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    247 Cleveland St Memphis, TN 38104

    For Sale
    $695,000

    Midtown Memphis retail building, vacant, high visibility.

    Property size:
    4,840 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    370
    This exceptional 4,840-square-foot retail building is situated at 247 N Cleveland St, Memphis, TN 38104, on a 0.38-acre lot. The property boasts approximately 105 feet of frontage on North Cleveland Street, offering unparalleled visibility. Located in a prime Midtown retail district, it benefits from its proximity to the $250 million Crosstown Concourse redevelopment, a major local destination. The building is vacant and presents a unique owner-user opportunity. The asking price is $695,000, translating to $143.60 per square foot. The property includes a rare, larger-than-average parking lot for the area, a significant advantage in this location. Zoned CMU-3, this versatile space is suitable for a variety of uses, including bar, grocery store, or quick-service restaurant (QSR), as indicated by its permitted subtypes. The established corporate trade area and the ongoing development in the 38104 zip code promise continued growth and high traffic. Its location across from a Kroger store ensures high visibility and accessibility. This is a rare opportunity to acquire a substantial retail property in a rapidly developing area of Memphis.

    Property Features for 247 Cleveland St

    General Information

    Property type
    Restaurants
    Square Feet
    4,840 SF
    Lot Size
    16,553 SF

    HighLights

    • 4,840 SF retail building on a 0.38‑acre lot at 247 N Cleveland St, Memphis, TN 38104.
    • 105 feet of frontage on North Cleveland Street.
    • Large parking lot for the area.
    • High visibility due to location across from a Kroger and proximity to the Crosstown Concourse redevelopment.
    • CMU‑3 zoning allowing for various uses (bar, grocery, QSR).
    • Established corporate trade area in a rapidly developing area (38104 zip code).
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Bars

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -90.015314324783
    Latitude
    35.145767331044

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    FAQs

    What type of property is this?
    Restaurant - Midtown Memphis retail building, vacant, high visibility.
    Where is this restaurant located?
    The property is located at 247 Cleveland St Memphis, TN.
    What is the asking price?
    The asking price for this property is $695,000.
    What are key features of this property?
    This property features: 4,840 SF retail building on a 0.38-acre lot at 247 N Cleveland St, Memphis, TN 38104.; 105 feet of frontage on North Cleveland Street.; Large parking lot for the area.
    Request Owner's contact information
    247 Cleveland St Memphis, TN 38104
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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
    247 Cleveland St Memphis, TN 38104
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