3K
NOI $24,796 @ 7.0% cap · market cap 4.97%
Theoretical Best
Office A
$510.7K
$446.9K – $595.8K
NOI $35,750 @ 7.0% cap · market cap 7.16%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
253
Businesses Nearby
Explore this area
Business Placement
Demographics for 38017, TN
55,114
Population
20,850
Households
2.6
Avg Household Size
41
Median Age
60%
College-Educated
96%
High-School Grad
82.0 sq mi
ZIP Area
672
Density / Sq Mi
$135,946
Median Household Income
$70,857
Median Earnings
$1,489
Median Rent
$469,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Remodeled in 2023 and zoned General Commercial for multiple use options.
Where is this mixed-use property located?
The property is located at 538 S CTR ST Collierville, TN.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 2,523‑square‑foot mixed‑use property with live/work configuration; 0.746‑acre corner parcel at Center Street and Starlight Drive; General Commercial zoning allows multiple uses, including live/work
