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    6717-6767 Shelby Dr Memphis, TN 38141
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    6717-6767 Shelby Dr, Memphis, TN 38141

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    • Retail properties & Spaces
    • 23,000 SF
    • 3.33 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 6717-6767 Shelby Dr

    Lot size
    3.33 lot acres
    Property type
    Retail properties & Spaces
    Property subtype
    Restaurants

    Description

    This exceptional Memphis medical office opportunity, located at 6717-6767 E Shelby Dr, offers three buildings totaling 23,000 square feet on a 3.33-acre lot. Built in 1986, this Class B property boasts high visibility and convenient access from Ross Rd. The property features attractive exteriors with awnings, exterior glass, stucco, aluminum windows, and metal & glass doors. The design offers flexibility for various tenant build-outs, with standard bay depths and simple configurations. Ample parking (102 spaces) and grade-level front door loading cater to retail, office, and service industry users. Currently, the center houses a diverse mix of tenants, including restaurants (one a national brand), hair and nail salons, barber shops, and staffing agencies. Three spaces are available, ranging from 1,000 to 1,500 square feet, making it ideal for medical practices seeking a prominent location in Shelby County, TN (Zoning: CMU-1). This property presents a strong investment opportunity with high visibility and convenient access.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -89.8387
    Latitude
    35.0203

    Comparable in this City

    • Value Estimation
      $1,065,000
      12,814 SF

      4816 Riverdale Rd

      MEDICAL BUILDING
      4816 Riverdale Rd, Memphis, TN 38141-8529
      View Details
    • Value Estimation
      $2,955,000
      5,334 SF

      6428 Shelby Dr

      DRIVE-THRU RESTAURANT, FAST FOOD
      6428 Shelby Dr, Memphis, TN 38141-7703
      View Details
    • Value Estimation by Request
      1,938 SF

      4655 Riverdale Rd

      DRIVE-THRU RESTAURANT, FAST FOOD
      4655 Riverdale Rd, Memphis, TN 38141-7888
      View Details
    • Value Estimation by Request
      2,550 SF

      6781 Shelby Dr

      DRIVE-THRU RESTAURANT, FAST FOOD
      6781 Shelby Dr, Memphis, TN 38141-7846
      View Details
    • Value Estimation
      $985,000
      2,413 SF

      4790 Riverdale Rd

      DRIVE-THRU RESTAURANT, FAST FOOD
      4790 Riverdale Rd, Memphis, TN 38141-8529
      View Details
    • Value Estimation
      $615,000
      2,444 SF

      6769 Shelby Dr

      DRIVE-THRU RESTAURANT, FAST FOOD
      6769 Shelby Dr, Memphis, TN 38141-7846
      View Details

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      Retail or Medical Space Available

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    • $13 SF/Yr

      Former Walgreens Retail Space Available

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    Memphis, TN 38141
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    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.

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