147 Jefferson Ave Memphis, TN 38103
- Office buildings
- 102,600 SF
- 0.20 lot acres
Current Use by Public Records
- George's Books & Autographs / Antique Store
- Top Notch Security Inc / Security Guard Service
- Quality Painters of Memphis / Painter
Property Details for 147 Jefferson Ave
- Year built
- 1954
- Lot size
- 0.20 lot acres
- Property size
- 102,600 SF
- Zone code
- CBD
- Property type
- Office buildings
- APN
- 002-024- - -00013
- APU
- 202400013
Description
This exceptional 101,200 square foot, 12-story office tower presents a compelling redevelopment opportunity in the heart of Downtown Memphis, Tennessee. Located at 147 Jefferson Avenue, this mixed-use property, built in 1954, sits on a 0.2-acre lot within the CBD zoning district. Currently vacant, the building is ideally suited for adaptive reuse into mixed-use, multifamily, or hospitality spaces, capitalizing on the area's burgeoning demand for housing and hospitality establishments. The asking price is $3,700,000, or $36.56 per square foot. A new roof is currently being installed, providing immediate value to the new owner. Furthermore, a nearby surface parking lot offering 90 spaces is available via a lease agreement. This prime location boasts excellent visibility and access on Jefferson Avenue, between BB King Boulevard and Second Street. The property is eligible for a Payment-In-Lieu-of-Tax abatement program, potentially freezing taxes at pre-development levels for up to 10 years. Partial seller financing is available for qualified buyers. Note that DMC approval is needed for closing, and current remediation efforts are underway to address a pending environmental court citation. This presents a unique chance to invest in a high-potential property within Memphis's strongest office campus, benefiting from the area's ongoing urbanization and strong job market.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $270,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $270,000
- 6.5%
- $285,000
- 7%
- $260,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $300,000
- Geo Method
- $295,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $280,000
- Retail
- $250,000
- Mixed-Use
- $250,000
- Hospitality
- $225,000
- Educational
- $285,000
- Residential Income
- $245,000
- Energy
- $265,000
- Income-Based Land
- $260,000
- Food Service
- $230,000
Location Insight
- Map
- Local Demand
- City
- Memphis
- County
- Shelby
- State
- Tennessee
- Longitude
- -90.0505
- Latitude
- 35.1466
- CBSA code
- 32820
- CBSA name
- MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA
