Industrial Property For
For Sale
Contact for pricing
351 Wisconsin Ave, Memphis, TN 38106
Industrial property featuring 7,458 square feet of space for sale.
Property Size7,458 SF
Price / SF$133.41
Days on Market878
Property Features for 351 Wisconsin Ave
General Information
Standard status
Active
Size
7,458 SF
Property subtype
Industrial, Land
Building Details
Year Built
1956
Stories
1
Listing Agency:
NAI Saig Company Memphis
Listed By:
Brian Califf · License #TN 299669
(901) 526-3100
Source:
Crexi
Added: Apr 9, 2024
Changed: Aug 27
Last Checked: Aug 29 at 11:16AM
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 Memphis
Investment Insights
Based on property information with market context.
This industrial property, offered for sale, features a total area of 7,458 square feet. The property is located at 351 Wisconsin Ave, Memphis, TN 38106.
Key Highlights
- Central Location
- Spacious Layout
- Updated Kitchen
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
$75,822
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
7.62%
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%
$1,516,440
$1.5M
Cap Rate 7%
$1,083,171
$1.1M
Cap Rate 9%
$842,467
$842.5K
Market Conditions
NOI Build-Up for 7,458 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
$119.0K $15.96/SF
− Vacancy
−$10.7K −$1.44/SF
EGI
$108.3K $14.52/SF
− OpEx
−$32.5K −$4.36/SF
NOI
$75.8K $10.17/SF
Area
Memphis, TN
Vacancy
9.00%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
30.00%
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%
$1,516,440
Cap Rate 7%
$1,083,171
Cap Rate 9%
$842,467
Alternative Uses
Best Use
Industrial
$1.08M
$947.8K – $1.26M
NOI $75,822 @ 7.0% cap · market cap 7.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.20M
$1.93M – $2.57M
NOI $154,291 @ 7.0% cap · market cap 15.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
175
Businesses Nearby
Explore this area
Business Placement
Demographics for 38106, TN
22,394
Population
11,630
Households
1.9
Avg Household Size
41
Median Age
12%
College-Educated
83%
High-School Grad
10.4 sq mi
ZIP Area
2,153
Density / Sq Mi
$29,818
Median Household Income
$30,101
Median Earnings
$915
Median Rent
$66,400
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?
Industrial property - Industrial property featuring 7,458 square feet of space for sale.
Where is this industrial property located?
The property is located at 351 Wisconsin Ave Memphis, TN.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Central Location; Spacious Layout; Updated Kitchen
