Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    113 Court Ave Memphis, TN 38103

    • Office Properties & Spaces
    • 2,857 SF
    • 0.15 lot acres
    For Sale
    View listing
    $675,000
    Last Sale
    Mar 03, 2022
    $800,000
    Value Estimations
    Cap Rate Potential
    7.3%
    Office Properties & Spaces
    Location Intelligence
    Property ID
    US80-1992968
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Bells Soul Food & Exquisite Catering Co. / Family Restaurant

    Property Details for 113 Court Ave

    Year built
    2006
    Lot size
    0.15 lot acres
    Property size
    2,857 SF
    Zone code
    CBD
    Property type
    Office Properties & Spaces
    APN
    002-015- -B-00009
    APU
    002015B00009

    Description

    This exceptional 6,500 square foot, three-level restaurant condo is situated at 113 S. Court Ave in Memphis, Tennessee, zip code 38103. Located within the historic Kress Building on Court Square, this second-generation restaurant boasts a prime downtown location with high foot traffic and walkability. The property features a ground floor restaurant space, a mezzanine level, and a basement complete with a fully equipped bar. The 6,650 square foot lot includes convenient front door parking. This unique layout offers a significant advantage, and the property is part of a commercial condo association with HOA fees covering only the restaurant space. The asking price is $675,000, and the occupancy date is May 15, 2024. This turnkey opportunity presents a rare chance to establish or expand a culinary business in the vibrant heart of Memphis, benefiting from the area's strong tourism and local clientele. The stunning views of Court Square further enhance the property's appeal and potential for success. This is an exceptional investment prospect in a highly desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $635,000
      ML approach
      $550,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $775,000
      6.5%
      $715,000
      7%
      $665,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $456,000
      Market price range: $151k - $461k
      AI Estimate
      $406,000
      Market price range: $114k - $436k

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $410,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -90.0522
    Latitude
    35.1454
    CBSA code
    32820
    CBSA name
    MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $7,656
    $39,920
    $85,760
    $125,680
    -
    $99,800
    $214,400
    $314,200

    Comparable in this City

    • Value Estimation by Request
      54,120 SF

      460 Tennessee St

      Flex space • 54,120 SF
      460 Tennessee St, Memphis, TN 38103
      View Details
    • Value Estimation
      $195,000
      601 SF

      6 Ct Ave

      CONDOMINIUM OFFICES • 601 SF
      6 Ct Ave, Memphis, TN 38103
      View Details
    • Value Estimation
      $245,000
      2,000 SF

      415 Frnt St, Unit 21

      CONDOMINIUM OFFICES • 2,000 SF
      415 Frnt St, Memphis, TN 38103-6404
      View Details
    • Value Estimation
      $265,000
      3,824 SF

      688 Hbr Bnd Rd

      CONDOMINIUM OFFICES • 3,824 SF
      688 Hbr Bnd Rd, Memphis, TN 38103
      View Details
    • Value Estimation
      $290,000
      2,128 SF

      66 Monroe Ave

      CONDOMINIUM OFFICES • 2,128 SF
      66 Monroe Ave, Memphis, TN 38103-2415
      View Details
    • Value Estimation
      $280,000
      3,170 SF

      35 Un Ave1e

      CONDOMINIUM OFFICES • 3,170 SF
      35 Un Ave1e, Memphis, TN 38103-2420
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      4,210 SF

      Downtown Memphis Mixed-Use Gem

      4,210 SF, Vacant, Redevelopment Opportunity
      433 Madison Ave, Memphis, TN 38103
      View Details
    • $4,500,000
      87,570 SF

      Downtown Memphis Mixed-Use Gem

      Historic buildings, redevelopment opportunity.
      18 2Nd St, Memphis, TN 38103
      View Details
    • Contact for pricing
      19,744 SF

      Prime Memphis Executive Office Space

      19,744 SF Class A Office Building
      431 Main St, Memphis, TN 38103
      View Details
    • Contact for pricing
      3,616 SF

      Madison Avenue Medical Office

      Move-in ready, renovated medical office.
      661 Madison Ave, Memphis, TN 38103
      View Details
    • $3,700,000
      101,200 SF

      Downtown Memphis Highrise Redevelopment

      12-Story Office Tower, Adaptive Reuse Potential
      147 Jefferson Ave, Memphis, TN 38103
      View Details
    • Contact for pricing
      3,657 SF

      Memphis Office Condo - Downtown

      3,657 SF renovated office suite. Prime location.
      505 Tennessee St, Memphis, TN 38103
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr
      32,634 SF

      Downtown Memphis Office Space

      Prime Office Suites, 922-11,550 SF Available
      295 Washington Ave, Memphis, TN 38103
      View Details
    • $4,800 /Mo
      370 SF

      Downtown Memphis Office Suites

      Historic Charm, Prime Location, 3 Suites Available
      242 Poplar Ave, Memphis, TN 38103
      View Details
    • Contact for pricing
      368,315 SF

      Downtown Memphis Office Space

      Class A Office, 82,030 SF Available
      150 Peabody Pl, Memphis, TN 38103
      View Details
    • Contact for pricing
      6,463 SF

      Memphis Office Space for Lease

      6,463 sq ft Traditional Office Space
      65 Union Ave, Memphis, TN 38103
      View Details
    • $18 SF/Yr
      54,120 SF

      Memphis Flex Space: 460 Tennessee St

      Downtown Memphis Flex Space: 7,000-18,000 SF Available
      460 Tennessee St, Memphis, TN 38103
      View Details
    • Contact for pricing
      66,000 SF

      Downtown Memphis Office Building

      66,000 SF Office Space Available
      85 Danny Thomas Blvd, Memphis, TN 38103
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    113 Court Ave
    Memphis, TN 38103
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.