4222 Hickory Hill RdMemphis, TN 38141

Property Details for 4222 Hickory Hill Rd

Year built

2023

Lot size

1.53 AC

Property size (Sq ft)

10,934 SF

Zone code

RU-3

Property type

Retail properties

Property subtype

Retail space

APN

093-406- -E-00010

APU

093406E00010

Description

This exceptional investment opportunity presents a fee-simple ownership interest in a brand-new, 10,640-square-foot Dollar General store located at 4222 Hickory Hill Rd, Memphis, TN 38141. Built in 2023, this Class A property boasts a 100% occupancy rate with a 14.2-year remaining lease term (expiring January 31, 2039), featuring three 5-year renewal options with 10% rent bumps each period. The Absolute NNN lease provides a truly passive investment with zero landlord obligations, secured by a corporate guarantee from Dollar General (NYSE: DG). The property sits on a 1.63-acre lot with 36 parking spaces and benefits from a high-traffic location on Hickory Hill Road, seeing over 30,700 vehicles per day, and proximity to major roadways and the Hickory Ridge Mall. The strong demographics of the area include a population of over 186,000 within a 5-mile radius, an average household income exceeding $95,000, and a dense residential area with over 71,000 households. The property's current NOI is $111,500, resulting in a 6.60% cap rate. The permitted zoning is CMU-1. This investment offers a compelling combination of strong tenant, location, and financial performance, making it an attractive addition to any portfolio. The property is situated in Shelby County, Tennessee, a state with no income tax, further enhancing its investment appeal. This is a single-tenant building in a high-growth area, close to major transportation routes and a significant industrial sector. The property's strategic location within the Memphis metropolitan area, the second-largest city in Tennessee, provides exceptional long-term growth potential.

• CAP approach

  CAP return

  Valuation

  6%

  $8,546,124

  6.5%

  $7,888,730

  7%

  $7,325,250

• Comparable approach

  Method

  Valuation

  Relative Method

  $10,549,202

  Geo Method

  $10,549,202

• Alternative Use

  Use

  Valuation

  Residential

  $6,654,439

  Hospitality

  $6,095,430

  Educational

  $5,071,326

  Medical

  $5,245,737

  Retail

  $7,888,730

Location Insight

City

Memphis

County

Shelby

State

Tennessee

CBSA code

32820

CBSA name

MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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