1246 Lamar Ave Memphis, TN 38104
- Retail space
- 8,320 SF
- 0.86 lot acres
Current Use by Public Records
- Bluff City Restoration / Water Damage Restoration Service / Fire Damage Restoration Service
- Dollar Tree / Craft Store / Discount Store
Property Details for 1246 Lamar Ave
- Year built
- 2011
- Lot size
- 0.86 lot acres
- Property size
- 8,320 SF
- Zone code
- CMU-3
- Property type
- Retail space
- APN
- 015-001- - -00080
- APU
- 1500100080
Description
This fee-simple, 8,320 square foot Dollar Tree storefront in Memphis, TN, presents a compelling investment opportunity. The property, built in 2011, sits on a 0.86-acre lot and boasts a 7.21% cap rate with a Net Net lease in place. The current lease, commencing February 1, 2011, and expiring January 31, 2029, offers a remaining term of 4.2 years, followed by three 5-year renewal options with attractive rent increases. The tenant, Dollar Tree Stores, Inc., holds an investment-grade credit rating (BBB/Baa2) and guarantees the lease. The property enjoys exceptional visibility and high traffic counts, situated near the intersection of US Highway 51 and Lamar Avenue (US Route 78), and seconds from Interstate 69. Its strategic location benefits from proximity to major retailers, schools, universities, and a densely populated residential area, including a strong customer base within a 3-mile radius (approx. 105,000 people with an average household income of $80,045). The property's 2023 reported sales were $1,964,080, resulting in a 19.67 sales-to-rent ratio. The asking price is $1,385,000, generating a net operating income (NOI) of $99,840. This property offers a stable, high-yield investment with significant growth potential.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $1,060,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $1,160,000
- 6.5%
- $1,365,000
- 7%
- $1,335,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $1,370,000
- Geo Method
- $1,175,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $1,395,000
- Retail
- $1,465,000
- Mixed-Use
- $1,240,000
- Hospitality
- $1,185,000
- Educational
- $1,345,000
- Residential Income
- $1,400,000
- Energy
- $1,405,000
- Income-Based Land
- $1,350,000
- Food Service
- $1,395,000
Location Insight
- Map
- Local Demand
- City
- Memphis
- County
- Shelby
- State
- Tennessee
- Longitude
- -90.0202
- Latitude
- 35.1287
- CBSA code
- 32820
- CBSA name
- MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA
