Commercial Real Estate Market in Memphis, MI
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
8 active listings and 145 off-market properties in Memphis, MI.
Market Trends
Memphis, MI spans 40.0 square miles in St. Clair County, Michigan. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Memphis, MI runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Vacancy Rate % in Midwest region
Retail
Retail space in Memphis, MI asks $106/SF to buy. Vacancy runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Average Sale Price $/SF
Listings
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Memphis, MI runs 4.9% across the Midwest region in 2025, up from 4.4% in 2019. Nearly 1.6x the 2022 low of 3.1%.
Vacancy Rate % in Midwest region
Multifamily
Multifamily vacancy in Memphis, MI runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Vacancy Rate % in Midwest region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 92.9%
- Industrial 5%
- Commercial 2.1%
Largest Zones share of zoned land by district
One Family Residential
One Family Residential
Light Industrial
Multifamily Residential
Central Business District
Memphis, MI zones 744 acres across 6 districts. Commercial zoning covers 2.1% of zoned land, residential 92.9% and industrial 5%. The largest single district is One Family Residential at 65.2%. For commercial buyers the practical constraint is that only 7.1% of land carries a commercial or industrial designation.
One Family Residential (R-1A)
The One-Family Residential Districts are designed to provide for one-family dwelling sites and residentially related uses in keeping with the residential development in the city
Market overview
Demographics & Economy
Memphis, MI has 4,332 residents in 1,838 households. Density runs 108 people per square mile. Median household income here is $87,599 and median gross rent $867 a month.
4,332
Population
1,838
Households
2.4
Avg Household Size
45
Median Age
17%
College-Educated
93%
High-School Grad
40 sq mi
ZIP Area
108
Density / Sq Mi
$87,599
Median Household Income
$50,551
Median Earnings
$867
Median Rent
$296,200
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Richmond Township | — | — |
| Riley | — | — |
| Riley Township | — | — |
| Columbus | — | — |
Frequently Asked Questions
What zoning applies to commercial property in Memphis?
Memphis, MI zones 744 acres across 6 districts, of which 2.1% is commercial and 5% industrial. The largest single district is One Family Residential at 65.2% of zoned land. The One-Family Residential Districts are designed to provide for one-family dwelling sites and residentially related uses in keeping with the residential development in the city Residential zoning covers 92.9% and open space 0%.
Where does Realmo's Memphis market data come from?
Realmo compiles Memphis, MI figures from 3 recent recorded sales, 8 active sale listings, 145 tracked off-market properties, the current Memphis zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 8 active for-sale and 0 active for-lease listings in Memphis, MI. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 744 zoned acres across 6 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 31 August 2026 — not today — is the honest last update.
- Known limitations
- office vacancy is reported at Midwest region level, retail vacancy is reported at Midwest region level and industrial vacancy is reported at Midwest region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 31 August 2026 · report a data issue
