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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2857 Kirby Pkwy Memphis, TN 38119

    • Lifestyle centers
    • 42,417 SF
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Lifestyle centers

    Property Details for 2857 Kirby Pkwy

    Property size
    42,417 SF
    Property type
    Lifestyle centers
    Property subtype
    Power centers

    Description

    The Shops at Kirby Gate, located at 2857 Kirby Parkway in Memphis, Tennessee (zip code 38119), offers a prime retail opportunity within a thriving shopping center. This multi-tenant property boasts a total of 42,417 square feet and currently has 15,733 square feet of vacant space available for lease. The center is anchored by a Kroger grocery store, ensuring high foot traffic and visibility. Individual spaces range from a minimum of 1,620 square feet to a maximum contiguous space of 5,456 square feet, offering flexibility for various retail businesses. The property consists of five total suites, providing a diverse range of options for potential tenants. Situated in Shelby County, this location benefits from excellent access and visibility along Kirby Parkway. This is an exceptional opportunity for businesses seeking a well-established retail presence in a high-traffic area of Memphis. The property's strategic location and Kroger anchor make it an attractive investment for retailers seeking strong visibility and customer traffic. Contact us today to learn more about the available spaces and leasing options.

    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
    -89.8438
    Latitude
    35.0708

    Comparable in this City

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      29,948 SF

      6635 Quince Rd

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    • Value Estimation by Request
      88,875 SF

      6500-6550 Quince Rd

      Neighborhood centers • 88,875 SF
      6500-6550 Quince Rd, Memphis, TN 38119
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    • Value Estimation
      $530,000
      29,535 SF

      6655 Quince Rd

      SHOPPING CENTER, STRIP CENTER • 29,535 SF
      6655 Quince Rd, Memphis, TN 38119-8031
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    • Value Estimation
      $630,000
      27,440 SF

      6300 Poplar Ave

      SHOPPING CENTER, STRIP CENTER • 27,440 SF
      6300 Poplar Ave, Memphis, TN 38119-4711
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    • Value Estimation
      $1,660,000
      7,812 SF

      2801 Kirby Rd

      SHOPPING CENTER, STRIP CENTER • 7,812 SF
      2801 Kirby Rd, Memphis, TN 38119-8239
      View Details
    • Value Estimation
      $410,000
      3,644 SF

      5679 Poplar Ave

      SHOPPING CENTER, STRIP CENTER • 3,644 SF
      5679 Poplar Ave, Memphis, TN 38119-3854
      View Details

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    Similar Nearby for Lease

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      42,417 SF

      Shops at Kirby Gate: Memphis Retail

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      2857 Kirby Pkwy, Memphis, TN 38119
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    2857 Kirby Pkwy
    Memphis, TN 38119
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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.

    More about this property
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