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Property profile & analytics
OFF-MARKET
Estimated value
$2,000,000
Warehouses
2188 Spicer Cv Memphis, TN 38134-5600
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US80-0589209
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1991
Total area
21,782 SF
Lot
2.1 ac (91,607 SF)
Zoning code
EMP
APN
088-040- -D-00011-C
UPID
US80-0589209
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
-
Dana Safety Supply (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$2.00M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$2.00M
Owner & transaction history
Iberia 4 LLC · 2 yrs held
Iberia 4 LLC
since 2024
Last sale
$2.0M
7 recorded transactions
Zoning & alternative use
EMP · Memphis, TN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$3.1M
+218.5%
Auto repair, garage
$2.1M
+115.9%
Office building
$1.9M
+98.9%
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
Method
Estimation
Statistic approach
$2,000,000
ML approach
$2,000,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
MEDICAL BUILDING
$3,115,000
Change: +219% · Conversion: Difficult
AUTO REPAIR, GARAGE
$2,110,000
Change: +116% · Conversion: Easy
OFFICE BUILDING
$1,945,000
Change: +99% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$1,940,000
Change: +98% · Conversion: Difficult
RETAIL STORES
$1,805,000
Change: +85% · Conversion: Moderate
NEIGHBORHOOD: SHOPPING CENTER
$1,600,000
Change: +63% · Conversion: Moderate
Blend value · Realmo final
$2.00M
Range $1.80M – $2.20M · ±10% · vs last sale $2.00M (Feb 6 2024)
Last sale anchor
$2.00M
Feb 6 2024
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$92 / SF
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
$20,692
Tax year 2022
Assessed value
$339,680
Assessed 2023
Previous assessed
$339,680
+0.0% YoY
Effective rate
6.09%
On assessed value
Assessed land
$82,920
Assessed improvement
$256,760
Land market value
$207,300
Improvement market value
$641,900
Total market value
$849,200
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
1991
Heating
SPACE
Cooling
NONE
Stories
1
Units
1
Total area
21,782 SF
Lot
2.1 ac (91,607 SF)
Zoning code
EMP
APN
088-040- -D-00011-C
UPID
US80-0589209
Jurisdiction
SHELBY
Zoning & alternative use
EMP · Memphis, TN
Zoning EMP · permitted uses
EMP · 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.
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING
Est. value
$3.1M
AUTO REPAIR, GARAGE
Est. value
$2.1M
OFFICE BUILDING
Est. value
$1.9M
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.9M
RETAIL STORES
Est. value
$1.8M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$1.6M
MEDICAL BUILDING
AUTO REPAIR, GARAGE
OFFICE BUILDING
APARTMENT HOUSE (5+ UNITS)
RETAIL STORES
NEIGHBORHOOD: SHOPPING CENTER
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1991
Heating
SPACE
Cooling
Yes
Stories
1
Units
1
Lot
2.1 ac
Current owner
From public records · entity-resolved
Iberia 4 LLC
Entity
Mailing address
1 FLAGG PL, LAFAYETTE, LA 70508-7064
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 6, 2024
$2,000,000
Iberia 4 LLC
Dpdd LLC
Special Warranty Deed
$539,497 · First National Bank Of Louisiana
Aug 2, 2017
—
Dpdd LLC
—
Deed
related
$825,000 · Pinnacle Bk
Apr 16, 2015
$700,000
Dpdd LLC
Union City Forklift INC
Warranty Deed
$676,000 · First St Bk
Nov 7, 2011
—
Union City Forklift INC
Castellaw,jody & Gina
Quit Claim Deed
related
—
Oct 12, 2010
$575,000
Jody Castellaw
Nathan Albert Family Trust
Grant Deed
$586,047 · First Citizens National Bank
—
—
Union City Forklift INC
—
Deed Of Trust
related
$492,440 · Commercial Bk
—
—
Dpdd LLC
—
Deed Of Trust
related
$825,000 · Pinnacle Bk
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
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