1616 Winchester Rd Memphis, TN 38116-3518

Property Details for 1616 Winchester Rd

Year built

1987

Lot size

0.78 lot acres

Property size

2,643 SF

Zone code

EMP

Property type

Specialty properties

APN

078-004- - -00045

APU

7800400045

Description

This exceptional mixed-use property, located at 1616 Winchester Rd, Memphis, TN 38116, presents a rare investment opportunity. The 2,524 square foot building sits on a private gated lot and includes a detached three-car garage, offering ample parking (65 spaces). Currently operating at 100% occupancy with a month-to-month tenant, the property boasts a strong net lease structure (NNN) with a corporate guarantee and a credit-rated tenant. The current NOI is $24,000, yielding an 8.28% cap rate, while the pro-forma NOI is projected at $30,288, resulting in a 10.45% pro-forma cap rate. Renovated in 2015, the building features two offices and two bathrooms. Zoned for a variety of uses including retail, restaurant, office, and more, this versatile property offers significant upside potential. The asking price is $289,901 ($114.86/sq ft). The property is currently under-rented, with market rates closer to $12-15 per square foot. The lease commenced September 1, 2018, and is currently month-to-month, with the previous lease expiring May 8, 2024. This property is ideal for investors seeking a strong return in a prime Memphis location. Its proximity to the airport and major roadways adds to its appeal.