2293 Union AveMemphis, TN 38104

Property Details for 2293 Union Ave

Year built

1920

Lot size

0.25 AC

Property size (Sq ft)

4,389 SF

Zone code

CMU-1

Property type

Office properties

Property subtype

Office buildings

APN

028-034- - -00003

APU

2803400003

Description

This exceptional mixed-use building, located at 2293 Union Avenue in Midtown Memphis, Tennessee, presents a unique investment opportunity. Situated on a 0.25-acre lot, the property boasts a total of 3,850 square feet, strategically divided into two distinct levels. The ground floor encompasses 1,925 square feet of versatile retail or office space, ideal for a variety of businesses. Upstairs, another 1,925 square feet of residential space offers significant potential for rental income or owner occupancy. Ample parking is provided with 15 on-site spaces, a significant advantage in this vibrant urban location. The property benefits from its prime position on Union Avenue, just west of East Parkway, experiencing high traffic volume with an Annual Average Daily Traffic count of 31,850 vehicles. This high visibility ensures excellent exposure for any retail tenant. The building's combination of retail and residential space creates a flexible and potentially lucrative investment, catering to diverse needs and market demands. This is a rare opportunity to acquire a well-located, established property in a thriving Memphis neighborhood. The property's size, parking, and location make it an attractive proposition for both investors and owner-operators seeking a strong return on investment. The zip code is 38104.

• CAP approach

  CAP return

  Valuation

  6%

  $632,385

  6.5%

  $583,740

  7%

  $542,045

• Comparable approach

  Method

  Valuation

  Relative Method

  $342,166

  Geo Method

  $342,166

• Alternative Use

  Use

  Valuation

  Residential

  $723,838

  Hospitality

  $663,032

  Educational

  $551,635

  Medical

  $570,606

  Retail

  $858,098

Location Insight

City

Memphis

County

Shelby

State

Tennessee

Latitude

35.1333

Longitude

-89.9852

CBSA code

32820

CBSA name

MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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