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    3081 Covington Pike Memphis, TN 38128

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    For Sale
    Contact for pricing

    Freestanding Restaurant, 5,762 SF, High Traffic

    Property size:
    5,762 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional 5,762-square-foot freestanding restaurant building presents a compelling investment opportunity in Memphis, Tennessee. Situated on a sizable 1.2-acre lot at 3081 Covington Pike, this property boasts a prime location within a thriving retail corridor. The building's previous use as a Shoney's restaurant provides a solid foundation for a variety of food service concepts or potential redevelopment. Its strategic placement ensures high visibility and accessibility, benefiting from significant traffic counts on Covington Pike (36,474 AADT) and Stage Road (29,667 AADT). The property enjoys excellent proximity to established national and regional brands, including Captain D's, Taco Bell, Home Depot, Burlington, Marshalls, Aaron's, CVS, Walgreens, Starbucks, Piccadilly, AutoZone, Dollar General, and Subway, creating a synergistic retail environment. This location offers substantial potential for a new owner to capitalize on the existing infrastructure and strong surrounding commercial activity. The property is being offered for sale and presents a rare chance to acquire a well-positioned restaurant space in a high-traffic area of Memphis. The 1.2-acre lot allows for ample parking and potential for future expansion or outdoor seating. This is an ideal opportunity for an experienced restaurateur or investor seeking a high-visibility location with strong demographics.

    Property Features for 3081 Covington Pike

    General Information

    Property type
    Restaurants
    Square Feet
    5,762 SF
    Lot Size
    52,272 SF

    HighLights

    • 5,762 SF freestanding restaurant building on a 1.2‑acre lot in Memphis, TN.
    • Excellent location adjacent to Captain D's and Taco Bell.
    • Strong retail synergy with nearby Home Depot, Burlington, Marshalls, and other national brands.
    • High traffic counts: 36,474 AADT on Covington Pike and 29,667 AADT on Stage Road.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Restaurant Law Firm 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
    -89.8951405
    Latitude
    35.2096742

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    FAQs

    What type of property is this?
    Restaurant - Freestanding Restaurant, 5,762 SF, High Traffic
    Where is this restaurant located?
    The property is located at 3081 Covington Pike Memphis, TN.
    What are key features of this property?
    This property features: 5,762 SF freestanding restaurant building on a 1.2-acre lot in Memphis, TN.; Excellent location adjacent to Captain D's and Taco Bell.; Strong retail synergy with nearby Home Depot, Burlington, Marshalls, and other national brands.
    Request Owner's contact information
    3081 Covington Pike Memphis, TN 38128
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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
    3081 Covington Pike Memphis, TN 38128
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