Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2506 Chelsea Ave Memphis, TN 38108-2406

    • Auto shops
    • 2,072 SF
    • 0.36 lot acres
    OFF-MARKET
    Last Sale
    Mar 18, 2022
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-1523026
    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

    • Auto shops

    Property Details for 2506 Chelsea Ave

    Year built
    1956
    Construction
    FRAME
    Lot size
    0.36 lot acres
    Property size
    2,072 SF
    Zone code
    CMU-3
    Property type
    Auto shops
    APN
    042-061- - -00025
    APU
    4206100025

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -89.9734
    Latitude
    35.1748
    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
    $863
    $7,720
    $6,440
    $14,160
    -
    $19,300
    $16,100
    $35,400

    Comparable in this City

    • Value Estimation by Request
      2,939 SF

      1429 Mcneil St

      AUTO REPAIR, GARAGE • 2,939 SF
      1429 Mcneil St, Memphis, TN 38108-1030
      View Details
    • Value Estimation by Request
      2,068 SF

      2427 Chelsea Ave

      AUTO REPAIR, GARAGE • 2,068 SF
      2427 Chelsea Ave, Memphis, TN 38108
      View Details
    • Value Estimation by Request
      2,184 SF

      1211 Shasta Ave

      AUTO REPAIR, GARAGE • 2,184 SF
      1211 Shasta Ave, Memphis, TN 38108
      View Details
    • Value Estimation by Request
      2,599 SF

      1027 Hollywood St

      AUTO REPAIR, GARAGE • 2,599 SF
      1027 Hollywood St, Memphis, TN 38108-3313
      View Details
    • Value Estimation by Request
      3,384 SF

      1745 Graham St

      AUTO REPAIR, GARAGE • 3,384 SF
      1745 Graham St, Memphis, TN 38108-2129
      View Details
    • Value Estimation by Request
      1,560 SF

      1787 Warford St

      AUTO REPAIR, GARAGE • 1,560 SF
      1787 Warford St, Memphis, TN 38108-1737
      View Details

    Similar Nearby for Sale

    • $315,000

      Memphis Commercial Property For Sale

      Commercial property suitable for gas station or new business.
      2383 Chelsea Ave, Memphis, TN 38108
      View Details
    • New
      $100,000

      Garage, Warehouse, and Office Space

      Flexible commercial space with garage bays and convenient location.
      1390 Stonewall St, Memphis, TN 38108
      View Details
    • $150,000
      1,267 SF

      Retail Property on Chelsea Avenue

      Retail property for sale with 1267 square feet of space.
      3188 Chelsea Ave, 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
    • $1,000,000

      Land for Sale

      Land available for purchase at 1587 Chelsea Ave, Memphis.
      1587 Chelsea Ave, Memphis, TN 38108
      View Details
    • Contact for pricing
      0.12 Acres

      Residential Land Ready For Development

      Residential land suitable for triplex development in Memphis, Tennessee.
      1538 Standridge St, 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
      453,447 SF

      Memphis Industrial Campus: 453,447 SF

      Multi-use industrial space, Memphis, TN.
      3456 Meyers Rd, Memphis, TN 38108
      View Details
    • $2 SF/Yr
      95,296 SF

      1635-1673 Panama St, Memphis, TN

      Warehouses • 95,296 SF
      1635-1673 Panama St, Memphis, TN 38108
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2506 Chelsea Ave
    Memphis, TN 38108-2406
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.