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

    119 Ct Ave Memphis, TN 38103-2232

    • Office buildings
    • 15,046 SF
    • 0.06 lot acres
    OFF-MARKET
    Value Estimations
    $800,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-0427457
    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

    • Eco Services, LLC. / General Contractor
    • belvedere management / Property Management Company
    • Ray Morphis Insurance / Insurance Agency
    • – Habringer Group / Investment Service
    • jpa architects / Architect

    Property Details for 119 Ct Ave

    Year built
    1917
    Lot size
    0.06 lot acres
    Property size
    15,046 SF
    Zone code
    CBD
    Property type
    Office buildings
    APN
    002-016- - -00001
    APU
    201600001

    Description

    This exceptional five-story, 15,455-square-foot office building, located at 119 S Ct Ave in Memphis, Tennessee's Central Business District (CBID), presents a unique investment opportunity. Built in 1917, this historic brick and limestone structure boasts significant character and overlooks Court Square Park. The property currently features a mix of office, retail, and shell space. The first and second floors underwent complete renovations in 2005 and have served as a bank branch and offices, including a drive-through and drop box. These floors are ready for immediate occupancy. The third and fourth floors are in shell condition, offering significant potential for renovation into additional commercial space or residential units. Major building systems have been updated, including a new roof, insulation, and boiler installed in 2004, and a new hot water pump within the last five years. The 0.062-acre lot provides ample space for this prominent building. The asking price is $1,500,000, translating to $97.06 per square foot. This property offers a blend of historic charm and modern functionality, making it an ideal investment in the heart of Memphis. The permitted zoning allows for a variety of uses, maximizing the potential return on investment.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,051,000
      Market price range: $798k - $2.43M
      AI Estimate
      $935,000
      Market price range: $601k - $2.30M

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

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -90.0519
    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
    $17,637
    $32,560
    $256,960
    $289,520
    -
    $81,400
    $642,400
    $723,800

    Comparable in this City

    • Value Estimation
      $8,525,000
      88,652 SF

      65 Un Ave

      OFFICE BUILDING (MULTI-STORY) • 88,652 SF
      65 Un Ave, Memphis, TN 38103-5196
      View Details
    • Value Estimation
      $25,845,000
      268,812 SF

      123 Frnt St

      OFFICE BUILDING (MULTI-STORY) • 268,812 SF
      123 Frnt St, Memphis, TN 38103-3607
      View Details
    • Value Estimation by Request
      0.69 Acres

      201 Ct Ave

      OFFICE BUILDING (MULTI-STORY) • 0.69 Acres
      201 Ct Ave, Memphis, TN 38103-2315
      View Details
    • Value Estimation
      $48,800,000
      507,568 SF

      40 Main St

      OFFICE BUILDING (MULTI-STORY) • 507,568 SF
      40 Main St, Memphis, TN 38103-2514
      View Details
    • Value Estimation
      $1,295,000
      13,470 SF

      158 Vance Ave

      OFFICE BUILDING • 13,470 SF
      158 Vance Ave, Memphis, TN 38103-4319
      View Details
    • Value Estimation by Request
      0.54 Acres

      247 Washington Ave

      OFFICE BUILDING • 0.54 Acres
      247 Washington Ave, Memphis, TN 38103-1909
      View Details

    Similar Nearby for Sale

    • $1,030,000
      10,000 SF

      Downtown Area Multi-Tenant Building

      Three-story, 10,000 SF building near downtown Memphis.
      386-390 S Main St, Memphis, TN 38103
      View Details
    • $315,000
      2,100 SF

      Downtown Memphis Freestanding Office Building

      2,100 SF fully renovated office space with dedicated parking.
      251 Adams Ave, Memphis, TN 38103
      View Details
    • Contact for pricing

      Downtown Memphis Redevelopment Opportunity

      52,684 SF building in vibrant downtown location.
      122 S Main St, Memphis, TN 38103
      View Details
    • Contact for pricing
      11,250 SF

      Historic Office Building with Warehouse

      Two-story office building with warehouse space in Downtown Memphis.
      189 Jefferson Ave, Memphis, TN 38103
      View Details
    • $5,300,000
      16,525 SF

      Highly Visible Accessible Office Building

      Office building with controlled access parking and major street access.
      400 Union Ave, Memphis, TN 38103
      View Details
    • 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

    Similar Nearby for Lease

    • $18 SF/Yr
      18,513 SF

      Downtown Historic Class A Office

      Class A historic office building in the heart of Downtown.
      119 South Main St, Memphis, TN 38103
      View Details
    • Contact for pricing
      308,304 SF

      Downtown Memphis Office and Retail

      Office and retail spaces with excellent views and amenities.
      50 N Front 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
    • $28 SF/Yr
      3,330 SF

      Downtown Memphis Versatile Retail/Office Space

      Versatile space in downtown Memphis, ideal for retail or office.
      6 W Ge Patterson Ave, Memphis, TN 38103
      View Details
    • $5,900,000
      6,122 SF

      Prime Retail Space Near Hospitals

      Retail space near medical district with high traffic and development.
      785 Union Ave, Memphis, TN 38103
      View Details
    • Contact for pricing
      34,200 SF

      Downtown Memphis Creative Office Space

      Historic building, flexible suites, prime location.
      107 Main St, 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.
    119 Ct Ave
    Memphis, TN 38103-2232
    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.