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

    2388 Park Ave Memphis, TN 38114-6638

    • Drive through restaurants
    • 2,984 SF
    • 0.24 lot acres
    OFF-MARKET
    Last Sale
    Sep 24, 2021
    $490,000
    Value Estimations
    $375,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-1765222
    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

    • Ella Mae's Authentic Southern Cuisine / Store

    Property Details for 2388 Park Ave

    Year built
    1962
    Lot size
    0.24 lot acres
    Property size
    2,984 SF
    Zone code
    CMU-1
    Property type
    Drive through restaurants
    APN
    061-003- - -00017-C
    APU
    06100300017C

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $395,000
      ML approach
      $425,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $309,000
      Market price range: $201k - $624k

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

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -89.9827
    Latitude
    35.1087
    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
    $3,426
    $8,480
    $47,760
    $56,240
    -
    $21,200
    $119,400
    $140,600

    Comparable in this City

    • Value Estimation
      $190,000
      828 SF

      1404 Airways Blvd

      DRIVE-THRU RESTAURANT, FAST FOOD • 828 SF
      1404 Airways Blvd, Memphis, TN 38114-6602
      View Details
    • Value Estimation
      $145,000
      1,358 SF

      2391 Airways Blvd

      DRIVE-THRU RESTAURANT, FAST FOOD • 1,358 SF
      2391 Airways Blvd, Memphis, TN 38114-6008
      View Details
    • Value Estimation
      $205,000
      2,065 SF

      1762 Lamar Ave

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,065 SF
      1762 Lamar Ave, Memphis, TN 38114-1737
      View Details
    • Value Estimation
      $285,000
      2,867 SF

      2348 Lamar Ave

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,867 SF
      2348 Lamar Ave, Memphis, TN 38114-3707
      View Details
    • Value Estimation
      $225,000
      2,692 SF

      2246 Park Ave

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,692 SF
      2246 Park Ave, Memphis, TN 38114-6610
      View Details
    • Value Estimation
      $280,000
      4,888 SF

      2850 Lamar Ave

      DRIVE-THRU RESTAURANT, FAST FOOD • 4,888 SF
      2850 Lamar Ave, Memphis, TN 38114-5018
      View Details

    Similar Nearby for Sale

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      Memphis Commercial Space on Lamar

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      Retail Property on Park Avenue

      Retail property for sale in Memphis, Tennessee.
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    • $350,000
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      Memphis Executive Office Building

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      16,706 SF

      Memphis Grocery Store Investment

      Prime retail space, vacant & ready.
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      Paved Parking Lot For Sale

      Paved parking lot near Tunstall and Park Ave in Memphis.
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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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    Similar Nearby for Lease

    • $190,000
      4,888 SF

      Former Restaurant on Corner Lot

      Freestanding 4,888 SF former restaurant available for lease.
      2850 Lamar Ave, Memphis, TN 38114
      View Details
    • Contact for pricing
      2,400 SF

      Lamar Ave Retail Space For Lease

      High-traffic retail space, 2400 sq ft.
      2320 Lamar Ave, Memphis, TN 38114
      View Details
    • Contact for pricing

      Lamar Avenue Retail Space Available

      Neighborhood shopping center with spaces and outparcel for lease.
      2926-2938 Lamar Ave, Memphis, TN 38114
      View Details
    • Contact for pricing
      4,578 SF

      Retail Spaces on Lamar Avenue

      Retail spaces available near Memphis International Airport.
      2926 Lamar 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
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    2388 Park Ave
    Memphis, TN 38114-6638
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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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