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    2383 Chelsea Ave Memphis, TN 38108
    Property profile & analytics

    2383 Chelsea Ave Memphis, TN 38108

    View on Map
    • Retail space
    • 5,750 SF
    • 0.56 lot acres
    For Sale
    $315,000
    View Listing →
    Commercial Property with Business Potential For Sale
    $315,000

    Commercial Property with Business Potential

    Versatile commercial property suitable for various business ventures.

    2383 CHELSEA, Memphis, TN 38108
    View Listing
    Property ID
    US80-0808127
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail space

    Property Details for 2383 Chelsea Ave

    Year built
    1982
    Lot size
    0.56 lot acres
    Property size
    5,750 SF
    Zone code
    CMU-1
    Property type
    Retail space
    APN
    042-018- - -00030
    APU
    4201800030

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $955,000
      6.5%
      $880,000
      7%
      $820,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $524,000
      Market price range: $212k - $817k
      AI Estimate
      $676,000
      Market price range: $288k - $856k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $475,000
      Current use
      MEDICAL BUILDING
      $820,000
      Change: +72% Conversion: Difficult
      OFFICE BUILDING
      $685,000
      Change: +44% Conversion: Easy
      AUTO REPAIR, GARAGE
      $555,000
      Change: +17% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $510,000
      Change: +7% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $420,000
      Change: -12% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -89.9774
    Latitude
    35.1743
    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
    $3,382
    $10,960
    $44,560
    $55,520
    -
    $27,400
    $111,400
    $138,800

    Comparable in this City

    • Value Estimation by Request
      874 SF

      1515 Wls Sta Rd

      RETAIL STORES (PERSONAL SERVICES) • 874 SF
      1515 Wls Sta Rd, Memphis, TN 38108-3663
      View Details
    • Value Estimation by Request
      1,428 SF

      2192 Chelsea Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,428 SF
      2192 Chelsea Ave, Memphis, TN 38108-2207
      View Details
    • Value Estimation by Request
      1,238 SF

      1994 Chelsea Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,238 SF
      1994 Chelsea Ave, Memphis, TN 38108-2262
      View Details
    • Value Estimation by Request
      1,399 SF

      1323 Hollywood St

      RETAIL STORES (PERSONAL SERVICES) • 1,399 SF
      1323 Hollywood St, Memphis, TN 38108-2338
      View Details
    • Value Estimation by Request
      1,216 SF

      3078 Chelsea Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,216 SF
      3078 Chelsea Ave, Memphis, TN 38108-1809
      View Details
    • Value Estimation by Request
      1,500 SF

      2110 Chelsea Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,500 SF
      2110 Chelsea Ave, Memphis, TN 38108-2201
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      14,000 SF

      Memphis Commercial Corner Lot Opportunity

      Corner lot with road frontage, perfect for new business.
      2461 Chelsea Ave, Memphis, TN 38108
      View Details
    • Contact for pricing
      1,267 SF

      Retail Space For Sale

      Retail space available for purchase.
      3188 Chelsea Ave, Memphis, TN 38108
      View Details
    • $50,000

      Versatile Commercial Property in Memphis

      Commercial property suitable for restaurant, retail, or entertainment venue.
      1172 N Hollywood St, Memphis, TN 38108
      View Details
    • $1,400,000
      23,000 SF

      Retail Redevelopment Opportunity

      23,000 SF retail property on 2.64 acres for sale.
      3393-3437 National St, Memphis, TN 38108
      View Details
    • $107,000

      Unique Store/House Combo in Memphis

      Commercially zoned property with store and house in North Memphis.
      1720 Hunter Ave, Memphis, TN 38108
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    • Contact for pricing

      Chelsea Ave Land For Sale

      5.09-acre land parcel available off Chelsea Ave, Memphis.
      1587 Chelsea Ave, Memphis, TN 38108
      View Details

    Similar Nearby for Lease

    • $13 SF/Yr
      14,560 SF

      Retail Space on Jackson Avenue

      Retail space with excellent visibility and easy access.
      2471 Jackson Ave, Memphis, TN 38108
      View Details
    • Contact for pricing

      Industrial Space Available For Lease

      571,257 SF industrial space available for lease.
      3456 Meyers Rd, Memphis, TN 38108
      View Details
    • Contact for pricing
      95,296 SF

      1635-1673 Panama St, Memphis, TN

      Warehouses • 95,296 SF
      1635-1673 Panama St, Memphis, TN 38108
      View Details
    View Listing
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    2383 Chelsea Ave
    Memphis, TN 38108
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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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