3717 Summer Ave Memphis, TN 38122
- Drive through restaurants
- 2,714 SF
- 0.62 lot acres
Current Use by Public Records
- Jeremiah's Italian Ice / Ice Cream Shop / Dessert Shop
- Wendy's / Fast Food Restaurant / Hamburger Restaurant
Property Details for 3717 Summer Ave
- Year built
- 1979
- Lot size
- 0.62 lot acres
- Property size
- 2,714 SF
- Zone code
- CMU-3
- Property type
- Drive through restaurants
- APN
- 044-093- - -00001-C
- APU
- 04409300001C
Description
This exceptional 2,714 square foot free-standing restaurant building presents a compelling investment opportunity in the thriving East Memphis market. Located at 3717 Summer Avenue in Shelby County, Tennessee, this property boasts a prime location surrounded by high-profile retailers including Chick-fil-A, Starbucks, Aldi, and Chipotle, ensuring high visibility and foot traffic. The building, originally constructed in 1979, underwent a complete renovation in 2023, presenting a modern and updated space ready for immediate occupancy. Currently leased under a triple-net (NNN) lease for 10 years, the property generates a strong net operating income (NOI) of $75,009.85, resulting in an attractive 6.80% capitalization rate. The 0.65-acre lot provides ample space and parking. The property benefits from exceptional traffic counts, with Summer Avenue boasting 24,197 average annual daily traffic (AADT) and Sam Cooper Boulevard showing 55,155 AADT. Its proximity to High Point Terrace, known for its high-value residential properties, further enhances its desirability. This turnkey restaurant investment offers a rare combination of strong financials, excellent location, and recent renovations, making it an ideal addition to any portfolio. The current tenant is Jeremiah's Italian Ice. The zip code is 38122.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $455,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $650,000
- 6.5%
- $555,000
- 7%
- $620,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $535,000
- Geo Method
- $570,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $525,000
- Retail
- $650,000
- Mixed-Use
- $715,000
- Hospitality
- $660,000
- Educational
- $650,000
- Residential Income
- $545,000
- Energy
- $690,000
- Income-Based Land
- $595,000
- Food Service
- $680,000
Location Insight
- Map
- Local Demand
- City
- Memphis
- County
- Shelby
- State
- Tennessee
- Longitude
- -89.937
- Latitude
- 35.1489
- CBSA code
- 32820
- CBSA name
- MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA
