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    147 Jefferson Ave Memphis, TN 38103

    For Sale
    $3,700,000

    12-Story Office Tower, Adaptive Reuse Potential

    Property size:
    101,200 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    370
    This exceptional 101,200 square foot, 12-story office tower presents a compelling redevelopment opportunity in the heart of Downtown Memphis, Tennessee. Located at 147 Jefferson Avenue, this mixed-use property, built in 1954, sits on a 0.2-acre lot within the CBD zoning district. Currently vacant, the building is ideally suited for adaptive reuse into mixed-use, multifamily, or hospitality spaces, capitalizing on the area's burgeoning demand for housing and hospitality establishments. The asking price is $3,700,000, or $36.56 per square foot. A new roof is currently being installed, providing immediate value to the new owner. Furthermore, a nearby surface parking lot offering 90 spaces is available via a lease agreement. This prime location boasts excellent visibility and access on Jefferson Avenue, between BB King Boulevard and Second Street. The property is eligible for a Payment-In-Lieu-of-Tax abatement program, potentially freezing taxes at pre-development levels for up to 10 years. Partial seller financing is available for qualified buyers. Note that DMC approval is needed for closing, and current remediation efforts are underway to address a pending environmental court citation. This presents a unique chance to invest in a high-potential property within Memphis's strongest office campus, benefiting from the area's ongoing urbanization and strong job market.

    Property Features for 147 Jefferson Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    101,200 SF
    Lot Size
    8,712 SF

    Building Details

    Stories
    12

    HighLights

    • Prime Downtown Memphis location; high job density.
    • Excellent visibility and access on Jefferson Avenue.
    • Ideal for adaptive reuse as mixed‑use, multifamily, or hospitality.
    • Eligible for a 10‑year Payment‑In‑Lieu‑of‑Tax abatement.
    • Partial seller financing available.
    • Nearby 90‑space parking lot lease available.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    George's Books & Autographs Antique Store Top Notch Security ... Security Guard Service Quality Painters of Memphis Painter

    Suggested Use

    Realty agency Spa & Massage Dental Office Hair Salon Restaurant Nail Salon Building Supply Clothing Store Daycare Center 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
    -90.0504945
    Latitude
    35.1465728

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    FAQs

    What type of property is this?
    Multifamily property - 12-Story Office Tower, Adaptive Reuse Potential
    Where is this multifamily property located?
    The property is located at 147 Jefferson Ave Memphis, TN.
    What is the asking price?
    The asking price for this property is $3,700,000.
    What are key features of this property?
    This property features: Prime Downtown Memphis location; high job density.; Excellent visibility and access on Jefferson Avenue.; Ideal for adaptive reuse as mixed-use, multifamily, or hospitality.
    Request Owner's contact information
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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
    147 Jefferson Ave Memphis, TN 38103
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