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    2235 Covington Pike Memphis, TN 38128

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    2235 Covington Pike Memphis, TN 38128

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    • Strip malls
    • 25,637 SF
    • 2.24 lot acres
    For Lease
    $795,000
    View Listing →
    Retail Space with Restaurant Features For Lease
    $795,000

    Retail Space with Restaurant Features

    Retail space with high traffic and former restaurant setups.

    2235 Covington Pike, Memphis, TN 38128
    View Listing
    Property ID
    US80-0890314
    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.
    Value Estimations
    $795,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Intoxalock Ignition Interlock / Building Supply / General Contractor
    • Books & Beauty Hair Salon / Hair Salon / Nail Salon
    • Able Agency Inc. / Insurance Agency
    • Talento Fino Barbershop / Barber Shop
    • A1 Tax Service / Accounting Firm / Tax Preparation

    Property Details for 2235 Covington Pike

    Year built
    1987
    Lot size
    2.24 lot acres
    Property size
    25,637 SF
    Zone code
    EMP
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    088-039- - -00058
    APU
    8803900058

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $565,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $487,000
      Market price range: $452k - $1.05M

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

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -89.8968
    Latitude
    35.1864
    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
    $23,757
    $212,880
    $177,120
    $390,000
    -
    $532,200
    $442,800
    $975,000

    Comparable in this City

    • Value Estimation by Request
      7,604 SF

      5010 Raleigh Lagrange Rd

      SHOPPING CENTER, STRIP CENTER • 7,604 SF
      5010 Raleigh Lagrange Rd, Memphis, TN 38128-8080
      View Details
    • Value Estimation
      $1,250,000
      41,264 SF

      3001 Covington Pike

      SHOPPING CENTER, STRIP CENTER • 41,264 SF
      3001 Covington Pike, Memphis, TN 38128-5015
      View Details
    • Value Estimation
      $605,000
      13,664 SF

      3203 Coleman Rd

      SHOPPING CENTER, STRIP CENTER • 13,664 SF
      3203 Coleman Rd, Memphis, TN 38128-6553
      View Details
    • Value Estimation
      $1,100,000
      17,337 SF

      3505 Ramill Rd

      SHOPPING CENTER, STRIP CENTER • 17,337 SF
      3505 Ramill Rd, Memphis, TN 38128-3301
      View Details
    • Value Estimation
      $930,000
      9,180 SF

      2736 Warford St

      SHOPPING CENTER, STRIP CENTER • 9,180 SF
      2736 Warford St, Memphis, TN 38128-2932
      View Details
    • Value Estimation
      $7,165,000
      13,635 SF

      3890 Austin Peay Hwy

      SHOPPING CENTER, STRIP CENTER • 13,635 SF
      3890 Austin Peay Hwy, Memphis, TN 38128-2501
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Neighborhood Shopping Center For Sale

      Neighborhood shopping center with strong co-tenancy and drive-thru opportunity.
      2940 Covington Pike, Memphis, TN 38128
      View Details
    • Contact for pricing

      Covington Springs Retail Suites Available

      Retail suites for sale in neighborhood shopping center.
      3830-3854 Austin Peay Hwy, Memphis, TN 38128
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    • Contact for pricing
      2,089 SF

      Valvoline NNN Ground Lease Opportunity

      New construction Valvoline NNN ground lease in Memphis, Tennessee.
      4704 Yale Rd, Memphis, TN 38128
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      98,926 SF

      98,926 SF Retail Building

      98,926 SF retail building on 8.80 AC lot.
      4991 Stage Rd, Memphis, TN 38128
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    • Contact for pricing

      Freestanding Chase Bank Net Lease

      Net leased Chase Bank in revitalized Raleigh commercial corridor.
      4910 Raleigh Common Dr, Memphis, TN 38128
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    • Contact for pricing

      Restaurant Building in Raleigh Trade

      Freestanding 5,762 SF restaurant on 1.2 acres for sale.
      3081 Covington Pike, Memphis, TN 38128
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    Similar Nearby for Lease

    • Contact for pricing
      1,200 SF

      Retail Space on Austin Peay

      Retail space in busy shopping center with high traffic.
      3421-4565 Austin Peay Hwy, Memphis, TN 38128
      View Details
    • Contact for pricing
      1,400 SF

      Retail Space in Neighborhood Center

      Retail space available in a well-located shopping center.
      2920-2964 Covington Pike, Memphis, TN 38128
      View Details
    • Contact for pricing
      2,072 SF

      Retail Space in Covington Springs

      Neighborhood shopping center near Walmart, Kroger, and Methodist North Hospital.
      3842-3850 Austin Peay Hwy, Memphis, TN 38128
      View Details
    • Contact for pricing

      Covington Springs Retail Suites Available

      Neighborhood shopping center with multiple suites for rent.
      3830-3854 Austin Peay Hwy, Memphis, TN 38128
      View Details
    • Contact for pricing

      Retail Space in Shopping Center

      Neighborhood shopping center at Covington Pike and Stage Road intersection.
      2940 Covington Pike, Memphis, TN 38128
      View Details
    • Contact for pricing

      Retail Space with Restaurant Features

      Retail space with high traffic and former restaurant setups.
      2235 Covington Pike, Memphis, TN 38128
      View Details
    View Listing
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    Memphis, TN 38128
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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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