1249 E Shelby Dr, Memphis, TN 38116

This exceptional investment opportunity presents a brand-new, 10,000-square-foot Foot Locker store in Memphis, Tennessee. Located at 1249 E Shelby Dr, 38116, this single-tenant, net-lease property boasts a corporate guarantee and a remaining lease term of 9.8 years, expiring August 31, 2034. The lease commenced August 19, 2024, and includes two, five-year renewal options with a 10% rent increase every five years. The asking price is $3,795,000, representing a price per square foot of $379.50 and a 6.85% cap rate. The property generates a net operating income (NOI) of $260,000 annually, reflecting a 100% occupancy rate. Built in 2024, this strategically located retail space sits on a 1.25-acre lot and benefits from its relocation from the adjacent Southland Mall, showcasing Foot Locker's commitment to the Memphis market. The property enjoys high visibility and convenient access, situated near recently developed Starbucks and AutoZone locations, less than two miles from Interstate 55. Its proximity to Graceland and Memphis International Airport (MEM), a major cargo airport and FedEx World Hub, further enhances its appeal. This investment offers a strong tenant, a long-term lease, and a prime location within a densely populated Memphis submarket with limited competition, making it an attractive addition to any portfolio. The property's location within a 5-mile radius of over 83,000 employees and a daytime population exceeding 165,000 underscores its significant market potential.