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Property profile & analytics
FOR LEASE
Office buildings
1023 Cherry Rd, Memphis, TN 38117
Individually Owned
10-yr Hold
Free & Clear
Property ID
US80-3423885
For Lease
1 / 8
$8,630,000
1023 Cherry Rd, Memphis, TN 38117
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1985
Total area
63,782 SF
Lot
7.9 ac (344,298 SF)
Zoning code
R-10
APN
058-126- - -00028
UPID
US80-3423885
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Total Ankle Institute High School Vocational School
-
Wright Medical HQ Medical Group
-
Stryker Corporation Association / Organization
-
FedEx Drop Box Shipping Company Freight Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$8.62M
Blend (final)
Blend
$8.63M
Owner & transaction history
Economic Dev Growth Engine Ind · 10 yrs held
Economic Dev Growth Engine Ind
since 2015
7 recorded transactions
Zoning & alternative use
R-10 · Memphis, TN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$9.1M
+5.9%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Memphis submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Memphis submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$8,615,000
Current use
MEDICAL BUILDING
$9,125,000
Change: +6% · Conversion: Easy
Blend value · Realmo final
$8.63M
Range $7.77M – $9.49M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$135 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2021Property tax & assessments
Tax year 2021
Tax billed
$33,657
Tax year 2021
Land market value
$1,434,700
Improvement market value
$19,278,100
Total market value
$20,712,800
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
For Lease
Year built
1985
Heating
FORCED AIR
Cooling
CENTRAL
Buildings
3
Stories
1
Total area
63,782 SF
Lot
7.9 ac (344,298 SF)
Zoning code
R-10
APN
058-126- - -00028
UPID
US80-3423885
Jurisdiction
SHELBY
Zoning & alternative use
R-10 · Memphis, TN
Zoning R-10 · permitted uses
R-10 · Memphis, TN
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Memphis. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$8.6M
MEDICAL BUILDING
Est. value
$9.1M
OFFICE BUILDING Current
MEDICAL BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1985
Heating
FORCED AIR
Cooling
Yes
Stories
1
Buildings
3
Lot
7.9 ac
Current owner
From public records · entity-resolved
Economic Dev Growth Engine Ind
Individual
Free & Clear · 10 yrs held
Mailing address
1023 CHERRY RD, MEMPHIS, TN 38117-5423
Ownership since
2015
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
27 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 19, 2019
—
Nct Shepherd LP
—
Loan Modification
related
$12,500,000 · Firstbank
Oct 29, 2015
—
Economic Dev Growth Engine Ind
Rbm Cherry Road Partners
Quit Claim Deed
related
—
Oct 27, 2009
$6,400,000
2004-mkb1 1023 Cherry Roa Mlmt
Moss William P III
Trustees Deed
—
Apr 30, 2004
$633,000
Cherry Road Investors 15 LLC
Tic Cherry Road Investors LLC
Grant Deed
related
—
Apr 30, 2004
$817,250
Cherry Road Investors 15 LLC
Tic Cherry Road Investors LLC
Grant Deed
related
—
Apr 30, 2004
$729,640
Cherry Road Investors 15 LLC
Tic Cherry Road Investors LLC
Grant Deed
related
—
Apr 30, 2004
$594,390
Cherry Road Investors 15 LLC
Tic Cherry Road Investors LLC
Grant Deed
related
—
Apr 30, 2004
$1,150,080
Cherry Road Investors 15 LLC
Tic Cherry Road Investors LLC
Grant Deed
related
—
Mar 12, 2004
$1,188,770
Cherry Road Investors 8 LLC
Tic Cherry Road Investors LLC
Grant Deed
related
—
Mar 12, 2004
$1,182,800
Cherry Road Investors 12 LLC
Tic Cherry Road Investors LLC
Grant Deed
related
—
Mar 12, 2004
$891,560
Cherry Road Investors 20 LLC
Tic Cherry Road Investors LLC
Grant Deed
related
—
Mar 12, 2004
$744,830
Cherry Road Investors 16 LLC
Tic Cherry Road Investors LLC
Grant Deed
related
—
Mar 12, 2004
$653,890
Cherry Road Investors 6 LLC
Tic Cherry Road Investors LLC
Grant Deed
related
—
Mar 12, 2004
$2,152,200
Cherry Road Investors 17 LLC
Tic Cherry Road Investors LLC
Grant Deed
related
—
Mar 12, 2004
$445,840
Cherry Road Investments 1 LLC
Tic Cherry Road Investors LLC
Grant Deed
related
—
Mar 12, 2004
$534,950
Cherry Road Investments 2 LLC
Tic Cherry Road Investors LLC
Grant Deed
related
—
Mar 12, 2004
$594,390
Cherry Road Investors 11 LLC
Tic Cherry Road Investors LLC
Grant Deed
related
—
Mar 12, 2004
$633,000
Cherry Road Investors 25 LLC
Tic Cherry Road Investors LLC
Grant Deed
related
—
Mar 12, 2004
$728,120
Cherry Road Investors 3 LLC
Tic Cherry Road Investors LLC
Grant Deed
related
—
Mar 12, 2004
$671,820
Cherry Road Investors 13 LLC
Tic Cherry Road Investors LLC
Grant Deed
related
—
Mar 12, 2004
$909,390
Cherry Road Investors 5 LLC
Tic Cherry Road Investors LLC
Grant Deed
related
—
Mar 12, 2004
$713,240
Cherry Road Investors 4 LLC
Tic Cherry Road Investors LLC
Grant Deed
related
—
Mar 12, 2004
$1,114,440
Cherry Road Investors 18 LLC
Tic Cherry Road Investors LLC
Grant Deed
related
—
Mar 12, 2004
$2,429,430
Cherry Road Investors 9 LLC
Tic Cherry Road Investors LLC
Grant Deed
related
—
Mar 12, 2004
$953,970
Cherry Road Investors 21 LLC
Tic Cherry Road Investors LLC
Grant Deed
related
—
Sep 30, 2003
$18,461,600
Tic Cherry Road Investors LLC
Rbm Cherry Road Partners
Grant Deed
—
—
—
Rbm Cherry Road Partners
—
Loan Modification
related
$10,000,000 · Iberiabank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
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