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    3024 Covington Pike Memphis, TN 38128

    Sponsored
    For Lease
    $11 SF/Yr ($18,333 /Mo)

    Memphis Retail/Office Opportunity

    Lot size:
    20,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional 4,000 square foot retail or creative office space is situated within the Covington Commons complex, a vibrant mixed-use development in Memphis, Tennessee. Located at 3024 Covington Pike, this single-story building boasts a prime location at the high-traffic intersection of Covington Pike and Stage Road. Built in 1974 and renovated in 2016, the property offers a Class B space within a larger 20,000 square foot building encompassing seven suites. The 1.84-acre lot provides ample space, and the property benefits from its proximity to numerous national retailers including Walgreens, Regions Bank, Taco Bell, Home Depot, Marshalls, and Burlington Coat Factory. This high-visibility location is surrounded by a dense concentration of businesses, including financial services, medical practices, and other retail establishments, ensuring high foot traffic and visibility. The space is immediately available and offers a unique opportunity for businesses seeking a prominent location in a thriving commercial area of Shelby County. The minimum divisible space is 4,000 square feet, with a maximum contiguous space also of 4,000 square feet. There are no elevators in this single-story building.

    Property Features for 3024 Covington Pike

    General Information

    Property type
    Restaurants
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    20,000 SF
    Class
    B
    Total Rate
    18333.33

    Building Details

    Year Built/Renovated
    1974/2016
    Buildings
    1
    Stories
    1

    Unit(s) available at that property

    Space
    3024#3
    Size
    4,000 SF
    Rate per SF
    $11

    HighLights

    • High‑volume retail traffic.
    • Excellent location adjacent to a mixed‑use development with office and medical spaces.
    • Established restaurant location with over 25 years of operational history.
    Property Profile Location Intelligence

    Current Use by Public Records

    Spirits Unlimited Liquor Store Plaza Pharmacy Pharmacy Cash Quick of Memphis Loan Agency E&R Ribs and Wings Restaurant Queen Nails Nail Salon

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -89.894171007809
    Latitude
    35.207764576782

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    FAQs

    What type of property is this?
    Restaurant - Memphis Retail/Office Opportunity
    Where is this restaurant located?
    The property is located at 3024 Covington Pike Memphis, TN.
    What is the lease rate?
    The lease rate is $11 SF/Yr.
    What are key features of this property?
    This property features: High-volume retail traffic.; Excellent location adjacent to a mixed-use development with office and medical spaces.; Established restaurant location with over 25 years of operational history.
    Request Owner's contact information
    3024 Covington Pike Memphis, TN 38128
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    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
    3024 Covington Pike Memphis, TN 38128
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