Former Walgreens on Summer
3502 Summer Ave Memphis, TN 38122
3502 Summer Ave, Memphis, TN, 38122
Contact for pricing
For Sale
Contact for pricing
Former Walgreens available on Summer Avenue in Memphis, Tennessee.
Property Size14,392 SF
Lot Size1.88 Acres
Price / SF$138.27
Days on Market692
Property Features for 3502 Summer Ave
General Information
- Standard status
- Active
- Size
- 14,392 SF
- Lot size
- 1.88 Acres
- Property subtype
- Retail
Listing Agency
Myers Commercial Real Estate
Listed by
Melanie Myers Bland · License #TN 288335
Source
Crexi
Added: Aug 25, 2024 Checked: Jul 15 at 5:34 pm
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 Myers Commercial Real Estate
Investment Insights
Based on property information with market context.
The former Walgreens property, situated at 3502 Summer Avenue in Memphis, Tennessee, is available for sale. The property is positioned on the corner of Summer Avenue and Highland, and includes an expansive 1.88-acre lot. The building has a total area of 14,392 square feet and features an existing drive-thru and an open floor plan.
Key Highlights
- Excellent positioning on the hard corner of Summer and Highland
- Expansive 1.88 AC
- Former Walgreens location
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $241.8k | $16.80 |
| − Vacancy | −$10.9k | −$0.76 |
| EGI | $230.9k | $16.04 |
| − OpEx | −$57.7k | −$4.01 |
| NOI | $173.2k | $12.03 |
14,392 SF · lease $16.80/SF/yr · vacancy 4.50% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$2.47M
$2.16M – $2.89M
NOI $173,179 @ 7.0% cap · market cap 8.70%
Second Best
Retail
$2.05M
$1.79M – $2.39M
NOI $143,560 @ 7.0% cap · market cap 7.21%
Theoretical Best
Office A
$4.25M
$3.72M – $4.96M
NOI $297,742 @ 7.0% cap · market cap 14.96%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Amani P. Johnsonsinghbarnett, ...
Physician
Highland Square
Shopping Center & Mall
Western Union
Bank
COVID-19 Drive-Thru Testing ...
Medical Clinic
Similar For Sale Nearby
Similar Off Market Nearby
- James K. Mc Donald, RPh — 3423 Summer Ave, Memphis, TN 38122
FAQs
What type of property is this?
Drug store - Former Walgreens available on Summer Avenue in Memphis, Tennessee.
Where is this drug store located?
The property is located at 3502 Summer Ave Memphis, TN.
What is the asking price?
The asking price for this property is $1,990,000.
What are key features of this property?
This property features: Excellent positioning on the hard corner of Summer and Highland; Expansive 1.88 AC; Former Walgreens location
