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Property profile & analytics
OFF-MARKET
Estimated value
$1,410,000
Strip malls
1609 Madison Ave Memphis, TN 38104-2506
Entity Owned
1-yr Hold
~
Est. High Equity
Property ID
US80-1346478
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
1968
Total area
17,960 SF
Lot
1.05 ac (45,782 SF)
Zoning code
CMU-3
APN
017-039- - -00033-C
UPID
US80-1346478
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
-
Check Advance Check Cashing
-
Arrow Workforce Solutions Employment Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.41M
Owner & transaction history
National Cities LP · 1 yrs held
National Cities LP
since 2024
Last sale
$1.8M
4 recorded transactions
Zoning & alternative use
CMU-3 · Memphis, TN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$2.2M
+64.0%
Office building
$2.0M
+54.2%
Auto repair, garage
$1.7M
+32.1%
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$1,320,000
Current use
RETAIL STORES
$2,165,000
Change: +64% · Conversion: Easy
OFFICE BUILDING
$2,030,000
Change: +54% · Conversion: Moderate
AUTO REPAIR, GARAGE
$1,740,000
Change: +32% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$1,570,000
Change: +19% · Conversion: Difficult
COMMERCIAL (GENERAL)
$1,085,000
Change: -18% · Conversion: Easy
Blend value · Realmo final
$1.41M
Range $1.27M – $1.55M · ±10% · vs last sale $1.78M (Sep 27 2024)
Last sale anchor
$1.78M
Sep 27 2024
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
$79 / 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
$18,589
Tax year 2022
Assessed value
$305,160
Assessed 2023
Previous assessed
$305,160
+0.0% YoY
Effective rate
6.09%
On assessed value
Assessed land
$190,040
Assessed improvement
$115,120
Land market value
$475,100
Improvement market value
$287,800
Total market value
$762,900
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
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
Off-Market
Year built
1968
Heating
FORCED AIR
Cooling
CENTRAL
Stories
1
Total area
17,960 SF
Lot
1.05 ac (45,782 SF)
Zoning code
CMU-3
APN
017-039- - -00033-C
UPID
US80-1346478
Jurisdiction
SHELBY
Zoning & alternative use
CMU-3 · Memphis, TN
Zoning CMU-3 · permitted uses
CMU-3 · 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
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$1.3M
RETAIL STORES
Est. value
$2.2M
OFFICE BUILDING
Est. value
$2.0M
AUTO REPAIR, GARAGE
Est. value
$1.7M
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.6M
COMMERCIAL (GENERAL)
Est. value
$1.1M
NEIGHBORHOOD: SHOPPING CENTER Current
RETAIL STORES
OFFICE BUILDING
AUTO REPAIR, GARAGE
APARTMENT HOUSE (5+ UNITS)
COMMERCIAL (GENERAL)
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
1968
Heating
FORCED AIR
Cooling
Yes
Stories
1
Lot
1.05 ac
Current owner
From public records · entity-resolved
National Cities LP
Entity
Mailing address
3254 WINBROOK DR, MEMPHIS, TN 38116-3644
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 27, 2024
$1,783,000
National Cities LP
Lawrence Migliar
Warranty Deed
$1,426,400 · Bank Of Bartlett
Jan 30, 2023
—
Lawrence Migliara
Renaissance Commercial Dev Co LLC
Quit Claim Deed
related
—
Jun 3, 2020
—
Renaissance Coml Dev Co LLC
Lawrence Migliara
Quit Claim Deed
related
—
Nov 30, 2018
—
Lawrence Migliara
—
Loan Modification
related
$1,757,773 · Independent Bk
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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