2207 3Rd StMemphis, TN 38109

Property Details for 2207 3Rd St

Year built

1953

Lot size

0.56 AC

Property size (Sq ft)

3,885 SF

Zone code

CMU-3

Property type

Office properties

Property subtype

Office buildings

APN

050-074- - -00007-C

APU

05007400007C

Description

This 3,885 square foot Class B storefront, located at 2207 S. Third St., Memphis, TN 38109, is available for $249,900 ($64.32/sq ft). Currently 100% occupied by an automobile insurance firm, the property offers a unique investment opportunity for an owner-user. The seller, a multi-branch operator, will consolidate operations into another nearby location, requiring a 30-60 day transition period after closing to notify clients. The two-story building sits on a 24,394 square foot lot, conveniently located approximately half a mile north of I-55 on the northwest corner of S. Third and Mallory Streets. Previously a bank, the interior retains teller stations, offering adaptable space for various retail uses. The property presents a strong potential for immediate income generation or conversion to suit a new owner's needs. This is a rare opportunity to acquire a well-located, established retail space in a thriving Memphis neighborhood.

• CAP approach

  CAP return

  Valuation

  6%

  $559,767

  6.5%

  $516,708

  7%

  $479,800

• Comparable approach

  Method

  Valuation

  Relative Method

  $302,875

  Geo Method

  $302,875

• Alternative Use

  Use

  Valuation

  Residential

  $640,718

  Hospitality

  $586,894

  Educational

  $488,289

  Medical

  $505,082

  Retail

  $759,561

Location Insight

City

Memphis

County

Shelby

State

Tennessee

Latitude

35.0868

Longitude

-90.0572

CBSA code

32820

CBSA name

MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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