1723 Un Ave Memphis, TN 38104-6130
This exceptional redevelopment opportunity presents a vacant, 834-square-foot quick-service restaurant (QSR) building situated on a 0.4-acre lot in Memphis, Tennessee. Located at 1723 Union Avenue, this single-story, single-tenant property boasts two drive-thrus, thirteen parking spaces (including one ADA space), and an outdoor seating area. Previously occupied by Backyard Burger, the property offers significant value-add potential for owner-users or investors seeking to lease at competitive market rates (CoStar estimates $18-22/NNN retail). The property enjoys high visibility and significant traffic exposure (approximately 44,681 vehicles per day) due to its prominent location on a hard corner across from a Kroger supermarket and along a bustling retail corridor. Its "CH" Highway Commercial District zoning allows for a wide range of retail uses. The property benefits from its proximity to numerous national and regional retailers, including Starbucks, Dunkin', Home Depot, Bass Pro Shops, Wendy's, Walgreens, KFC, FedEx, and UPS. Furthermore, its location near major medical facilities—University of Tennessee Health Science Center, Le Bonheur Children's Hospital, Methodist University Hospital, and Regional One Health—and the Overton Square entertainment district enhances its appeal. Strong demographics within a 3-mile radius include a population of approximately 105,000 with an average household income of $73,000. This property is being offered via an absolute $1 auction with no reserve, presenting a unique chance to acquire a valuable asset significantly below replacement cost. The property was built in 1994 and is available for occupancy on October 1, 2024.
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Back Yard Burgers Restaurant
3. Commercial Mixed Use - 3 (CMU-3) The CMU -3 District is intended to accommodate a very broad range of high intensity commercial, office and employment uses that require highly visible and highly accessible locations with direct access to arterials. Residential uses are allowed on the ground floor but upper -story units are encouraged. Typical uses in this…
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2022Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Property description
Physical attributes from public recordsZoning & alternative use
CMU-3 · Memphis, TN3. Commercial Mixed Use - 3 (CMU-3) The CMU -3 District is intended to accommodate a very broad range of high intensity commercial, office and employment uses that require highly visible and highly accessible locations with direct access to arterials. Residential uses are allowed on the ground floor but upper -story units are encouraged. Typical uses in this district serve regional needs. The permitted uses are generally uses not of a neighborhood or general commercial type, but serve large areas of the City and County. 2.2.4 District Intent Statements Article 2 Districts and Uses 2.2.4 Predominantly Industrial Districts Memphis/Shelby County Unified Development Code 16 ZTA 24-2 E. Central Business (CBD) The CBD District is intended to accommodate high -intensity office, employment and residential uses within downtown. The district regulations recognize and support downtown's role as a center of regional importance and as a primary hub for business, communications, office, living, government, retail, cultural, educational, visitor accommodations, and entertainment. The district promotes vertical mixed -use (residential/nonresidential) projects that contain active ground- floor uses. F. Campus Master Plan (CMP-) The campus master plan districts are intended to accommodate office, research and development, residential, light manufacturing and processing uses and other campus-like developments, such as hospitals, colleges and universities, allowing for clustering opportunities that h elp improve overall efficiency. Limited retail, restaurant and commercial uses are allowed, however, such uses are primarily for the convenience of employees or users of the campus. 1. Campus Master Plan - 1 (CMP-1) The CMP-1 District is intended to accommodate new development where the land -use pattern is predominately urban in character. New development should be urban in character with an emphasis on compact, vertical, pedestrian-oriented, mixed use development that fit seamlessly into the built environment. Landscaping requirements are reduced and buildings are pulled up much closer to the street. 2. Campus Master Plan - 2 (CMP-2) The CMP-2 District is intended to accommodate new development where the land -use pattern is predominately suburban in character or where such a land use pattern is desired in the future. New development should be suburban in character with an emphasis on low -rise buildings that blend flawlessly into the natural environment. Landscaping requirements are significant and development patterns are characterized by deep, gracious setbacks.
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
