243 Exchange Ave Memphis, TN 38105-3503
- Office buildings
- 1,822 SF
- 0.10 lot acres
Current Use by Public Records
- The McDaniel Law Firm / Personal Injury Attorney / Criminal Justice Attorney
- Pritchard John P / Lawyer
- Francavilla Law Firm / Criminal Justice Attorney
- Exchange St Lot / Parking Lot / Parking Garage
Property Details for 243 Exchange Ave
- Year built
- 1940
- Construction
- FRAME
- Lot size
- 0.10 lot acres
- Property size
- 1,822 SF
- Zone code
- MU
- Property type
- Office buildings
- APN
- 001-043- - -00030
- APU
- 104300030
Description
This exceptional 0.4-acre commercial land parcel presents a unique investment opportunity in the heart of Memphis, Tennessee. Located at 243 Exchange Avenue, this property boasts a highly desirable MU zoning designation, opening doors to a wide array of potential development projects. Currently functioning as a profitable paid parking lot with 63 surface spaces, the site offers immediate income potential while allowing for future expansion or redevelopment. Its strategic location just one block southwest of the intersection of North Lauderdale Street and Exchange Avenue places it within easy reach of numerous amenities and key transportation arteries. The property benefits from excellent interstate access, situated a mere 0.3 miles from I-40 and less than 2 miles from I-69, ensuring seamless connectivity throughout the region. Adding to its appeal, this land parcel is situated within an Opportunity Zone, providing potential tax advantages for investors. The surrounding area is vibrant, with close proximity to several government buildings, popular attractions, hotels, and a variety of retail establishments, creating a dynamic and thriving environment. This prime location and flexible zoning make this property an ideal choice for developers seeking a high-impact investment in a rapidly growing urban core. The existing parking lot provides a stable revenue stream while offering the flexibility to pursue a range of future development options.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $170,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $165,000
- 6.5%
- $185,000
- 7%
- $155,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $160,000
- Geo Method
- $150,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $140,000
- Retail
- $165,000
- Mixed-Use
- $155,000
- Hospitality
- $175,000
- Educational
- $130,000
- Residential Income
- $155,000
- Energy
- $155,000
- Income-Based Land
- $130,000
- Food Service
- $135,000
Location Insight
- Map
- Local Demand
- City
- Memphis
- County
- Shelby
- State
- Tennessee
- Longitude
- -90.0458
- Latitude
- 35.1496
- CBSA code
- 32820
- CBSA name
- MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA
