1249 E Shelby Dr Memphis, TN 38116
Property Lookup
Property profile & analytics
1249 E Shelby Dr Memphis, TN 38116
- Banks
- 1,088 SF
- 1.22 lot acres
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.
Location Intelligence
Current Use by Public Records
- Banks
Property Details for 1249 E 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
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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
