94 MAIN ST, Memphis, TN 38103

Building Details

Tenancy Single More

Listing Agency: Crye-Leike Real Estate Services

Listed By: Chris Garland · License TN #232993 Show Phone

Source: Crexi

Added: Oct 13 Changed: Nov 8 Last Checked: Nov 8 at 4:38PM

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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 Crye-Leike Real Estate Services

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Investment Insights

Based on property information with market context.

This restaurant condominium comprises the first-floor commercial space within a larger building. The offering is a 2,660-square-foot unit occupied by a single restaurant tenant under a fully leased status. It is the commercial condominium space only, not the entire building.

Key Highlights

• 2,660‑square‑foot first‑floor commercial condominium
• Fully leased to a single restaurant tenant

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$32,008

Cap Rate

7.11%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$640,160 $640.2K

Cap Rate 7%

$457,257 $457.3K

Cap Rate 9%

$355,644 $355.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,660 SF

Gross rent

$44.7K $16.80/SF

− Vacancy

−$2.0K −$0.76/SF

EGI

$42.7K $16.04/SF

− OpEx

−$10.7K −$4.01/SF

NOI

$32.0K $12.03/SF

Area

Memphis, TN

Vacancy

4.50%

Lease Rate

$16.80 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$640,160

Cap Rate 7%

$457,257

Cap Rate 9%

$355,644

Alternative Uses

Best Use

Specialty Retail

$457.3K

$400.1K – $533.5K (±1% cap)

NOI $32,008 @ 7.0% cap · market cap 7.11%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$786.1K

$687.9K – $917.2K (±1% cap)

NOI $55,030 @ 7.0% cap · market cap 12.23%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Sage Restaurant Restaurant

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Furniture & Home Goods Pet Grooming Service Tanning Salon Carpet & Flooring Store Butcher

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

100%

Occupancy

Single-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

3,542

Businesses Nearby

87k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Hotels & Casinos 70% Dining 26% Apparel 3% Shops & Services 1%

Flying Fish Dining

18,139 visits/mo 0.1 miles

DoubleTree by Hilton Hotel Memphis Downtown Hotels & Casinos

12,893 visits/mo 0.2 miles

Hampton Inn & Suites Memphis Beale Street Hotels & Casinos

11,520 visits/mo 0.2 miles

Hilton Garden Inn Memphis Downtown Hotels & Casinos

7,623 visits/mo 0.2 miles

Hotel Indigo Memphis Downtown Hotels & Casinos

6,922 visits/mo 0.3 miles

Demographics for 38103, TN

14,739

Population

8,811

Households

1.7

Avg Household Size

35

Median Age

61%

College-Educated

95%

High-School Grad

2.7 sq mi

ZIP Area

5,459

Density / Sq Mi

$75,763

Median Household Income

$60,918

Median Earnings

$1,575

Median Rent

$380,900

Median Home Value

Market

Properties on Market for Conventional restaurants in Memphis

Jul

Aug

Sep

Oct

Vacancy Rate% for Retail in Memphis, TN

6.5% 2019

6.9% 2020

6.3% 2021

4.9% 2022

5% 2023

5.2% 2024

6.8% 2025

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Frequently Asked Questions

What type of property is this?

Conventional restaurant - The offering covers the first-floor commercial condominium space, occupied by one restaurant tenant.

Where is this conventional restaurant located?

The property is located at 94 MAIN ST Memphis, TN.

What is the asking price?

The asking price for this property is $450,000.

What are key features of this property?

This property features: 2,660‑square‑foot first‑floor commercial condominium; Fully leased to a single restaurant tenant