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    2 2Nd St Memphis, TN 38103

    Sponsored
    For Sale
    $1,300,000

    19,747 SF, Redevelopment Opportunity

    Property size:
    19,747 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional three-story mixed-use building at 2 N. Second Street in Memphis, Tennessee, presents a compelling redevelopment opportunity. Boasting 19,747 square feet, including a 3,000 square foot basement, this property offers significant potential for various uses. Its prime downtown location, situated on a hard corner at the intersection of Madison Avenue and North Second Street, places it within minutes of key attractions such as the Peabody Hotel, FedEx Forum, Orpheum Theatre, and the Civic Center. The building's Art Deco aesthetic provides a unique character, while its two elevator shafts and existing three retail bays on the ground floor offer immediate income potential. The property is classified as an apartment building, creative office, and traditional office space, allowing for diverse development options. Furthermore, available air rights allow for vertical expansion, maximizing the property's potential. The asking price is $1,300,000, translating to $65.83 per square foot. This is a rare chance to acquire a significant mixed-use asset in a thriving downtown area with strong potential for future growth and value appreciation. The Shelby County location and 38103 zip code add to its desirability.

    Property Features for 2 2Nd St

    General Information

    Property type
    Multifamily properties
    Square Feet
    19,747 SF

    Building Details

    Stories
    3

    HighLights

    • Hard corner lot at Madison Ave & N. Second St, Memphis, TN.
    • Prime downtown location, minutes from Peabody Hotel, FedEx Forum, Orpheum Theatre, and Civic Center.
    • Vertical expansion opportunity via available air rights.
    • Existing ground floor retail space generating immediate income.
    Property Profile Location Intelligence

    Current Use by Public Records

    Office space

    Suggested Use

    Realty agency Spa & Massage Dental Office Hair Salon Restaurant Nail Salon Building Supply Clothing Store Daycare Center Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -90.0513011
    Latitude
    35.1449995

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    FAQs

    What type of property is this?
    Multifamily property - 19,747 SF, Redevelopment Opportunity
    Where is this multifamily property located?
    The property is located at 2 2Nd St Memphis, TN.
    What is the asking price?
    The asking price for this property is $1,300,000.
    What are key features of this property?
    This property features: Hard corner lot at Madison Ave & N. Second St, Memphis, TN.; Prime downtown location, minutes from Peabody Hotel, FedEx Forum, Orpheum Theatre, and Civic Center.; Vertical expansion opportunity via available air rights.
    Request Owner's contact information
    2 2Nd St Memphis, TN 38103
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    Memphis, TN 38103
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    Realmo Value Estimation

    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.

    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.

    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
    2 2Nd St Memphis, TN 38103
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