2240 Democrat RdMemphis, TN 38132

Property Details for 2240 Democrat Rd

Year built

1974

Lot size

4.01 AC

Property size (Sq ft)

199,798 SF

Zone code

EMP

Property type

Hospitality properties

Property subtype

Hotels

APN

060-222- -A-00029

APU

060222A00029

Description

This exceptional redevelopment opportunity encompasses two adjacent Memphis hotels totaling 382 keys and 269,708 square feet on a 7.48-acre lot. Located within one mile of Memphis International Airport, this prime property offers significant potential for investors. The property includes 2240 Democrat Rd, a former 257-room full-service hotel (currently under a Clarion Inn & Suites franchise agreement), and 2736 S Nonconnah Blvd, a 125-room limited-service hotel, completely gutted and free of franchise agreements. Significant recent investments include a new roof exceeding $500,000 on 2240 Democrat Rd and over $400,000 in remediation work. The property boasts a strategic location near the airport, benefiting from its proximity to the FedEx World Hub and the newly announced Ford Motor Company electric vehicle plant, creating substantial job growth and economic opportunity in the area. Prior to closure, the hotels generated $5.2 million in room revenue (2018-2019). This presents a unique chance to capitalize on the high demand for hospitality near a major international airport and a rapidly growing economic region. The asking price is $2,000,000, with a price per square foot of $7.42. The property's size and location make it ideal for a variety of redevelopment strategies, offering a compelling return on investment. The year built is 1975.

• CAP approach

  CAP return

  Valuation

  6%

  $32,698,058

  6.5%

  $30,182,822

  7%

  $28,026,906

• Comparable approach

  Method

  Valuation

  Relative Method

  $36,604,192

  Geo Method

  $36,604,192

• Alternative Use

  Use

  Valuation

  Residential

  $32,950,872

  Hospitality

  $30,182,822

  Educational

  $25,111,754

  Medical

  $25,975,386

  Retail

  $39,062,728

Location Insight

City

Memphis

County

Shelby

State

Tennessee

Latitude

35.0693

Longitude

-89.9888

CBSA code

32820

CBSA name

MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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