Standalone Flex
For Sale
$1,700,000
6683 Reese Road, Memphis, TN 38133
The layout combines climate-controlled warehouse space with Class A office space.
Property Size8,120 SF
Price / SF$209.36
Days on Market193
Property Features for 6683 Reese Road
General Information
Standard status
Active
Size
8,120 SF
Class
Class A
Property subtype
Industrial
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Warehouse Space
3,068 SF
Office Build-Out
5,052 SF
Drive-In Doors
1
Conditioned Warehouse
Yes
Amenities
Grade Level Door
Fenced Storage Area
Building Details
Building Size
8,120 SF
Buildings
1
Listing Agency:
NAI | Saig Company
(901) 526-3100
Listed By:
Brian Califf · License ##S-41945
(901) 526-3100
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 4:26AM
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 NAI | Saig Company
Investment Insights
Based on property information with market context.
This standalone flex property offers 8120 square feet divided between climate-controlled warehouse space and Class A offices. The warehouse portion comprises 3,068, while the office component measures 5,052. Building features include one grade-level door and a fenced storage area.
Located at 6683 Reese Road in Memphis, Tennessee, the property is minutes from I-40 and the Whitten Road exit. The combination of office, warehouse, and fenced outdoor storage areas provides a clearly defined commercial configuration. The property is offered for sale.
Located at 6683 Reese Road in Memphis, Tennessee, the property is minutes from I-40 and the Whitten Road exit. The combination of office, warehouse, and fenced outdoor storage areas provides a clearly defined commercial configuration. The property is offered for sale.
Key Highlights
- 8120 square feet of total flex building area
- 3,068 of climate‑controlled warehouse space
- 5,052 of Class A office space
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
$124,236
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
7.31%
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%
$2,484,720
$2.5M
Cap Rate 7%
$1,774,800
$1.8M
Cap Rate 9%
$1,380,400
$1.4M
Market Conditions
NOI Build-Up for 8,120 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
$194.9K $24.00/SF
− Vacancy
−$29.2K −$3.60/SF
EGI
$165.6K $20.40/SF
− OpEx
−$41.4K −$5.10/SF
NOI
$124.2K $15.30/SF
Area
Memphis, TN
Vacancy
15.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$2,484,720
Cap Rate 7%
$1,774,800
Cap Rate 9%
$1,380,400
Alternative Uses
Best Use
Office B
$1.77M
$1.55M – $2.07M
NOI $124,236 @ 7.0% cap · market cap 7.31%
Second Best
Warehouse
$1.43M
$1.25M – $1.67M
NOI $100,242 @ 7.0% cap · market cap 5.90%
Theoretical Best
Office A
$2.40M
$2.10M – $2.80M
NOI $167,987 @ 7.0% cap · market cap 9.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
389
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 38133, TN
22,482
Population
8,336
Households
2.7
Avg Household Size
37
Median Age
33%
College-Educated
91%
High-School Grad
13.0 sq mi
ZIP Area
1,729
Density / Sq Mi
$82,485
Median Household Income
$46,522
Median Earnings
$1,449
Median Rent
$234,800
Median Home Value
Market
Vacancy Rate% for Office in Memphis, TN
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - The layout combines climate-controlled warehouse space with Class A office space.
Where is this flex space located?
The property is located at 6683 Reese Road Memphis, TN.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: 8120 square feet of total flex building area; 3,068 of climate‑controlled warehouse space; 5,052 of Class A office space
