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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1835 Union Ave Memphis, TN 38104

    • High-rise multifamily apartments
    • 90,840 SF
    • 0.89 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-0505774
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Harding S. Gentry Jr, PHD / Psychologist
    • Alcoholics Anonymous / Alcoholism Treatment Program
    • Schultz Emily K / Social Worker
    • Rivercity Psychotherapy / Medical Clinic
    • Andrea Nichols, PHD / Psychologist

    Property Details for 1835 Union Ave

    Year built
    2019
    Lot size
    0.89 lot acres
    Property size
    90,840 SF
    Zone code
    CMU-3
    Property type
    High-rise multifamily apartments
    APN
    016-043- - -00020
    APU
    1604300020

    Description

    This exceptional 2,055 square foot retail space is situated within a thriving mixed-use development in the heart of Midtown Memphis. The property benefits from its prime location, boasting high visibility and accessibility due to its proximity to Union Avenue (21,597 vehicles per day) and McLean Boulevard (9,337 vehicles per day). This ensures significant foot and vehicular traffic, providing excellent exposure for any business. The development is already home to a curated selection of established businesses, including Cameo, Rumble Boxing, and Sonder Suites, creating a vibrant and desirable environment for potential tenants. Ample parking is available, enhancing the convenience for customers and employees alike. This street retail space presents a unique opportunity for businesses seeking a high-profile location within a dynamic and upscale Midtown Memphis setting. The space is currently available for lease and offers a blank canvas for a variety of retail concepts. The property's strong tenant mix and high traffic counts make it an ideal location for businesses looking to establish a significant presence in this sought-after area. This is a rare opportunity to secure a space in a premier Midtown Memphis development.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $7,929,000
      Market price range: $5.00M - $11.3M
      AI Estimate
      $4,783,000
      Market price range: $3.06M - $6.95M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $7,930,000
      Current use
      OFFICE BUILDING
      $10,280,000
      Change: +30% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $8,805,000
      Change: +11% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $6,670,000
      Change: -16% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -90.0006
    Latitude
    35.1348
    CBSA code
    32820
    CBSA name
    MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2021
    $12,671
    $0.00
    $0.00
    $0.00
    -
    $539,200
    $11,694,900
    $12,234,100

    Comparable in this City

    • Value Estimation
      $8,725,000
      124,663 SF

      1957 Poplar Ave

      HIGH-RISE APARTMENTS • 124,663 SF
      1957 Poplar Ave, Memphis, TN 38104-2757
      View Details
    • Value Estimation
      $9,850,000
      113,200 SF

      775 Melrose St

      HIGH-RISE APARTMENTS • 113,200 SF
      775 Melrose St, Memphis, TN 38104-4804
      View Details
    • Value Estimation
      $7,955,000
      84,274 SF

      1491 Un Ave

      HIGH-RISE APARTMENTS • 84,274 SF
      1491 Un Ave, Memphis, TN 38104-3726
      View Details
    • Value Estimation
      $6,745,000
      96,378 SF

      1837 Un Ave

      HIGH-RISE APARTMENTS • 96,378 SF
      1837 Un Ave, Memphis, TN 38104-3942
      View Details
    • Value Estimation
      $11,450,000
      108,928 SF

      45 Idlewild St

      HIGH-RISE APARTMENTS • 108,928 SF
      45 Idlewild St, Memphis, TN 38104-3983
      View Details
    • Value Estimation
      $12,410,000
      177,347 SF

      108 Auburndale St

      HIGH-RISE APARTMENTS • 177,347 SF
      108 Auburndale St, Memphis, TN 38104-6495
      View Details

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      4,389 SF

      Mixed-Use Building on Union Avenue

      Mixed-use property featuring retail/office and residential spaces.
      2293 Union Ave, Memphis, TN 38104
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    • $275,000

      Midtown Memphis Redevelopment Opportunity

      Versatile building in prime Midtown location with redevelopment potential.
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    Similar Nearby for Lease

    • Contact for pricing

      Mixed-Use Development in Midtown Memphis

      Retail, dining, office, and residential spaces in Midtown Memphis.
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      Retail Space in Midtown Memphis

      Retail space in new mixed-use development, Midtown Memphis.
      220 S Claybrook St, Memphis, TN 38104
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      2,055 SF

      Midtown Memphis Retail Space

      High-traffic, 2,055 sq ft retail space available.
      1835 Union Ave, Memphis, TN 38104
      View Details
    • Contact for pricing
      8,900 SF

      Union Ave Retail Space Available

      Memphis Retail: 4,100 SF Divisible
      1556 Union Ave, Memphis, TN 38104
      View Details
    • Contact for pricing
      7,726 SF

      Memphis Union Ave Retail Space

      Prime Memphis retail space, 2,653 sq ft available.
      1993 Union Ave, Memphis, TN 38104
      View Details
    • Contact for pricing
      1,020 SF

      Retail Space in Apartment Building

      1,020 SF retail space with direct street access.
      1839 Madison Ave, Memphis, TN 38104
      View Details
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    1835 Union Ave
    Memphis, TN 38104
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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