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Property profile & analytics
OFF-MARKET
Estimated value
$840,000
Grocery and convenience stores
2515 Covington Pike Memphis, TN 38128-6002
Individually Owned
10-yr Hold
Free & Clear
Property ID
US80-0575772
Property profile
Verified
Property type
Grocery and convenience stores
Use group
CONVENIENCE STORE
Year built
2014
Total area
4,446 SF
Lot
0.46 ac (19,950 SF)
Zoning code
CMU-3
APN
088-030- - -00238
UPID
US80-0575772
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
S-Mart Grocery & Convenience Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$870k
Comparable Approach
Comparable
$684k
Blend (final)
Blend
$840k
Owner & transaction history
Noorallah B Dharani · 10 yrs held
Noorallah B Dharani
since 2015
7 recorded transactions
Zoning & alternative use
CMU-3 · Memphis, TN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$635,000
+94.9%
Office building
$530,000
+62.5%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Memphis submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Memphis submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$940,000
6.5%
$870,000
7%
$805,000
Alternative Use
Use
Estimation
MEDICAL BUILDING
$635,000
Change: +95% · Conversion: Difficult
OFFICE BUILDING
$530,000
Change: +62% · Conversion: Moderate
Blend value · Realmo final
$840k
Range $756k – $924k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$189 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$23,192
Tax year 2022
Assessed value
$380,720
Assessed 2023
Previous assessed
$380,720
+0.0% YoY
Effective rate
6.09%
On assessed value
Assessed land
$53,960
Assessed improvement
$326,760
Land market value
$134,900
Improvement market value
$816,900
Total market value
$951,800
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Grocery and convenience stores
Use group
CONVENIENCE STORE
Status
Off-Market
Year built
2014
Heating
FORCED AIR
Cooling
CENTRAL
Stories
1
Total area
4,446 SF
Lot
0.46 ac (19,950 SF)
Zoning code
CMU-3
APN
088-030- - -00238
UPID
US80-0575772
Jurisdiction
SHELBY
Zoning & alternative use
CMU-3 · Memphis, TN
Zoning CMU-3 · permitted uses
CMU-3 · Memphis, TN
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Memphis. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING
Est. value
$635,000
OFFICE BUILDING
Est. value
$530,000
MEDICAL BUILDING
OFFICE BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2014
Heating
FORCED AIR
Cooling
Yes
Stories
1
Lot
0.46 ac
Current owner
From public records · entity-resolved
Noorallah B Dharani
Individual
Free & Clear · 10 yrs held
Mailing address
2515 COVINGTON PIKE #101, MEMPHIS, TN 38128-6002
Ownership since
2015
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 20, 2015
$1,308,933
Noorallah B Dharani
B Investment & Dev Co INC
Warranty Deed
—
Jan 5, 2015
—
B Investment & Dev Co INC
Hajjeh,bala
Quit Claim Deed
related
—
May 10, 2013
$245,000
Baha Najjeh
Bevels,james W
Warranty Deed
$1,344,000 · First Citizens Nat'l Bk/martin
Aug 2, 1999
$104,729
James W Bevels
Holt,jane
Grant Deed
$325,000 · Individual
—
—
Noorallah Dharani
—
Loan Modification
related
—
—
—
James W Bevels
—
Deed Of Trust
related
$203,500 · Jane Holt
—
—
Hajjeh,baha
—
Loan Modification
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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