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Property profile & analytics
OFF-MARKET
Estimated value
$3,095,000
Industrial properties
1562 2nd Pl Memphis, TN 38116-3510
Entity Owned
Free & Clear
Property ID
US80-2895003
Property summary
AI-generated overview
This Memphis, TN industrial property offers a compelling investment opportunity. Two buildings totaling 68,040 square feet are fully occupied by six diverse tenants, ensuring stable income. The property boasts 15 loading docks and 15 dock-high doors, with 20-foot ceilings. Located in the Southwest Industrial submarket, it benefits from convenient access to I-55 and I-40 interstates, placing it within two miles of Memphis International Airport and the FedEx World Hub. Individual utility metering down to 7,500 square foot bays provides flexible leasing options. The property underwent renovations in 2022 and enjoys 3-5% annual rent bumps. The limited supply of small-bay industrial space in Memphis positions this asset for continued growth and strong future returns. This stabilized, multi-tenant, NNN-leased property presents a value-add opportunity with a current NOI of $307,000. The property's location and features make it highly attractive to a wide range of tenants, ensuring long-term stability and potential for appreciation.
Property profile
Verified
Property type
Industrial properties
Use group
INDUSTRIAL LOFT BUILDING
Year built
1977
Total area
44,416 SF
Lot
3.33 ac (144,968 SF)
Zoning code
EMP
APN
078-003- -A-00074
UPID
US80-2895003
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Partner Industrial General Contractor
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$2.98M
CAP Approach
CAP
$3.92M
Comparable Approach
Comparable
$2.81M
Blend (final)
Blend
$3.10M
Owner & transaction history
590 Mgt LLC
590 Mgt LLC
since 2025
Last sale
$3.7M
3 recorded transactions
Zoning & alternative use
EMP · Memphis, TN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$5.1M
+178.3%
Apartment house (5+ units)
$4.0M
+116.7%
Commercial (general)
$2.7M
+47.2%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Memphis submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Memphis submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$2,745,000
ML approach
$2,975,000
CAP Approach
CAP Return
Estimation
6%
$4,245,000
6.5%
$3,915,000
7%
$3,640,000
Alternative Use
Use
Estimation
AUTO REPAIR, GARAGE
$5,075,000
Change: +178% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$3,950,000
Change: +117% · Conversion: Difficult
COMMERCIAL (GENERAL)
$2,685,000
Change: +47% · Conversion: Difficult
RETAIL STORES
$2,495,000
Change: +37% · Conversion: Moderate
Blend value · Realmo final
$3.10M
Range $2.79M – $3.40M · ±10% · vs last sale $3.68M (Jun 19 2025)
Last sale anchor
$3.68M
Jun 19 2025
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$70 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$46,053
Tax year 2022
Assessed value
$756,000
Assessed 2023
Previous assessed
$756,000
+0.0% YoY
Effective rate
6.09%
On assessed value
Assessed land
$50,440
Assessed improvement
$705,560
Land market value
$126,100
Improvement market value
$1,763,900
Total market value
$1,890,000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Industrial properties
Use group
INDUSTRIAL LOFT BUILDING
Status
Off-Market
Year built
1977
Heating
FORCED AIR
Cooling
CENTRAL
Buildings
2
Stories
1
Total area
44,416 SF
Lot
3.33 ac (144,968 SF)
Zoning code
EMP
APN
078-003- -A-00074
UPID
US80-2895003
Jurisdiction
SHELBY
Zoning & alternative use
EMP · Memphis, TN
Zoning EMP · permitted uses
EMP · Memphis, TN
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Memphis. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
AUTO REPAIR, GARAGE
Est. value
$5.1M
APARTMENT HOUSE (5+ UNITS)
Est. value
$4.0M
COMMERCIAL (GENERAL)
Est. value
$2.7M
RETAIL STORES
Est. value
$2.5M
AUTO REPAIR, GARAGE
APARTMENT HOUSE (5+ UNITS)
COMMERCIAL (GENERAL)
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1977
Heating
FORCED AIR
Cooling
Yes
Stories
1
Buildings
2
Lot
3.33 ac
Current owner
From public records · entity-resolved
590 Mgt LLC
Entity
Free & Clear · 0 yrs held
Mailing address
1562 2ND PL, MEMPHIS, TN 38116-3510
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 19, 2025
—
590 Mgt LLC
1562 Two Place Trolley 1 LP
Quitclaim Deed
related
—
Sep 19, 2025
$3,675,000
590 Mgt LLC
1562 Two Place L Trolley 1 LP
Warranty Deed
—
Nov 22, 2022
$3,450,000
1562 Two Place Trolley 1 LP
Daniel Payant
Special Warranty Deed
$2,227,500 · Servisfirst Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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