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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1249 Shelby Dr Memphis, TN 38116-7123

    • Banks
    • 1,088 SF
    • 1.22 lot acres
    OFF-MARKET
    Last Sale
    Aug 20, 2021
    $150,000
    Value Estimations
    $140,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-1951956
    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

    • Banks

    Property Details for 1249 Shelby Dr

    Year built
    2002
    Lot size
    1.22 lot acres
    Property size
    1,088 SF
    Zone code
    CMU-2
    Property type
    Banks
    APN
    079-061- - -00201
    APU
    7906100201

    Description

    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $120,000
      ML approach
      $70,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $192,000
      Market price range: $118k - $267k
      AI Estimate
      $92,000
      Market price range: $58.2k - $116k

    • Alternative Use

      Use
      Estimation
      FINANCIAL BUILDING
      $180,000
      Current use
      MEDICAL BUILDING
      $155,000
      Change: -14% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -90.0226
    Latitude
    35.0206
    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
    $6,701
    $83,680
    $26,320
    $110,000
    -
    $209,200
    $65,800
    $275,000

    Comparable in this City

    • Value Estimation
      $345,000
      4,680 SF

      4180 Elvis Presley Blvd

      FINANCIAL BUILDING • 4,680 SF
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      View Details
    • Value Estimation
      $520,000
      8,518 SF

      1190 Shelby Dr

      FINANCIAL BUILDING • 8,518 SF
      1190 Shelby Dr, Memphis, TN 38116-7124
      View Details
    • Value Estimation
      $320,000
      3,653 SF

      4135 Elvis Presley Blvd

      FINANCIAL BUILDING • 3,653 SF
      4135 Elvis Presley Blvd, Memphis, TN 38116-5826
      View Details
    • Value Estimation by Request
      936 SF

      3500 Elvis Presley Blvd

      FINANCIAL BUILDING • 936 SF
      3500 Elvis Presley Blvd, Memphis, TN 38116-4332
      View Details
    • Value Estimation
      $365,000
      3,864 SF

      2015 Brks Rd

      FINANCIAL BUILDING • 3,864 SF
      2015 Brks Rd, Memphis, TN 38116-2401
      View Details
    • Value Estimation
      $280,000
      5,419 SF

      1250 Shelby Dr

      FINANCIAL BUILDING • 5,419 SF
      1250 Shelby Dr, Memphis, TN 38116-7124
      View Details

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    Similar Nearby for Lease

    • Contact for pricing
      1,008 SF

      Retail Space on Shelby Drive

      Retail space with high visibility near Memphis International Airport.
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      View Details
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      8,320 SF

      Freestanding Retail Space Available

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      View Details
    • Contact for pricing
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      Retail Space on Shelby Drive

      Retail space with high visibility and traffic count.
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      View Details
    • $10 SF/Yr
      1,000 SF

      Retail Spaces in Deer Creek

      Two 1,000 SF retail spaces for lease.
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      View Details
    • $10 SF/Yr
      1,800 SF

      Holmes Road Endcap Suite

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    • Contact for pricing

      Restaurant with Drive-Thru Available

      Freestanding 3,402 SF restaurant with drive-thru on 1.24-acre lot.
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      View Details
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    Memphis, TN 38116-7123
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    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
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