Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    5915 Park Ave Memphis, TN 38119

    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Historic Memphis school, 46,851 SF, 3.56 acres.

    Property size:
    46,851 SF

    Property Features for 5915 Park Ave

    General Information

    Property type
    Schools
    Square Feet
    46,851 SF
    Lot Size
    155,074 SF

    Building Details

    Stories
    4

    We can help!

    Listing Contact
    Aaron Mesmer
    Aaron Mesmer

    Listing Agency: Block Real Estate Services Listing Agent: Aaron Mesmer

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional 46,851 square foot special purpose property, formerly Pershing Elementary School, presents a unique adaptive reuse opportunity. Located in Memphis, Tennessee, at 5915 Park Ave, in Shelby County (zip code 38119), this property sits on a generous 3.56-acre lot. The building, constructed in phases between 1924 and 1953, is a four-story structure zoned R-6. Its prime location offers convenient access to Highway 71, placing it within easy reach of numerous amenities and landmarks. The property's proximity to the Kansas City Zoo, Swope Soccer Village, Swope Golf Course, Hillcrest Golf Course, Blue River Trails, YMCA, Research Medical Center, Rockhurst University, and multiple parks provides significant potential for a variety of uses. While the school closed in 2009, the substantial building and expansive lot offer considerable potential for redevelopment. Investors and developers will appreciate the scale and location of this property, making it an attractive investment with significant upside. The property's history and architectural character offer a unique canvas for creative repurposing. Serious inquiries are encouraged.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Schools

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Building Supply Daycare Center Gym & Fitness Center Law Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -89.8665284
    Latitude
    35.09952

    Nearby Similar for Sale

    • New
      $195,000

      Restaurant, Warehouse, and Land Package

      Restaurant, warehouse, and additional parcels available for purchase.
      3145 N Watkins St, Memphis, TN 38127
      View Details
    • New
      Contact for pricing
      1,600 SF

      Germantown Office Space Available

      Office space for lease in Germantown, Tennessee.
      9056 Corporate Gardens Dr, Germantown, TN 38138
      View Details
    • $400,000

      Mixed-Use Condo in Downtown Memphis

      Versatile condo with office, business, and residential spaces combined.
      95 S Main St, Memphis, TN 38103
      View Details
    • Contact for pricing
      2,000 SF

      Retail Opportunity in Broad Avenue

      Retail space in growing Broad Avenue business district.
      2535 Broad Ave, Memphis, TN 38112
      View Details
    • $500,000

      Downtown Memphis Office Space

      Two-story office space in downtown Memphis near landmarks.
      66 Monroe Ave, Memphis, TN 38103
      View Details
    • $1,600,000
      13,455 SF

      Memphis Light Industrial/Manufacturing Opportunity

      Versatile flex/warehouse space with office, convenient location, and dual power.
      6735 Whitten Rd, Memphis, TN 38133
      View Details
    • $229,900
      1.00 Acre

      Operating Auto Shop For Sale

      Operating auto shop with equipment, tools, and office space.
      1775 Frayser Blvd, Memphis, TN 38127
      View Details
    • $76,900

      Turn-Key Salon Opportunity

      Fully equipped salon space ideal for owner-operator or investor.
      5507 Winchester Ave, Memphis, TN 38115
      View Details
    • $76,900

      Affordable Memphis Office Space

      Well-located office space with owner financing in Memphis, TN.
      5507 Winchester Ave, Memphis, TN 38115
      View Details
    • $149,900

      Turn-Key Medical Office Space

      Move-in ready medical office near hospitals and major routes.
      1900 Kirby Ave, Germantown, TN 38138
      View Details
    • $139,000

      Memphis Commercial Property For Sale

      Commercial property with high visibility, suitable for various business uses.
      3191 Jackson Ave, Memphis, TN 38112
      View Details
    • $399,900

      Established Restaurant with Outdoor Seating

      Turnkey restaurant with equipment, parking, and outdoor patio.
      733 Chelsea Ave, Memphis, TN 38107
      View Details

    FAQs

    What type of property is this?
    School - Historic Memphis school, 46,851 SF, 3.56 acres.
    Where is this school located?
    The property is located at 5915 Park Ave Memphis, TN.
    What are key features of this property?
    This property features: Former Pershing Elementary School, closed in 2009.; 46,851 SF building on a 3.56-acre lot.; Minutes from Highway 71.
    (816) 412-5858 Call to check price and availability
    Request Owner's contact information
    5915 Park Ave Memphis, TN 38119
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    5915 Park Ave
    Memphis, TN 38119
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    5915 Park Ave Memphis, TN 38119
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Aaron Mesmer
    Aaron Mesmer
    Real Estate License ID: 2003018426
    (816) 412-5858 (816) 756-1400
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!