Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    3455 Pruett Ct Memphis, TN 38111

    • Commercial real estate
    • 54,600 SF
    • 1.35 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-0171787
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 3455 Pruett Ct

    Year built
    1972
    Lot size
    1.35 lot acres
    Property size
    54,600 SF
    Property type
    Commercial real estate

    Description

    This exceptional 52-unit apartment building in Memphis, TN, presents a compelling investment opportunity. Boasting 54,600 square feet across six, two-story buildings on a 1.35-acre lot, this property underwent extensive renovations between 2021 and 2024. The 52 spacious condo townhomes each feature a refrigerator, stove, disposal, dishwasher, three large walk-in closets, and private patios. Common laundry areas are conveniently located. Secure, gated parking is provided. Currently, the average rent is $1,295 per month, significantly higher than the area average of $718, reflecting recent upgrades and strong management. Approximately 20 additional units can be upgraded to achieve this higher rental rate with minor improvements. The property's prime location near the University of Memphis, FedEx Technology Center, Highland Strip, and various athletic facilities ensures high occupancy and strong rental demand. The existing local management team is eager to continue, facilitating a smooth transition for the new owner. Built in 1972, this property offers significant upside potential for a savvy investor. The asking price is $6,240,000, representing a price per unit of $120,000 and a price per square foot of $114.29. This is a turnkey opportunity with immediate cash flow and significant future growth potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -89.9473174
    Latitude
    35.1136326

    Comparable in this City

    • $99,500

      Condo Near Overton Park

      Condo with gated parking, pool, and in-unit laundry hookups.
      3080 Walnut Grove Rd, Memphis, TN 38111
      View Details
    • $550,000
      0.61 Acres

      Memphis Multi-Family Development Land

      Prime .61-acre lot, ideal for student housing.
      3545 Southern Ave, Memphis, TN 38111
      View Details
    • $325,000

      Highland Strip Land For Sale

      Prime frontage land available on the Highland Strip.
      559 S Highland St, Memphis, TN 38111
      View Details
    • $225,000

      Established Car Wash in Memphis

      Well-maintained car wash facility in high-traffic Memphis location.
      118 Tillman St, Memphis, TN 38111
      View Details
    • Contact for pricing
      10,044 SF

      Industrial Property Near Memphis Airport

      10,044 SF industrial building, fenced, near airport.
      1715 Cherokee Blvd, Memphis, TN 38111
      View Details
    • $999,000

      Cleared Corner Lot on Poplar

      Development-ready corner lot available for ground lease, build to suit.
      3341 Poplar Ave, Memphis, TN 38111
      View Details

    Similar Nearby for Sale

    • $99,500

      Condo Near Overton Park

      Condo with gated parking, pool, and in-unit laundry hookups.
      3080 Walnut Grove Rd, Memphis, TN 38111
      View Details
    • $550,000
      0.61 Acres

      Memphis Multi-Family Development Land

      Prime .61-acre lot, ideal for student housing.
      3545 Southern Ave, Memphis, TN 38111
      View Details
    • $325,000

      Highland Strip Land For Sale

      Prime frontage land available on the Highland Strip.
      559 S Highland St, Memphis, TN 38111
      View Details
    • $225,000

      Established Car Wash in Memphis

      Well-maintained car wash facility in high-traffic Memphis location.
      118 Tillman St, Memphis, TN 38111
      View Details
    • $3,254,896
      14,490 SF

      Retail Property on Getwell Road

      Retail property available for sale on Getwell Rd, Memphis.
      1201 Getwell Rd, Memphis, TN 38111
      View Details
    • Contact for pricing

      Land Near Industrial Park

      Corner lot suitable for fuel center or convenience store.
      Prescott St, Memphis, TN 38111
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,000 SF

      Retail Center Near University of Memphis

      Retail space available in a high-traffic Memphis location.
      1211-1233 Getwell Rd, Memphis, TN 38111
      View Details
    • Contact for pricing
      2,760 SF

      Retail Space Near University Campus

      Retail property with high visibility near the University of Memphis.
      3905-3951 Park Ave, Memphis, TN 38111
      View Details
    • $22 SF/Yr
      300 SF

      Versatile Office Suite For Rent

      Adaptable suite suitable for various businesses.
      3355 Poplar Ave, Memphis, TN 38111
      View Details
    • Contact for pricing
      2,025 SF

      Retail Space in High-Traffic Area

      Retail spaces available in a high-traffic Memphis location.
      3400-3412 Poplar Ave, Memphis, TN 38111
      View Details
    • Contact for pricing
      37,595 SF

      Memphis Retail Center Opportunity

      High-traffic retail space available in Memphis, TN
      1217 Getwell Rd, Memphis, TN 38111
      View Details
    • Contact for pricing
      1,068 SF

      Retail Space on Park Avenue

      Retail spaces available in a shopping center near University of Memphis.
      3935 Park Ave, Memphis, TN 38111
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3455 Pruett Ct
    Memphis, TN 38111
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.