1723 Un Ave Memphis, TN 38104-6130
- Drive through restaurants
- 834 SF
- 0.41 lot acres
Current Use by Public Records
- Back Yard Burgers / Hamburger Restaurant / American Restaurant
Property Details for 1723 Un Ave
- Year built
- 1994
- Lot size
- 0.41 lot acres
- Property size
- 834 SF
- Zone code
- CMU-3
- Property type
- Drive through restaurants
- APN
- 016-041- - -00003
- APU
- 1604100003
Description
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.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $250,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $282,000
Market price range: $52.3k - $283k
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Location Insight
- Map
- Local Demand
- City
- Memphis
- County
- Shelby
- State
- Tennessee
- Longitude
- -90.0043
- Latitude
- 35.1352
- CBSA code
- 32820
- CBSA name
- MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA
