Individually Owned Property summary
This 194-key, four-story hotel in Memphis, TN, sits on a 3.36-acre lot and offers significant value-add potential. Located 11 miles from downtown Memphis and 8 miles from Memphis International Airport, it benefits from proximity to major attractions like Graceland, Beale Street, and numerous shopping centers. The hotel features a large 9,000 sq. ft. banquet and meeting space, a restaurant, and commercial kitchen, presenting opportunities for expansion and conversion. Constructed of solid concrete block, the property boasts an interior corridor design. Its central location near various demand generators, including the University of Memphis, makes it an attractive investment. The asking price is $4,500,000 ($21,000/key), significantly below replacement cost. Potential exists for multifamily rezoning or conversion to an extended-stay hotel or dual-brand operation. Bank financing is available. This property is being sold on a projection proforma basis.
Property profile
VerifiedCap rate & NOI
Current use
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Hotel & Motel
Location
Value estimations
Owner & transaction history
Zoning & alternative use
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…
Comparables
6 recent transactions · within 1.5 miComparable in this City
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Value estimation
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Cap rate
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Price sensitivity
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Property tax & assessments
Tax year 2022Property description
Physical attributes from public recordsZoning & alternative use
CMU-3 · Memphis, TN3. 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…
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
Official district profile
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…
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for CMU-3 in Memphis, TN.
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