Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2240 Elvis Presley Blvd Memphis, TN 38106-7726

    • Retail space
    • 4,098 SF
    • 0.65 lot acres
    OFF-MARKET
    Value Estimations
    $555,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-1230277
    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

    • Metro by T-Mobile / Cell Phone Store / Cell Phone Accessory Store

    Property Details for 2240 Elvis Presley Blvd

    Year built
    1973
    Lot size
    0.65 lot acres
    Property size
    4,098 SF
    Zone code
    CMU-3
    Property type
    Retail space
    APN
    060-043- - -00001
    APU
    6004300001

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $680,000
      6.5%
      $630,000
      7%
      $585,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $432,000
      Market price range: $151k - $582k
      AI Estimate
      $603,000
      Market price range: $183k - $722k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $340,000
      Current use
      MEDICAL BUILDING
      $585,000
      Change: +72% Conversion: Difficult
      OFFICE BUILDING
      $490,000
      Change: +44% Conversion: Easy
      AUTO REPAIR, GARAGE
      $395,000
      Change: +17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -90.018
    Latitude
    35.0841
    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
    $3,523
    $23,080
    $34,760
    $57,840
    -
    $57,700
    $86,900
    $144,600

    Comparable in this City

    • Value Estimation by Request
      513 SF

      1194 Main St

      RETAIL STORES (PERSONAL SERVICES) • 513 SF
      1194 Main St, Memphis, TN 38106-2766
      View Details
    • Value Estimation by Request
      1,650 SF

      608 Trigg Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,650 SF
      608 Trigg Ave, Memphis, TN 38106-4510
      View Details
    • Value Estimation by Request
      2,500 SF

      2260 Lauderdale St

      RETAIL STORES (PERSONAL SERVICES) • 2,500 SF
      2260 Lauderdale St, Memphis, TN 38106-7566
      View Details
    • Value Estimation by Request
      1,220 SF

      1414 Elvis Presley Blvd

      RETAIL STORES (PERSONAL SERVICES) • 1,220 SF
      1414 Elvis Presley Blvd, Memphis, TN 38106-4922
      View Details
    • Value Estimation by Request
      17,280 SF

      1192 Florida St

      RETAIL STORES (PERSONAL SERVICES) • 17,280 SF
      1192 Florida St, Memphis, TN 38106-2024
      View Details
    • Value Estimation by Request
      5,822 SF

      1356 Florida St

      RETAIL STORES (PERSONAL SERVICES) • 5,822 SF
      1356 Florida St, Memphis, TN 38106-4169
      View Details

    Similar Nearby for Sale

    • $190,000
      8,131 SF

      Spacious Layout on Netherwood Avenue

      Versatile commercial space with customization potential on Netherwood Avenue.
      1551 Netherwood Ave, Memphis, TN 38106
      View Details
    • $279,000
      0.85 Acres

      Downtown Memphis Storefront Opportunity

      Prime corner lot, redevelopment potential.
      903 3Rd St, Memphis, TN 38106
      View Details
    • $650,000
      6,845 SF

      Retail Property Near Beale Street

      Retail property with four bays, near FedEx Forum and Beale.
      1657 S 3Rd St, Memphis, TN 38106
      View Details
    • $375,000
      1,979 SF

      Retail Property Near Interstate

      2,300 SF retail property near Interstate, tenant in place.
      600 Parkway S, Memphis, TN 38106
      View Details
    • $330,000

      Commercial Property on Large Lot

      Commercial property with tenant income potential on over one acre.
      2453 Elvis Presley Blvd, Memphis, TN 38106
      View Details
    • $559,000

      Commercial Property in Soulsville, Memphis

      Occupied retail shops in the Soulsville area, minutes from Downtown.
      297 E Mclemore Ave, Memphis, TN 38106
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      6 SF

      Trailer Parking for Lease

      6.6 acres of fenced and lit trailer parking available.
      181 West Mclemore Ave, Memphis, TN 38106
      View Details
    • Contact for pricing
      52,512 SF

      Truck Terminal with 76 Doors

      Truck terminal with 76 doors, renovated in 2021-2022.
      1240 Louisiana St, Memphis, TN 38106
      View Details
    • Contact for pricing
      24,121 SF

      Latham Street Warehouse Space Available

      Warehouse spaces available at Latham Street, Memphis.
      1950-1980 Latham St, Memphis, TN 38106
      View Details
    • Contact for pricing
      213,519 SF

      Memphis Industrial Space For Lease

      Industrial space in Memphis with flexible configurations and recent renovations.
      1709-1769 Latham St, Memphis, TN 38106
      View Details
    • $4 SF/Yr
      9,000 SF

      Memphis Warehouse - Huge Potential

      9,000 SF Warehouse, Prime Location
      147 Nebraska Ave, Memphis, TN 38106
      View Details
    • Contact for pricing
      109,955 SF

      Memphis Distribution Center

      109,955 SF Industrial Space Available
      2000 Latham St, Memphis, TN 38106
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2240 Elvis Presley Blvd
    Memphis, TN 38106-7726
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.