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Property profile & analytics
OFF-MARKET
Estimated value
$2,275,000
Strip malls
1178 Bellevue Blvd Memphis, TN 38106-3428
Entity Owned
8-yr Hold
Absentee Owner
Free & Clear
Property ID
US80-1868090
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
1962
Total area
24,781 SF
Lot
2.35 ac (102,540 SF)
Zoning code
EMP
APN
026-069- - -00039
UPID
US80-1868090
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
-
Boost Mobile Mobile Phone Store Electronics & Wireless Store
-
Beauty & Beyond Cosmetic Store
-
Kreative Konfidence Hair Salon Nail Salon
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.44M
Blend (final)
Blend
$2.28M
Owner & transaction history
Lamar Airways LLC · 8 yrs held
Lamar Airways LLC
since 2017
5 recorded transactions
Zoning & alternative use
EMP · Memphis, TN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$3.5M
+94.9%
Office building
$3.0M
+62.5%
Auto repair, garage
$2.4M
+32.1%
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
NEIGHBORHOOD: SHOPPING CENTER
$1,820,000
Current use
MEDICAL BUILDING
$3,545,000
Change: +95% · Conversion: Difficult
OFFICE BUILDING
$2,955,000
Change: +62% · Conversion: Moderate
AUTO REPAIR, GARAGE
$2,400,000
Change: +32% · Conversion: Difficult
RETAIL STORES
$2,055,000
Change: +13% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$1,700,000
Change: -6% · Conversion: Difficult
COMMERCIAL (GENERAL)
$1,495,000
Change: -18% · Conversion: Easy
Blend value · Realmo final
$2.28M
Range $2.05M – $2.50M · ±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
$92 / 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 2022Property tax & assessments
Tax year 2022
Tax billed
$19,664
Tax year 2022
Assessed value
$322,800
Assessed 2023
Previous assessed
$322,800
+0.0% YoY
Effective rate
6.09%
On assessed value
Assessed land
$120,360
Assessed improvement
$202,440
Land market value
$300,900
Improvement market value
$506,100
Total market value
$807,000
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
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
Off-Market
Year built
1962
Heating
FORCED AIR
Cooling
CENTRAL
Buildings
2
Stories
1
Total area
24,781 SF
Lot
2.35 ac (102,540 SF)
Zoning code
EMP
APN
026-069- - -00039
UPID
US80-1868090
Jurisdiction
SHELBY
Zoning & alternative use
EMP · Memphis, TN
Zoning EMP · permitted uses
EMP · 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
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$1.8M
MEDICAL BUILDING
Est. value
$3.5M
OFFICE BUILDING
Est. value
$3.0M
AUTO REPAIR, GARAGE
Est. value
$2.4M
RETAIL STORES
Est. value
$2.1M
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.7M
COMMERCIAL (GENERAL)
Est. value
$1.5M
NEIGHBORHOOD: SHOPPING CENTER Current
MEDICAL BUILDING
OFFICE BUILDING
AUTO REPAIR, GARAGE
RETAIL STORES
APARTMENT HOUSE (5+ UNITS)
COMMERCIAL (GENERAL)
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
1962
Heating
FORCED AIR
Cooling
Yes
Stories
1
Buildings
2
Lot
2.35 ac
Current owner
From public records · entity-resolved
Lamar Airways LLC
Entity
Free & Clear · 8 yrs held
Mailing address
6060 PRIMACY PKWY STE #100, MEMPHIS, TN 38119-5744
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2017
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 31, 2017
$3,571
Lamar Airways LLC
Mcgrath,anne F K
Grant Deed
—
Oct 17, 2017
—
Lamar Airways LLC
Mcgrath,anne F K
Quit Claim Deed
related
—
Oct 17, 2017
$3,571
Lamar Airways LLC
Duncan,jeffrey A
Grant Deed
—
Oct 17, 2017
$7,142
Lamar Airways LLC
Duncan,james F JR
Grant Deed
—
Apr 2, 2001
—
Lamar Airways Partnership
Grand Union Co
Grant Deed
related
—
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.
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