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

    2224 Person Ave Memphis, TN 38114-3629

    • Manufacturing properties
    • 53,892 SF
    • 4.25 lot acres
    OFF-MARKET
    Value Estimations
    $515,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-0796526
    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

    • Profex Medical Products / Medical Supply Store
    • Professional Specialties Co / Warehouse

    Property Details for 2224 Person Ave

    Year built
    1945
    Lot size
    4.25 lot acres
    Property size
    53,892 SF
    Zone code
    EMP
    Property type
    Manufacturing properties
    APN
    047-020- - -00115-C
    APU
    04702000115C

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $420,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $606,000
      Market price range: $607k - $2.38M

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

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -89.9886
    Latitude
    35.1008
    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
    2022
    $5,278
    $43,000
    $43,640
    $86,640
    -
    $107,500
    $109,100
    $216,600

    Comparable in this City

    • Value Estimation by Request
      1,045 SF

      2183 Freemont Ave

      MILL (FEED, GRAIN, LUMBER, TEXTILE) • 1,045 SF
      2183 Freemont Ave, Memphis, TN 38114-4729
      View Details
    • Value Estimation
      $320,000
      4,240 SF

      2205 Lamar Ave

      MILL (FEED, GRAIN, LUMBER, TEXTILE) • 4,240 SF
      2205 Lamar Ave, Memphis, TN 38114-6609
      View Details
    • Value Estimation
      $260,000
      13,635 SF

      825 Rozelle St

      MILL (FEED, GRAIN, LUMBER, TEXTILE) • 13,635 SF
      825 Rozelle St, Memphis, TN 38114-1629
      View Details
    • Value Estimation
      $270,000
      3,982 SF

      1725 Airways Blvd

      MILL (FEED, GRAIN, LUMBER, TEXTILE) • 3,982 SF
      1725 Airways Blvd, Memphis, TN 38114-4718
      View Details
    • Value Estimation
      $1,925,000
      33,648 SF

      2450 Scaper St

      MILL (FEED, GRAIN, LUMBER, TEXTILE) • 33,648 SF
      2450 Scaper St, Memphis, TN 38114-6546
      View Details
    • Value Estimation
      $150,000
      1,320 SF

      2227 Deadrick Ave

      MILL (FEED, GRAIN, LUMBER, TEXTILE) • 1,320 SF
      2227 Deadrick Ave, Memphis, TN 38114-3645
      View Details

    Similar Nearby for Sale

    • $16,000,000
      128,460 SF

      New Climate-Controlled Storage Facility

      Opened in 2023, potential expansion and outside parking.
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    • Contact for pricing
      5,074 SF

      Flex/Warehouse Space For Sale

      5,074 SF flex/warehouse with office space and fenced lot.
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      Memphis Warehouse Space Available

      Warehouse space available in Memphis, Tennessee for $5/sqft/year.
      2383 Lamar Ave, Memphis, TN 38114
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    • $19,700,000
      128,080 SF

      1699 Airways Blvd

      Self storage facilities • 128,080 SF
      1699 Airways Blvd, Memphis, TN 38114
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    • $799,000
      9,369 SF

      Airways Blvd Retail Building

      Memphis Convenience Store, High Traffic
      2360 Airways Blvd, Memphis, TN 38114
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    • $75,000

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      Free standing brick office building on a major, busy street.
      2389 Park Ave, Memphis, TN 38114
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    Similar Nearby for Lease

    • $5 SF/Yr
      30,742 SF

      Memphis Warehouse Sublease Opportunity

      Large industrial warehouse, immediate occupancy.
      1300 Lincoln St, Memphis, TN 38114
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    • Contact for pricing
      14,837 SF

      Memphis Warehouse Space Available

      14,837 SF warehouse space with secure access in Memphis.
      2129 Troyer Ave, Memphis, TN 38114
      View Details
    • $9 SF/Yr
      5,850 SF

      Park Avenue Retail Space Available

      High-traffic retail space, flexible layouts.
      3008 Park Ave, Memphis, TN 38114
      View Details
    • $8 SF/Yr
      12,000 SF

      Retail Space in Memphis, TN

      24,806 SF building ideal for retail investment.
      2985-2989 Lamar Ave, Memphis, TN 38114
      View Details
    • $30,000
      88,862 SF

      Memphis Corner Lot Ground Lease

      Prime Commercial Land, High Traffic
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    • Contact for pricing
      4,578 SF

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      Retail spaces available near Memphis International Airport.
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      View Details
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    2224 Person Ave
    Memphis, TN 38114-3629
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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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