Technical
Financial
Distress signals
Property profile

2444 Covington Pike Memphis, TN 38128

OFF-MARKET
Auto shops
Property ID
US80-1184584
512 SF 1.32 ac lot Built 1987
Entity Owned 9-yr Hold ~ Est. High Equity
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Property summary

AI-generated overview

This exceptional investment opportunity presents a prime mixed-use property ideally suited for an auto dealership or similar business. Located at 2444-2466 Covington Pike in Memphis, Tennessee, this property boasts a highly visible location near a major intersection, ensuring significant traffic exposure. The offering includes two freestanding buildings, totaling approximately 3,159 net rentable square feet, constructed in 1979 and 1987, with significant renovations completed in 2017. Each building features offices, restrooms, and drive-in bays, perfectly designed for automotive services. The property sits on a nearly two-acre lot (1.82 acres), providing ample space for vehicle display – approximately 60 spaces are available. Two dedicated detailing bays are also included. The property benefits from a fully fenced perimeter, two convenient curb cuts for easy access, and a newer roof and HVAC system. Currently operating as a successful, owner-operated, high-end pre-owned auto dealership, this property is being offered for sale as the owner is downsizing their operations. The asking price is $1,350,000, and owner financing may be considered. Lease options are also available. The sale includes only the land and buildings

Property profile

Verified
Property type Auto shops
Use group AUTO REPAIR, GARAGE
Year built 1987
Total area 512 SF
Lot 1.32 ac (57,586 SF)
Zoning code CMU-3
APN 088-031- - -00045
UPID US80-1184584

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • Car Dealership

Location

2444 Covington Pike Memphis, TN 38128-6908
Memphis metro Census 20621 MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA
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Value estimations

Realmo proprietary · 4 methods
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by Request
CAP Approach CAP
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Comparable Approach Comparable
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Blend (final) Blend
$235k

Owner & transaction history

since 2017
2 recorded transactions
2017
$300,000
2016
$350,000

Zoning & alternative use

CMU-3 · Memphis, TN
Zoning description

3. Commercial Mixed Use - 3 (CMU-3) The CMU -3 District is intended to accommodate a very broad range of high intensity commercial, office and employment uses that require highly visible and highly accessible locations w…

General category MIXED_USE

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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