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    199 Summitt St Memphis, TN 38104

    Sponsored
    For Sale
    Contact for pricing

    Historic building, versatile spaces, high income potential.

    Property size:
    6,688 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This unique, vacant mixed-use property in the heart of Midtown Memphis offers 6,688 square feet across two stories in a 1910 building on a 0.187-acre lot (APN: 028008 00005C). The property is classified as a Class B building and is available under a NNN lease. The upper level features previously occupied office space with four private offices, a conference room, and a breakroom/kitchen. Additionally, there are two studio apartments; one fully renovated and ready for occupancy, the other requiring renovation. Both offer potential for long-term or short-term rentals. The lower level provides office/creative space, partially renovated and ready for immediate use. Its previous tenant was a visual marketing studio. The location is highly desirable, one block from Union Avenue (behind Midtown Fresh Market), two blocks from Overton Square, and close to Cooper-Young. This prime location offers proximity to cultural destinations including Playhouse on the Square, Hattiloo Theatre, and Overton Park. Significant investment in hotels, apartments, and retail is underway in the surrounding area, promising continued growth and strong rental income potential. This property presents a rare opportunity for an owner-user or investor seeking a high-income-producing asset in a thriving Memphis neighborhood.

    Property Features for 199 Summitt St

    General Information

    Property type
    Restaurants
    Square Feet
    6,688 SF
    Class
    B
    Lot Size
    8,146 SF

    Building Details

    Year Built
    1910
    Buildings
    1
    Stories
    2

    HighLights

    • 6,688 SF mixed‑use building in Memphis, TN, on a 0.187‑acre lot.
    • Class B property built in 1910, featuring one two‑story building with vacant tenancy.
    • NNN lease type, ideal for owner‑users or investors seeking strong income potential in a middle‑income area.
    • Located in Midtown Memphis, one block from Union Ave and near Overton Square, offering high visibility and access to amenities.
    • Features upper‑level office space (previously a law firm), two studio apartments (one renovated), and lower‑level creative office space.
    • Rare opportunity in a rapidly developing area with significant nearby investment in hotels, apartments, and retail.
    Property Profile Location Intelligence

    Current Use by Public Records

    Chastain English Law Law Firm

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply 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
    -89.989168168165
    Latitude
    35.132579998386

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    FAQs

    What type of property is this?
    Restaurant - Historic building, versatile spaces, high income potential.
    Where is this restaurant located?
    The property is located at 199 Summitt St Memphis, TN.
    What are key features of this property?
    This property features: 6,688 SF mixed-use building in Memphis, TN, on a 0.187-acre lot.; Class B property built in 1910, featuring one two-story building with vacant tenancy.; NNN lease type, ideal for owner-users or investors seeking strong income potential in a middle-income area.
    Request Owner's contact information
    199 Summitt St Memphis, TN 38104
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    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
    199 Summitt St Memphis, TN 38104
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