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 Market15
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: Sep 2
Last Checked: Sep 2 at 2:02PM
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
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 = 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
$25,545
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
5.12%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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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
