Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    2281 Germantown Pkwy Memphis, TN 38016
    Back to Search
    Property profile & analytics

    2281 Germantown Pkwy, Memphis, TN 38016

    View on Map
    • Retail properties & Spaces
    • 60,833 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 2281 Germantown Pkwy

    Year built
    2007
    Property type
    Retail properties & Spaces
    Property subtype
    Retail space

    Description

    This 60,833-square-foot vacant storefront in Memphis, Tennessee, presents a compelling redevelopment opportunity. Located at 2281 N Germantown Pkwy in the Countrywood Crossing Center, this fee-simple property (land and building) offers significant upside potential. The property boasts a prime location at a signalized intersection with high visibility and traffic counts (73,400 VPD on N. Germantown Pkwy and 125,500 VPD on I-40, half a mile away). It benefits from its proximity to major retailers including Kohl's, Ashley Furniture, Dick's Sporting Goods, Ross Dress for Less, IKEA, Costco, and the Market Place Galleria, creating a strong retail environment. The property's 2007 construction and Planned Development (PD) zoning provide flexibility for future development. The asking price is $7,300,000, translating to $120 per square foot. The 5-mile trade area boasts a population exceeding 169,000 with an average household income of $97,500, indicating strong consumer spending power. This vacant big box presents a unique chance to capitalize on a high-traffic location within a thriving retail corridor. The current market rent minimizes risk before securing a new, long-term tenant at market rate.

    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
    -89.7961
    Latitude
    35.1877

    Comparable in this City

    • Value Estimation
      $1,160,000
      9,432 SF

      9941 Macon Rd

      RETAIL STORES (PERSONAL SERVICES)
      9941 Macon Rd, Cordova, TN 38016-6637
      View Details
    • Value Estimation by Request
      768 SF

      9243 Grv Rd

      RETAIL STORES (PERSONAL SERVICES)
      9243 Grv Rd, Cordova, TN 38016-4747
      View Details
    • Value Estimation
      $3,800,000
      18,200 SF

      2321 Germantown Pkwy

      RETAIL STORES (PERSONAL SERVICES)
      2321 Germantown Pkwy, Cordova, TN 38016
      View Details
    • Value Estimation
      $730,000
      8,480 SF

      1683 Appling Rd

      RETAIL STORES (PERSONAL SERVICES)
      1683 Appling Rd, Cordova, TN 38016-4907
      View Details
    • Value Estimation by Request
      3,965 SF

      1532 Bonnie Ln

      RETAIL STORES (PERSONAL SERVICES)
      1532 Bonnie Ln, Cordova, TN 38016-1562
      View Details
    • Value Estimation by Request
      2,112 SF

      8130 Bellevue Pkwy

      RETAIL STORES (PERSONAL SERVICES)
      8130 Bellevue Pkwy, Cordova, TN 38016-7400
      View Details

    Similar Nearby for Sale

    • $185,000
      0.91 Acres

      Commercial Lot in Cordova Location

      High-visibility commercial lot in a high-traffic Memphis location.
      7999 Clb Ctr Rd, Memphis, TN 38016
      View Details
    • Contact for pricing

      Germantown Square Outparcel Opportunity

      Last outparcel available in Germantown Square development.
      1245 N Germantown Pkwy, Cordova, TN 38016
      View Details
    • Contact for pricing
      5,129 SF

      Stand Alone Office/Medical Building

      Renovated office/medical building with ample parking and high visibility.
      1695 Bonnie Ln, Memphis, TN 38016
      View Details
    • Contact for pricing

      Retail Space in Cordova Collection

      Retail spaces available in high-traffic Cordova Corridor shopping center.
      1771 North Germantown Pkwy, Memphis, TN 38016
      View Details
    • Contact for pricing
      5,929 SF

      Cordova Retail Opportunity For Sale

      Freestanding 5,929 SF building on 1.11 acres.
      2246 N Germantown Pkwy, Memphis, TN 38016
      View Details
    • Contact for pricing

      Germantown Parkway Outparcel Opportunity

      3,270 SF outparcel ideal for medical or retail use.
      1645 North Germantown Pkwy, Memphis, TN 38016
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      5,000 SF

      Retail Spaces in Cordova Center

      Retail spaces available in a large shopping center.
      1697-1727 N Germantown Pkwy, Cordova, TN 38016
      View Details
    • Contact for pricing
      6,048 SF

      Retail Space on Germantown Parkway

      12,700 SF retail space available on busy Germantown Parkway.
      1890 N Germantown Pkwy, Cordova, TN 38016
      View Details
    • Contact for pricing
      7,280 SF

      Retail Space in Cordova Collection

      Retail spaces available in high-traffic Cordova shopping center.
      1770 Dexter Springs Loop, Cordova, TN 38016
      View Details
    • Contact for pricing
      3,242 SF

      Retail Center Near Wolfchase District

      61,333 SF shopping center near I-40 and Wolfchase.
      2382 N Germantown Pkwy, Cordova, TN 38016
      View Details
    • Contact for pricing
      1,700 SF

      Retail Space in Cordova, TN

      Retail space available in a shopping center anchored by major retailers.
      2257-2273 N Germantown Pkwy, Cordova, TN 38016
      View Details
    • Contact for pricing
      900 SF

      Retail Space in Cordova Center

      Retail space available in a shopping center anchored by major retailers.
      2257 N Germantown Pkwy, Cordova, TN 38016
      View Details
    Request Owner's contact information
    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.
    2281 Germantown Pkwy
    Memphis, TN 38016
    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
    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

    Thank You for Inquiry
    2281 Germantown Pkwy, Memphis, TN, 38016
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!