Owner-User Office
For Sale
Contact for pricing
9033 GARDEN ARBOR DR, Germantown, TN 38138
Office building offering owner use and investment, located just off Forest Hill Rd near shops and restaurants.
Property Size3,200 SF
Price / SF$225
Days on Market53
Property Features for 9033 GARDEN ARBOR DR
General Information
Standard status
Active
Size
3,200 SF
Class
B
Property subtype
Office
Zoning
CL
Building Details
Year Built
2001
Stories
1
Units
2
Listing Agency:
John Green & Company
(901) 853-0763
Listed By:
Jim Gannaway · License #TN 295567
Source:
Crexi
Added: Jul 7
Changed: Aug 24
Last Checked: Aug 25 at 5:32PM
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 John Green & Company
Investment Insights
Based on property information with market context.
This office building is a strong fit for an owner-user looking for a commercial space to occupy, as well as an investment buyer. The property is offered for sale with the flexibility to support either use case.
The building is located just off Forest Hill Rd on the east side of Germantown, within an area with numerous shops and restaurants. This placement supports day-to-day accessibility for businesses and customers in the surrounding retail and dining corridor.
The building is located just off Forest Hill Rd on the east side of Germantown, within an area with numerous shops and restaurants. This placement supports day-to-day accessibility for businesses and customers in the surrounding retail and dining corridor.
Key Highlights
- Office building built in 2001
- Located just off Forest Hill Rd on the east side of Germantown
- Positioned near shops and restaurants, offering owner‑use or investment options
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
$48,960
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
6.80%
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%
$979,200
$979.2K
Cap Rate 7%
$699,429
$699.4K
Cap Rate 9%
$544,000
$544.0K
Market Conditions
NOI Build-Up for 3,200 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
$76.8K $24.00/SF
− Vacancy
−$11.5K −$3.60/SF
EGI
$65.3K $20.40/SF
− OpEx
−$16.3K −$5.10/SF
NOI
$49.0K $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%
$979,200
Cap Rate 7%
$699,429
Cap Rate 9%
$544,000
Alternative Uses
Best Use
Office B
$699.4K
$612.0K – $816.0K
NOI $48,960 @ 7.0% cap · market cap 6.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$945.7K
$827.5K – $1.10M
NOI $66,202 @ 7.0% cap · market cap 9.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
649
Businesses Nearby
Explore this area
Business Placement
Demographics for 38138, TN
25,837
Population
10,747
Households
2.4
Avg Household Size
45
Median Age
69%
College-Educated
98%
High-School Grad
11.9 sq mi
ZIP Area
2,171
Density / Sq Mi
$130,125
Median Household Income
$72,810
Median Earnings
$1,716
Median Rent
$393,600
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?
Office building - Office building offering owner use and investment, located just off Forest Hill Rd near shops and restaurants.
Where is this office building located?
The property is located at 9033 GARDEN ARBOR DR Germantown, TN.
What is the asking price?
The asking price for this property is $720,000.
What are key features of this property?
This property features: Office building built in 2001; Located just off Forest Hill Rd on the east side of Germantown; Positioned near shops and restaurants, offering owner‑use or investment options
