Commercial Land with Existing
For Sale
Contact for pricing
Pending
587 Hernando St., Memphis, TN 38109
Opportunity Zone land in the South Downtown Residential District includes an existing industrial structure and supports residential development subject to applicable approvals.
Property SizeContact for details
Days on Market144
Property Features for 587 Hernando St.
General Information
Standard status
Pending
Property subtype
Land
Listing Agency:
Crye-Leike Commercial Memphis
Listed By:
Susan Hines · License #TN 00329900
Source:
Crexi
Added: Apr 10
Changed: Aug 29
Last Checked: Aug 31 at 6:53AM
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 4.47-acre commercial land tract includes a 44,000 SF industrial building and is located within the South Downtown Residential District (R-SD). The district permits single-family, duplex, and multiple-family dwellings, along with churches, parks, and public or private schools. Certain commercial mixed-use permissions may be available through a Special Exception process.
R-SD regulations allow maximum residential density of 40 dwelling units per acre and a maximum building height of 4 stories. New construction requires site plan review, while nonresidential uses are subject to district-specific placement, size, parking, landscaping, and approval requirements. Drive-thru windows are not permitted, and surface parking is limited under the district standards.
The property is positioned between S. 3rd St. and Hernando St., near S. Main St., restaurants, retail, FedEx Forum, and Beale Street. It is also identified as an Opportunity Zone.
R-SD regulations allow maximum residential density of 40 dwelling units per acre and a maximum building height of 4 stories. New construction requires site plan review, while nonresidential uses are subject to district-specific placement, size, parking, landscaping, and approval requirements. Drive-thru windows are not permitted, and surface parking is limited under the district standards.
The property is positioned between S. 3rd St. and Hernando St., near S. Main St., restaurants, retail, FedEx Forum, and Beale Street. It is also identified as an Opportunity Zone.
Key Highlights
- 4.47‑acre commercial land tract in an Opportunity Zone
- Existing 44,000 SF industrial building on the property
- Located within the South Downtown Residential District (R‑SD)
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,213
Businesses Nearby
Explore this area
Business Placement
Demographics for 38109, TN
42,437
Population
18,881
Households
2.2
Avg Household Size
40
Median Age
14%
College-Educated
87%
High-School Grad
59.7 sq mi
ZIP Area
711
Density / Sq Mi
$36,934
Median Household Income
$30,780
Median Earnings
$1,000
Median Rent
$76,600
Median Home Value
Market
Vacancy Rate% for Industrial in Memphis, TN
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Opportunity Zone land in the South Downtown Residential District includes an existing industrial structure and supports residential development subject to applicable approvals.
Where is this commercial land located?
The property is located at 587 Hernando St. Memphis, TN.
What are key features of this property?
This property features: 4.47‑acre commercial land tract in an Opportunity Zone; Existing 44,000 SF industrial building on the property; Located within the South Downtown Residential District (R‑SD)
