Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Property profile & analytics

    303 Polk Ave West Memphis, AR 72301-4262

    • Medical offices
    • 7,714 SF
    • 0.58 lot acres
    OFF-MARKET
    Last Sale
    Dec 27, 2022
    $900,000
    Value Estimations
    $795,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US05-0442788
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Bryant Jr G Edward MD / Doctor
    • Glen Bryant / Ophthalmologist
    • East Arkansas Eye Care / Optometrist
    • Charles Retina Institute / Doctor / Ophthalmologist

    Property Details for 303 Polk Ave

    Year built
    1992
    Lot size
    0.58 lot acres
    Property size
    7,714 SF
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    392029000000
    APU
    392029000000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $830,000
      ML approach
      $885,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $684,000
      Market price range: $344k - $957k

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $715,000
      Current use
      OFFICE BUILDING
      $855,000
      Change: +19% Conversion: Easy
      RESTAURANT
      $795,000
      Change: +11% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $775,000
      Change: +8% Conversion: Easy
      RETAIL STORES
      $670,000
      Change: -6% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    West Memphis
    County
    Crittenden
    State
    Arkansas
    Longitude
    -90.1916
    Latitude
    35.1457
    CBSA code
    32820
    CBSA name
    MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $6,049
    $12,800
    $113,490
    $126,290
    -
    $64,000
    $567,450
    $631,450

    Comparable in this City

    • Value Estimation
      $250,000
      3,672 SF

      300 Tyler Ave

      MEDICAL BUILDING • 3,672 SF
      300 Tyler Ave, West Memphis, AR 72301-4225
      View Details
    • Value Estimation
      $250,000
      5,851 SF

      230 Broadway St

      MEDICAL BUILDING • 5,851 SF
      230 Broadway St, West Memphis, AR 72301-3904
      View Details
    • Value Estimation
      $310,000
      2,400 SF

      623 Missouri St

      MEDICAL BUILDING • 2,400 SF
      623 Missouri St, West Memphis, AR 72301-3115
      View Details
    • Value Estimation
      $300,000
      9,823 SF

      308 Rhodes St

      MEDICAL BUILDING • 9,823 SF
      308 Rhodes St, West Memphis, AR 72301-4215
      View Details
    • Value Estimation
      $270,000
      4,256 SF

      318 Tyler Ave

      MEDICAL BUILDING • 4,256 SF
      318 Tyler Ave, West Memphis, AR 72301-4225
      View Details
    • Value Estimation
      $295,000
      2,295 SF

      304 Rhodes St

      MEDICAL BUILDING • 2,295 SF
      304 Rhodes St, West Memphis, AR 72301-4215
      View Details

    Similar Nearby for Sale

    • $1,900,000
      19,663 SF

      West Memphis Medical Portfolio

      Medical Office Portfolio | 8.40% CAP | 19,663 SqFt
      318 Rhodes St, West Memphis, AR 72301
      View Details
    • $199,000
      1,468 SF

      West Memphis Office/Retail Opportunity

      Office, retail, or service business location in West Memphis.
      414 N Missouri St, West Memphis, AR 72301
      View Details
    • New
      $139,900
      820 SF

      Remodeled Office Building with Parking

      Turnkey office building with fenced parking in West Memphis, AR.
      210 Van Buren Ave, West Memphis, AR 72301
      View Details
    • $459,000
      6,586 SF

      West Memphis Office Business Opportunity

      6500+ sq ft office building in West Memphis, AR
      105 W Harrison Rd, West Memphis, AR 72301
      View Details
    • $799,000
      0.85 Acres

      West Memphis Commercial Land Parcel

      0.85-acre commercial lot, prime location.
      2004 Service Rd, West Memphis, AR 72301
      View Details
    • Contact for pricing
      337.56 Acres

      West Memphis Commercial Land

      Prime I-40/I-55 acreage, subdividable.
      0 7Th St, West Memphis, AR 72301
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      West Memphis Commercial Space Available

      High-traffic location ideal for retail, office, or service businesses.
      101 N 7Th St, West Memphis, AR 72301
      View Details
    • Contact for pricing

      Restaurant/Retail Site Near Interstate 40

      Restaurant or retail property with high visibility near Interstate 40.
      N 18Th St, West Memphis, AR 72301
      View Details
    • Contact for pricing

      Kroger Outparcel Retail Space

      Retail space available in West Memphis near major retailers.
      W Service Rd, West Memphis, AR 72301
      View Details
    • Contact for pricing
      12,200 SF

      West Memphis Restaurant Opportunity

      Prime I-40 Frontage, 12,200 SF
      0 18Th St, West Memphis, AR 72301
      View Details
    • Contact for pricing
      1 SF

      West Memphis Industrial Land for Lease

      15-Acre Industrial Lot, Single Tenant
      3 Afco Rd, West Memphis, AR 72301
      View Details
    • Contact for pricing
      4,500 SF

      Retail Space in Walmart Shadow

      Retail space available in a Walmart shadow center.
      650 S Service Rd, West Memphis, AR 72301
      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.
    303 Polk Ave
    West Memphis, AR 72301-4262
    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

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.