New search
Property profile & analytics
OFF-MARKET
Night clubs
2178 3rd St Memphis, TN 38109-7734
Individually Owned
3-yr Hold
~
Est. High Equity
Property ID
US80-0062236
Property summary
AI-generated overview
This 6,032 sq ft commercial property features a layout with a stand-up bar, two DJ booths (one in the front and one in the back), and ample booth seating. The space is configured in a way suitable for use as an event venue. It includes eight booths and commercial kitchen equipment such as a vent hood, two upright commercial refrigerators, and two commercial upright freezers. Central AC is in place, and light fixtures are included. The building features three bathrooms and three office spaces. It is located on a corridor with high car traffic.
Property profile
Verified
Property type
Night clubs
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1947
Total area
6,302 SF
Lot
0.7 ac (30,492 SF)
Zoning code
CMU-3
APN
050-088- - -00025
UPID
US80-0062236
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
-
Vendors Market Department Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
by Request
Owner & transaction history
Cortera Neal · 3 yrs held
Cortera Neal
since 2023
Last sale
$325,000
6 recorded transactions
Zoning & alternative use
CMU-3 · Memphis, TN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
—
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
$1,891
Tax year 2022
Assessed value
$31,040
Assessed 2023
Previous assessed
$31,040
+0.0% YoY
Effective rate
6.09%
On assessed value
Assessed land
$28,960
Assessed improvement
$2,080
Land market value
$72,400
Improvement market value
$5,200
Total market value
$77,600
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
Night clubs
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
1947
Heating
FORCED AIR
Cooling
NONE
Stories
1
Total area
6,302 SF
Lot
0.7 ac (30,492 SF)
Zoning code
CMU-3
APN
050-088- - -00025
UPID
US80-0062236
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.
Building & site characteristics
From public records
Year built
1947
Heating
FORCED AIR
Cooling
Yes
Stories
1
Lot
0.7 ac
Current owner
From public records · entity-resolved
Cortera Neal
Individual
Mailing address
3114 S WALLINGFORD ST, MEMPHIS, TN 38118-3930
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 21, 2023
$325,000
Cortera Neal
Mattie Leatherwood
Land Contract
$250,000 · Mattie Leatherwood
Apr 9, 2012
$125,000
Mattie Leatherwood
Third Street Ents
Warranty Deed
$125,000 · Third Street Ents
Sep 16, 2011
$100,000
Third Street Ents
Stone Higgs & Drexler PC
Trustees Deed
—
Mar 16, 2011
$100,000
Shane Trice
Third Street Ents
Warranty Deed
$97,500 · Third Street Ents
Apr 23, 2010
$198,619
Third Street Ents
Porter,michael D
Deed In Lieu Of Foreclosure
—
Sep 15, 2004
$264,550
Michael D Porter
Cooperman Investments
Warranty Deed
—
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 2178 3rd St?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
