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

    2364 Summer Ave Memphis, TN 38112

    • Strip malls
    • 14,803 SF
    • 1.11 lot acres
    OFF-MARKET
    Last Sale
    Dec 02, 2021
    $2,040,000
    Value Estimations
    $1,580,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-0694421
    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

    • Strip malls

    Property Details for 2364 Summer Ave

    Year built
    1988
    Lot size
    1.11 lot acres
    Property size
    14,803 SF
    Zone code
    CMU-3
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    052-016- - -00009
    APU
    5201600009

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,640,000
      ML approach
      $1,530,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,412,000
      Market price range: $472k - $1.97M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $1,085,000
      Current use
      MEDICAL BUILDING
      $2,115,000
      Change: +95% Conversion: Difficult
      OFFICE BUILDING
      $1,765,000
      Change: +62% Conversion: Moderate
      APARTMENT HOUSE (5+ UNITS)
      $1,675,000
      Change: +54% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $1,435,000
      Change: +32% Conversion: Difficult
      RETAIL STORES
      $1,230,000
      Change: +13% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -89.9797
    Latitude
    35.1511
    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
    $30,458
    $136,160
    $363,840
    $500,000
    -
    $340,400
    $909,600
    $1,250,000

    Comparable in this City

    • Value Estimation
      $70,000
      2,100 SF

      509 Hollywood St

      SHOPPING CENTER, STRIP CENTER • 2,100 SF
      509 Hollywood St, Memphis, TN 38112-2544
      View Details
    • Value Estimation
      $220,000
      5,412 SF

      367 Tillman St

      SHOPPING CENTER, STRIP CENTER • 5,412 SF
      367 Tillman St, Memphis, TN 38112-3424
      View Details
    • Value Estimation
      $220,000
      5,900 SF

      2497 Broad Ave

      SHOPPING CENTER, STRIP CENTER • 5,900 SF
      2497 Broad Ave, Memphis, TN 38112-2611
      View Details
    • Value Estimation
      $310,000
      12,500 SF

      3100 Summer Ave

      SHOPPING CENTER, STRIP CENTER • 12,500 SF
      3100 Summer Ave, Memphis, TN 38112-2436
      View Details
    • Value Estimation
      $280,000
      1,854 SF

      2447 Poplar Ave

      SHOPPING CENTER, STRIP CENTER • 1,854 SF
      2447 Poplar Ave, Memphis, TN 38112-3215
      View Details
    • Value Estimation
      $385,000
      18,714 SF

      2465 Poplar Ave

      SHOPPING CENTER, STRIP CENTER • 18,714 SF
      2465 Poplar Ave, Memphis, TN 38112-3715
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      11,500 SF

      Turnkey Ghost Kitchen Facility

      Fully built-out ghost kitchen with 22 individual kitchen setups.
      3237 Summer Ave, Memphis, TN 38112
      View Details
    • $395,000
      2,500 SF

      Office, Showroom, Retail Property

      2,500 SF corner property in Broad Avenue Arts District.
      2526 Sam Cooper Blvd, Memphis, TN 38112
      View Details
    • Contact for pricing

      Retail Opportunity in Broad Avenue

      Retail space in growing Broad Avenue business district.
      2535 Broad Ave, Memphis, TN 38112
      View Details
    • New
      $139,000

      Memphis Commercial Property For Sale

      Commercial property with high visibility, suitable for various business uses.
      3191 Jackson Ave, Memphis, TN 38112
      View Details
    • $4,100,000
      20,924 SF

      2342 Parkway Pl

      Multifamily properties • 20,924 SF
      2342 Parkway Pl, Memphis, TN 38112
      View Details

    Similar Nearby for Lease

    • $4,000 /Mo
      3,200 SF

      Retail Space at Faxon & McLean

      Retail space available at the corner of Faxon & McLean.
      585 N Mclean Blvd, Memphis, TN 38112
      View Details
    • $950 /Mo
      1,346 SF

      Retail Space Available For Lease

      Retail space for lease, subdivided into four spaces.
      3030-3036 Summer Ave, Memphis, TN 38112
      View Details
    • Contact for pricing
      6,000 SF

      Midtown Flex/Showroom Space Available

      6,000 SF flex/showroom space with high visibility in Memphis.
      174 Collins St, Memphis, TN 38112
      View Details
    • Contact for pricing
      18,000 SF

      Broad Avenue Retail Opportunity

      Prime Memphis Retail Space Available
      2977 Broad Ave, Memphis, TN 38112
      View Details
    • $3,000 /Mo
      1,000 SF

      Retail Space on Broad Avenue

      Retail spaces for lease in growing Broad Avenue area.
      2543 Broad Ave, Memphis, TN 38112
      View Details
    • Contact for pricing
      11,250 SF

      Memphis Warehouse with Dock Doors

      Warehouse space featuring twelve dock high doors and one ramp.
      2630-2660 Summer Ave, Memphis, TN 38112
      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.
    2364 Summer Ave
    Memphis, TN 38112
    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.